Answer each question below in 200 words minimum.
Controls and managerial functions
16.1 Why is control such an important managerial function
16.2 How do successful companies implement controls?
16.3 How can three techniques--balanced scorecard, strategy maps, and measurement management–help me establish standards and measure performance?
16.4 Financial performance is important to most organizations. What are the financial tools I need to know about?
16.5 How do top companies improve the quality of their products and services?
16.6 What are the keys to successful control, and what are the barriers to control success?
16.7 How do managers influence productivity?
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16.1 Why is control such an important managerial function?
Control in management can be defined as the practice of managers monitoring performance, comparing it with its goals, and taking corrective measures when needed (Kinicki & Williams, 2017). Control is needed in management for different reasons. First and foremost, control helps the manager adapt to certain changes in the market, for example, change in the consumer tastes, technologies, the invention of new raw material, and government regulations. Also, control is paramount to the discovery of irregularities, such as cost overruns, bookkeeping errors, manufacturing defects, and customer dissatisfaction. It is worthwhile to note that, such mistakes can lead to the fall of an organization. Additionally, control systems play a huge role in the reduction of labour costs, increment of productivity…
(1543 words)