Ram Rahim is the sales head of goods fortune Ltd. His team included three people
each of the three team members supposed to sell 20 electric mixers in a month. At the
end of the month of March, he cracked the report of sales persons. 2 members sold less
than 20 mixers whereas one member sold more than 20 mixers.
He decided to hear the reason of non-accomplishment of target. The reason they disclose
was the inadequate supply of mixtures which leads to less sale. Ram Rahim directed the
production department to ensure timely supply of mixer in future
i) Name the function of management discussed above.
ii) State the steps of function identified in part 1 by quoting the lines.
Answers
Answer:
Explanation:
⁷electro stell tubes ltd. is a multi product company manufacturing tubes and pipes in exotic material and steel pipes in wide ranges, for wide spectrum of applications. it now wants to cater to american market and decide to invest in new hi-tech machines. since the instrument is large the finance mnanager wants to raise funds through financial instrument ahich can be issued to american nationals only . identify and explain the source of finance used by company to meet its fund requirement.
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Answer:
Function of management being referred to here is Controlling Function.
Steps involved in the controlling function are-
- Creating standards and methods for measuring performance
- Actual performance evaluation
- Determining whether or not the performance meets the standard
- Re-evaluating the standard and taking corrective action
Explanation:
Controlling Function-
The primary goal of the control process is to ensure that activities within an organisation are carried out as planned. The control process assists managers in determining the level of performance of their organisations.
Steps involved in Controlling Function-
Creating standards and methods for measuring performance
- The primary goal of controlling is to steer the business toward the desired goal. As a result, if the employees or members of a business are well aware of the target, there will be greater awareness of the target.
- Managers must communicate the goals and objectives to employees clearly and without ambiguity. An organisation that has everyone working toward a common goal has a better chance of growing and prospering.
Actual performance evaluation
- Managers must immediately measure their actual performance and compare it to the standards that have already been established after being made aware of the goals. Here, we can know if the plan is working as expected.
- This controlling step is useful in detecting future problems and issues, and it is critical for making decisions quickly so that the company can recover from losses.
Determining whether or not the performance meets the standard
It is critical to determine whether or not the performance meets the standards. It is a critical step in controlling. The results are measured on the basis of the previously established standards in this step.
Re-evaluating the standard and taking corrective action
The Corrective action must be taken, if there are discrepancy. Correct actions protect against loss and prevent it from recurring in the future.
Hence, we can conclude that the entire management function will become obsolete if a control function is not present. Management will be unable to determine whether the plan is working properly or not, or whether it is being implemented properly.
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