MGT10001 Performance Controlling Assignment Sample

Introduction to Management

In order to increase the efficiency and effectiveness of the process and activities performed it is very essential to control and manage the performance. Performance controlling consisting of five steps includes (Alferjany et al. 2018):

• Setting up the standards
• Measuring the performance consistently
• Comparing performance against the standards
• Analysing the deviations
• Taking corrective actions

 These steps are discussed as the first step setting up standards refers to prepare the benchmarks for employees according to their capabilities and skills so that they can work accordingly and also helps the employer at the time of controlling. Second step measuring the performance means check the work done by employees in organisation according to the decided standards. Next step is to compare the actual performance of the employees with the planned benchmarks ("Steps Involved in Control Process" n.d.). Fourth step refers that the supervisor try to found out any deviation or difference between actual and planned performance then find out the reasons for deviation. Last step means take the necessary action to remove or reduce the causes of deviation and make the actual and planned performance equal. For example the cause of deviations is: Defective material, defective process, defective machinery, obsolete machinery and defective physical conditions of work and the corrective actions for these causes are: change the quality of material used, upgrade the process, replace or repair the machinery, technology up-gradation is required and focus in improving the working conditions of employees respectively.

Shareholder: The shareholders play a major role in performance controlling. The large numbers of shareholders have more competence to manage and control the performance of an organisation. The different minds generate different ideas for controlling cost and reducing deviations. There is a distribution between the ownership and management in organisation for maintaining a balance between effectiveness and efficiency of organisation. The shareholders can use their ownership right, formal authority, expertise and social authority for influencing the performance of organisation (Kang and Sorensen, 2003). While the shareholders who are having ownership right do not mean that they can influence the decision making. According to law, the decisions for organisation can be taken by the majority percentage of shareholders by exercising their control right

Financial : For efficiently managing the organisation it is very important to monitor and control the inflows and outflows of an organisation. The financial department performs various activities which results in efficient activities in organisation (Financial Controls - Overview, Required Processes, n.d.).

• Maintaining the cash flows: Planned and monitor the cash outflows and inflows so that no unnecessary transactions take place in the organisation.
• Resource Management: The finance works like blood for organisation so the resources are used effectively and efficiently in organisation.
• Operational Efficiency: For an efficient financial structure in organisation, it is mandatory to focus on operational efficiency of an organisation.
• Profitability: Profit of organisation ensures the smooth functioning of organisation. The operational efficiency and profitability of an organisation have positive relation among them.
• Prevention from fraud: Do not indulge firm in any fraud or misleading activities because it will decreases your profits to zero level. So financial control help the firm not to participate in any undesirable activity like online theft, employee fraud and many more.

Market: The higher control over the marketing operations means stronger the market performance which leads to better performance of organisation. The market performance will be measured in terms of sales growth, absolute sales, profitability and cash flows. The firm indulge in marketing control activities will get the benefit of SWOC analysis. They will find their opportunities and challenges as soon and marketing control will also work as strength for them. The role of internationalisation of markets will also impacts the firm’s performance. The firm’s marketing capability is the strong force for organisation to get maximum benefits (Sun, Price & Ding, 2019).

References for Performance Controlling

Alferjany, A.A.M., Salama, A.A., Amuna, Y.M.A., Al Shobaki, M.J. and Naser, S.S.A., 2018. The Relationship between Correcting Deviations in Measuring Performance and Achieving the Objectives of Control-The Islamic University as a Model..

Corporate Finance Institute. n.d. Financial Controls - Overview, Required Processes, Examples. [online] Available at: https://corporatefinanceinstitute.com/resources/knowledge/finance/financial-controls/

Kang, D. and Sorensen, A., 2003. Https://Www.Researchgate.Net/Publication/234838511_Ownership_Organization_And_Firm_Performance. [online] ResearchGate. Available at: https://www.researchgate.net/publication/234838511_Ownership_organization_and_firm_performance.

Steps Involved in Control Process. Available at https://www.yourarticlelibrary.com/management/controlling/steps-involved-in-control-process/53348.

Sun, W., Price, J. and Ding, Y., 2019. The longitudinal effects of internationalization on firm performance: The moderating role of marketing capability. Journal of Business Research, 95, pp.326-337.

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