Page 296 - DCOM102_DMGT101_PRINCIPLES_AND_PRACTICES_OF_MANAGEMENT

Principles and Practices of Management

Notes 16.8 Keywords

Budgeting: Making a written account of all the expenses and revenues planned.
Control: Restrain or regulate

Feedback: The process in which part of the output of a system is returned to its input in order to
regulate its further output
Feed Forward: Reverse of a feedback, it is the 'self-fulfilling prophesy' process that turns logical
cause-effect relationships upside down.

16.9 Self Assessment

Fill in the blanks:
1. Effective control through efficient .................. can only be a guarantee for success.

2. 'Planning' and .................. are essential functions for every successful manager.
3. .................. accounting can be defined as a system of accounting under which each
departmental head is made responsible for the performance of his department.

4. The graphics portion of the Gantt chart consists of a horizontal bar for each task connecting
the period .................. and period .................. columns.
5. PERT charts depict .................., .................. and .................. information.

6. .................. is a fundamental management function that ensures work accomplishment
according to plans.
7. Budgets cover a designated time period - usually a .................. .

8. The discrepancy between standard performance and actual performance is called
…………………..
9. ………………..controls are also referred to as steering controls.

10. Path taken by tasks which together take the longest time to complete is known as
……………… path.

16.10 Review Questions

1. Why is control a must in business management? What are the requirements of an effective
control system?
2. "The essence of control is action". Comment.
3. "The controlling function of management is similar to the function of the thermostat in a
refrigerator". Comment.
4. Planning and control are after thought of as a system; control is also often referred to as a
system. What is meant by this? Can both statements be true?

5. PERT is a management interventional technique designed to establish an effective control
system. Justify the statement.

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