Evaluation and control are part of the business management process along with planning, organizing, and directing....

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Evaluation and control are part of the business management process along with planning, organizing, and directing....

Evaluation and control are part of the business management process along with planning, organizing, and directing. Evaluation and control are often used to break down the control function into two separate components.

Discuss evaluation and control and its importance by explaining how it used in today's business world by using a Fortune 500 company as an example.

***Ford Motor Company***

business Operations-Management

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Importance of evaluation in business are as per the following:

• It increases information about company asset. For example-the management of Fortune500 can evaluate its business to address the availability of asset

• Business evaluation assists with understanding the resale value of a company. For example-of Fortune500 plans to sell any particular part of the organization, it needs to understand the best possible value of that particular portion

• Evaluation assists with understanding all the legal terms and values in the merger and acquisition adventure

• Evaluation encourages the company to attract more investors by sharing countless authentic information. For example,- Fortune 500 ought to evaluate its business to attract more investors to expand its item variety.

Importance of control in business is referenced beneath:

• It assists with accomplishing organizational goals accurately.

For example-the management of Fortune 500 has full control over their business to achieve its goal of increasing market share by 10%.

• Control in business impacts on improving the accuracy standard of an organization

• A legitimate control in business guarantees proficient utilization of organizational assets. For example-the financial management of Fortune 500 accurately controls its business to decrease costs.

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