Question

Explain - (i) Accomplishing organisational goals and (ii) Judging accuracy of standards as importance of controlling function of management.

Answer 1

The importance of controlling function of management are as follows:

1. Accomplishing organisational goals: The controlling function monitors progress toward organizational goals and indicates deviations for corrective action. This helps to close the gap between expected and actual performance, allowing the organization to meet its goals.
2. Judging accuracy of standards: An effective control system enables management to determine if the standards set are accurate or not by closely monitoring changes in an organization's environment. Managers usually evaluate the work done to a set of specified standards defined for the task and assess whether the set of standards is effective or if there is a need for improvement in the standards, which will lead to a more accurate estimate of process efficiency.