Management control represents organisational effort to set objectives and design adequate monitoring mechanisms to be able to constantly compare actual performance of systems to the set objectives or standards. In situations where deviations are recorded, adequate mechanisms are put in place to measure the level of the deviations and also take corrective actions.
There are three different types of controls that an organisation can employ in its strategic management efforts. They include Feedforward, Concurrent and Feedback Controls. Controls are meaure taken by organisations focusing on
The feedforward control concentrates on input regulation to ensure that predetermined objectives and performance standards are achieved with little or no deviations. Feedforward system is also called a preventive, steering and a predictive system. It ensures that resources such as finance, human and capital resources are adequately regulated.
The feedback system waits for the output of processes to find out if there were deviations in the performance standard set or not. If there were deviations, then controls are put in place to ensure that the next batch of production meet standard.
Concurrent Control on the other hand, is a control system that seeks to ensure that adequate output and performance standard is maintained by regulating ongoing processes to ensure conformity to standard. It is also called the screening or yes-no control. It also requires a close monitoring of the tasks and activities on-going and making relevant queries to stop deviations or minimize deviations
Contours, Inc already knows that the limit of the drill bit is 100,000 holes and if allowed to reach this limit, the out in form of hole sizes will deviate from the standard, it will be smaller than the expected specification. Contours is therefore ensuring that the drill does not get to its limit by changing the bit at 95,000 uses to ensure that standards are met and deviations are avoided.
This is the concurrent control, the yes-no query is this:
Are we at 95,000 drills? If yes, change the drill, if no, continue the drilling
Of course, it will cost Contours more financial obligation because, the drill can still make about 5,000 holes before it deviates but it is a chance the organisation is not ready to take.
The company policy is on communication is an internal communication policy is a record that summarizes an organization's approach to its internal communication with its employees. The internal policy highlights and recognizes what information can be transferred and communicated.
<h3>What are the kinds of workplace communication policies?</h3>
There are four prominent kinds of workplace communication: verbal, body, phone and written. During any point in the workday, you are always encountered with at least one
<h3>Why are communication policies necessary?</h3>
A communication policy can, therefore, be an agency for supporting the periodic planning, development and use of the communication system, and its help and possibilities, and for providing that they function efficiently in enhancing national growth.
The scientific discovery will move the supply curve to the right, because now suppliers (pharmaceutical companies) will be able to supply more heart medicine, at any given price, since the cost of producing the medicine have gone down.
The demand curve will shift to the right because now that heart medicine is cheaper, consumers will be able to buy more of it.
The equilibrium price will fall, while the equilibrium quantity will go up.