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Question
“Measurement of a company’s progress may involve calculation of certain ratios like gross profit ratio, net profit ratio, and return on investment etc. at periodic intervals”. Identify the function of management involved in the above context. Also briefly explain the step in the process of the identified function discussed above.
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Solution
- Controlling
- Measurement of actual performance
Once performance standards are set, the next step is a measurement of actual performance. Performance should be measured in an objective and reliable manner. There are several techniques for the measurement of performance. These include personal observation, sample checking, performance reports, etc.
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RELATED QUESTIONS
Hina Sweets is a renowned name for quality sweets since 1935. Harsh the owner of Hina Sweets was worried as the sales had declined during the last three months. When he enquired from the Sales Manager, the Sales Manager reported that there were some complaints about the quality of sweets. Therefore Harsh ordered for sample checking of sweets.
Identify the step taken by Harsh that is related to one of the functions of management.
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Which term is used to indicate the difference between standard performance and actual performance?
Assertion (A): A small enterprise cannot afford to install an expensive control system.
Reason (R): Control system loses some of its effectiveness when standards cannot be defined in quantitative terms.
Controlling means ensuring that activities in an organisation are performed as per the ______.
Controlling involves:
Read the following text and answer the following question on the basis of the same:
A critical point control (CPC) approach is followed by McDonald in the cooking and handling process so that any food safety threat can be prevented, eliminated, or reduced to an acceptable level. Hence, continuous monitoring of activities are undertaken to ensure that the process is right at each critical point control. The main principle followed for cooking at McDonald is "less amount many time" which can ensure the high quality and high fresh level of the food. For instance, if four hamburgers have to be made, a worker cannot cook all the four hamburgers at one time. The time figured out for making hamburger is one hundred and forty-five seconds. moreover, nearly all foods in the McDonald have the specific holding time for hamburgers is ten minutes and for french fries is seven minutes. If it is not sold within that time it is thrown away. Also, the temperature of the milk sent by the supplier must be under 4°C, otherwise it will be returned.
Which of the following statements is true with respect to critical point control?
Read the following text and answer the following question on the basis of the same:
A critical point control (CPC) approach is followed by McDonald in the cooking and handling process so that any food safety threat can be prevented, eliminated, or reduced to an acceptable level. Hence, continuous monitoring of activities are undertaken to ensure that the process is right at each critical point control. The main principle followed for cooking at McDonald is "less amount many time" which can ensure the high quality and high fresh level of the food. For instance, if four hamburgers have to be made, a worker cannot cook all the four hamburgers at one time. The time figured out for making hamburger is one hundred and forty-five seconds. moreover, nearly all foods in the McDonald have the specific holding time for hamburgers is ten minutes and for french fries is seven minutes. If it is not sold within that time it is thrown away. Also, the temperature of the milk sent by the supplier must be under 4°C, otherwise it will be returned.
Which feature of controlling is highlighted in the above text?
Whether the decisions have been translated into desired actions or not' can be confirmed by performing which of the following functions of management?
Controlling ensures that resources are used in which manner to achieve predetermined goals?
The goal-oriented nature of controlling is focused on achieving what?
At which levels of management is controlling pervasive?
What is analysed after actual performance is compared with standards?
What does the process of comparing performance, analysing deviations, and taking corrective action enable?
