Thursday, December 15, 2016
Managing enterprises better in the 21st century
By John Kyriazoglou
According to various sources1 ‘management control’ is a management function aimed at achieving defined goals within an established timetable, and usually understood to have three components:
(1) Setting standards,
(2) Measuring actual performance, and
(3) Taking corrective action.
In practical business terms, management controls, in a private company or public organizational environment, are used daily by managers and employees to accomplish the identified objectives of an organization (private company, public organization, or business entity, called ‘enterprise’ in this article).
Simply put, management controls are the operational methods that enable work to proceed as expected.