This article throws light upon the top six modern methods of control exercised in an organisation. The modern methods are: 1. Management Information System (MIS) 2. Management Audit 3. Responsibility Accounting 4. Network Techniques - PERT and CPM 5. Balanced Score Card 6. Ratio Analysis 7. Economic Value Added (EVA) 8. Market Value Added (MVA). Modern Method # 1. Management [...]
This article provides an overview on Management Information System (MIS). Information System: It is a system which provides each manager in the organisation with the information he needs in order to take decisions, plan and control within his area of responsibility. Information system is an organised way of sending, receiving and recording messages. It includes both formal flow of information [...]
This article throws light upon the three main steps involved in the process of control in an organisation. The steps are: 1. Establishing Standards 2. Apprising Performance 3. Taking Corrective Action. Step # 1. Establishing Standards: A standard acts as a reference line or basis of comparison of actual performance in the organisation. Standards in enterprise should be set precisely [...]