Question

33. Identify the function of management involved and steps in the identified process in the following situations. (a) Management of Best Services Ltd. Replaced the old machinery with latest technology to overcome qualityissues. (b) The production manager of Medical Point conducted work study to fix standard time to be taken to product oneunit. (c) The managers calculated the total sales and revenue earned by each sales exexcutive to conduc appraisals at the end of the year. (d) The finance manager prepared a variance analysis report for the management to explain the difference between forecast profits and actualprofits. (e) The Finance Director analyzed the variances to find the causes ofvariances,​

Answer 1

4 Functions of Management Process: Planning, Organizing, Leading, Controlling

Planning and Decision Making: Determining Courses of Action,

Organizing: Coordinating Activities and Resources,

Leading: Managing, Motivating and Directing People,

Controlling: Monitoring and Evaluating activities.

Answer 2

Steps in the Process of Controlling

Steps in the Process of Controlling(i)Setting performance standards Controlling starts with setting standards, against which actual results are to be evaluated.

Steps in the Process of Controlling(i)Setting performance standards Controlling starts with setting standards, against which actual results are to be evaluated.(ii)Measurement of actual performance In this step, the actual performance of activities is measured.

Steps in the Process of Controlling(i)Setting performance standards Controlling starts with setting standards, against which actual results are to be evaluated.(ii)Measurement of actual performance In this step, the actual performance of activities is measured.(iii)Comparing actual performance with standards Now the actual performance is compared with the standards set to find the deviations.

Steps in the Process of Controlling(i)Setting performance standards Controlling starts with setting standards, against which actual results are to be evaluated.(ii)Measurement of actual performance In this step, the actual performance of activities is measured.(iii)Comparing actual performance with standards Now the actual performance is compared with the standards set to find the deviations.(iv)Analysing deviations Under this step, deviations of significant nature need to be identified. For this a range of deviations should be established as the deviations in the key areas of business need to be attended on urgent basis as compared to deviations in certain insignificant areas. Critical point control and management by exception should be adopted in this regard.

Steps in the Process of Controlling(i)Setting performance standards Controlling starts with setting standards, against which actual results are to be evaluated.(ii)Measurement of actual performance In this step, the actual performance of activities is measured.(iii)Comparing actual performance with standards Now the actual performance is compared with the standards set to find the deviations.(iv)Analysing deviations Under this step, deviations of significant nature need to be identified. For this a range of deviations should be established as the deviations in the key areas of business need to be attended on urgent basis as compared to deviations in certain insignificant areas. Critical point control and management by exception should be adopted in this regard.(v)Taking corrective measures This is the final step, in which manager takes the corrective action according to set plans.