Control can be defined as a.identification of corporate objectives. b.the process of setting standards, receiving feedback...
Control can be defined as
a.identification of corporate objectives.
b.the process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from plan.
c.a comprehensive financial plan.
d.a quantification of plans, stated in either physical or financial terms, or both.
Homework Answers
Answer : b. the process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from plan.
Explanation: The process of control is defined based on following elements : -
- Setting of standards of performance so that upcoming performance can be measured.
- Receiving feedback on actual performance to check & compare the actual performance with the set standards.
- Taking corrective action whenever actual performance differs from original standards .
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