Question

Define controlling. State the different steps in the process of controlling.

Hint:

Effective controlling ensures that the organization stays on track and can adapt to changing conditions.

Answer 1

Controlling is a management function that involves monitoring and evaluating the progress towards achieving organizational goals. It ensures that the performance aligns with the planned objectives and makes adjustments if needed. Step 1: Setting Standards.
The first step in controlling is setting clear, measurable, and achievable standards or benchmarks that guide performance.
Step 2: Measuring Performance.
Performance is measured against the set standards to identify any deviations. This involves gathering data and comparing it with the established criteria.
Step 3: Analyzing Variance.
Any deviations from the standards are analyzed to understand their causes. This helps identify areas of improvement or corrective action.
Step 4: Corrective Action.
Based on the analysis, corrective actions are taken to align performance with the standards. These actions could include adjusting plans or improving processes. Final Answer: Controlling involves setting standards, measuring performance, analyzing variance, and taking corrective actions to ensure organizational goals are met.