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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Sixth,Seventh,Eighth,Ninth,11/3/20,#,Copyright 2017,2015,2013 Pearson Education,Inc.All Rights Reserved.,Fundamentals of Management,Tenth Edition,Chapter 13,Foundations of Control,Fundamentals of ManagementTent,1,Learning Objectives,13.1,Explain,the nature and importance of control.,13.2,Describe,the three steps in the control process.,13.3,Discuss,the types of controls organizations and managers use.,13.4,Discuss,contemporary issues in control.,Learning Objectives13.1 Explai,2,Learning Objective 13.1,Explain the nature and importance of control.,Learning Objective 13.1Explain,3,The Communication Process,The Communication Process,4,The Importance of Control,Exhibit 13-1,PlanningControlling Link,The Importance of ControlExhib,5,Learning Objective 13.2,Describe the three steps in the control process.,Learning Objective 13.2Describ,6,Exhibit 13-2 The Control Process,Exhibit 13-2 The Control Proce,7,Measuring Performance,Sources of information:,Personal observation,Statistical reports,Oral reports,Written reports,Measuring PerformanceSources o,8,Criteria for Measurement,What,managers measure is probably more important to the control process than,how,they measure.,Criteria for MeasurementWhat m,9,Range of Variation,Exhibit 13-3,Acceptable Range of Variation,Range of VariationExhibit 13-3,10,Comparing Performance to Goals,Exhibit 13-4,Example of Determining Significant Variation:Green Earth Gardening SupplyJune Sales,Product,Standard,Actual,Over(Under),Vegetable plants,1,075,913,(612),Perennial flowers,630,634,4,Annual flowers,800,912,112,Herbs,160,130,(20),Flowering bulbs,170,286,116,Flowering bushes,225,220,(5),Heirloom seeds,540,672,132,Total,3,600,3,777,177,Comparing Performance to Goals,11,Correcting Performance,Immediate corrective action,Basic corrective action,Correcting PerformanceImmediat,12,Revising Standards,If performance consistently exceeds the goal,then the goal may need to be raised.,Revising StandardsIf performan,13,Learning Objective 13.3,Discuss the types of controls organizations and managers use.,Learning Objective 13.3Discuss,14,Feedward Control,Exhibit 13-5,“When”Does Control Take Place?,Feedward ControlExhibit 13-5“,15,Concurrent Control,Control that takes place while a work activity is in progress.,Concurrent ControlControl that,16,Feedback Control,Control that takes place after a work activity is done.,Feedback ControlControl that t,17,Keeping Track of an Organization,s Finances:Ratio Analysis,(1 of 2),Exhibit 13-6,Popular Financial Ratios,Objective,Ratio,Calculation,Meaning,Liquidity ratios:,measure an organizations ability to meet its current debt obligations,Current ratio,current assets over current liabilities,Tests the organizations ability to meet short-term obligations,blank,Acid test,current assets minus inventories over current liabilities,Tests liquidity more accurately when inventories turn over slowly or are difficult to sell,Leverage ratios:,examine the organizations,use of debt to finance its assets and whether its able to meet the interest payments on the debt,Debt to assets,Total debt over Total assets,The higher the ratio,the more leveraged the organization,blank,Times interest,Earned,Profits before interest and taxes over Total interest charges,Measures how many times the organization is able to cover,its interest expenses,Keeping Track of an Organizati,18,Keeping Track of an Organization,s Finances:Ratio Analysis,(2 of 2),Exhibit 13-6 continued,Objective,Ratio,Calculation,Meaning,Activity ratios:,assess how efficiently a company is using its assets,Inventory turnover,Sales over Inventory,The higher the ratio,the more efficiently inventory assets are being used,blank,Total asset turnover,Sales over Total assets,The fewer assets used to achieve a given level of sales,the more efficiently management is using the organizations total assets,Profitability ratios:,measure how efficiently and effectively the company is using its assets to generate,profits,Profit margin on,Sales,Net profit after taxes over Total sales,Identifies the profits that are being generated,blank,Return on,Investment,Net profit after taxes over total assets,Measures the efficiency of assets to generate profits,Keeping Track of an Organizati,19,Keeping Track of an Organization,s Finances:Budget Analysis,Budgets are used for both,planning,and,controlling,.,Keeping Track of an Organizati,20,Keeping Track of an Organizations Information,Management information system(MIS):,a system used to provide management with needed information on a regular basis,Keeping Track of an Organizati,21,Keeping Track of Employee Performance,Keeping Track of Employee Perf,22,Keeping Track with a Balanced Scorecard Approach,Financial,Customer,Internal Processes,People/innovation/growth assets,Keeping Track with a Balanced,23,Learning Objective 13.4,Discuss contemporary issues in control.,Learning Objective 13.4Disc
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