"Some times targets are set too high and can’t be achieved in current circumstances. Controlling helps in reviewing and revising them." Identify the importance of Controlling from the above statement.
- Accomplishing organizational goals
- Judging accuracy of standards
- Efficient use of resources
- Facilitating coordination in action
The Correct Option is B
Approach Solution - 1
In the context of business studies, controlling is a critical management function that involves monitoring and evaluating the various aspects of an organization to ensure all actions align with the set goals and standards. From the given statement, the importance of 'Controlling' is highlighted as "Judging accuracy of standards." This matches with the concept that sometimes targets are set too high and might be unachievable under current circumstances. Through controlling, management can review these targets and analyze whether the standards set are appropriate or need adjustment. By doing so, they ensure a realistic alignment between organizational goals and the actual performance. This function allows organizations to pinpoint discrepancies between expected and actual performance and take corrective measures.
Here are key points related to 'Judging accuracy of standards' in controlling:
- Evaluation: Continuously assessing targets to determine their feasibility.
- Measurement: Comparing actual performance with established standards.
- Adjustment: Modifying goals and processes to fit current capabilities and circumstances.
- Improvement: Facilitating steps to close any gaps identified in performance.
Approach Solution -2
The statement reflects the role of controlling in judging and revising the accuracy of the standards set by the organization. It helps ensure that the goals and objectives are realistic and achievable based on current conditions. Controlling involves monitoring progress, identifying deviations from the plan, and taking corrective actions to align performance with set standards, ensuring that organizational objectives are met effectively.
Top Questions on Controlling
Piyush is the Production Manager of a shoe company called . He has 1000 workers working under him in his department. Piyush booked a special order for 300 pairs of gents shoes at an estimated cost price of Comforty < 500 per pair plus 20 percent profit margin. The order is to be completed within 10 days. After completion of the order, Piyush found out that the production cost of one pair of shoes was 600 Rupees. He tried to find out the reason but couldn't. He reported it to the Chief Executive Officer. The Chief Executive Officer appointed Abhay to find out the cause. Abhay was not only a specialized Cost Accountant, but also a qualified Human Resource Manager. After two days, Abhay reported that the set targets could be completed with the help of only 800 workers, which revealed that there was overmanning in the organization. The organization was not utilizing the human resources optimally, which had led to higher labour cost. The above case highlights one of the points of importance of an important function of management.
(i) Identify the function of management.
(ii) State any two points of importance of the function of management identified in part (i), except the one discussed in the above case.- Statement I : Controlling ensures that activities in an organization are performed as per the plans. Statement II : Controlling function of a manager is a pervasive function. Choose the correct option from the options given below :
- Sohan, Sales Manager of ‘Kriti Ltd’ is a good efficient manager who always motivated his team to perform to their best ability. Till the year 2023, he and his team were exceeding the targets. However, since the last six months, they were unable to meet their targets. On investigation it was found out that one of his team members had left the job and was offering the competitors’ product to some of the clients of ‘Kriti Ltd.’ at lesser price.
- Identify the function of management being referred to in the above case.
- Identify the step in the process of the above function of management which helped the management to find out the fall in performance.
- Suggest any 2 ways which can help management to achieve the desired target in future.
- ______ is the step in the controlling process where standards may have to be revised in case the deviation can not be corrected through managerial action.
- Nishtha runs a chain of famous restaurants, ‘Indian Kitchen’, in different parts of Delhi. The restaurant chain was known for good quality food and quick service. ‘Indian Kitchen’ was generating good revenue and had goodwill in the market. Nishtha would take a weekly report from all the Restaurant Managers and take necessary action to resolve the problems, if any. Nishtha noticed a sudden decline in sales in one of the restaurants. She questioned the Restaurant Manager who mentioned that the restaurant is seeing a gradual decrease in the number of customers, but could not provide a clear explanation for it. So, Nishtha formed a team to find out the causes of the declining customers as this is the key area for restaurant business and is critical to the success of business. By doing this, Nishtha is performing a step of the process of a function of management.
- [(i)] Identify and explain the function of management discussed above.
- [(ii)] Explain the step of the function identified in (i) above, followed by Nishtha to find out the causes of declining revenue.
- [(iii)] Explain the step Nishtha will take after she gets the report from the team formed to find out the causes of declining revenue.
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