Explain any four points of importance of the function identified in (a) above.
Ans.
Four points of importance of the control function in management are:
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Performance Evaluation:
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Control allows for the systematic assessment of organizational performance against predetermined standards, goals, and benchmarks.
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By comparing actual results with planned objectives, managers can identify areas of achievement, as well as areas requiring improvement.
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Performance evaluation through control enables managers to measure progress, track outcomes, and make informed decisions to enhance organizational effectiveness.
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Efficient Resource Utilization:
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Control helps in optimizing the allocation and utilization of resources, including financial, human, and material resources.
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By monitoring resource utilization and identifying inefficiencies or wastage, managers can take corrective actions to ensure resources are utilized effectively and economically.
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Efficient resource utilization through control contributes to cost reduction, productivity enhancement, and improved profitability for the organization.
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Problem Identification and Correction:
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Control facilitates the early detection of deviations, errors, or problems in organizational processes or activities.
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By identifying deviations from standards or objectives, managers can investigate root causes and implement corrective measures promptly to address issues before they escalate.
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Timely problem identification and correction through control prevent performance gaps, minimize disruptions, and maintain operational continuity within the organization.
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Adaptation to Change:
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Control helps in monitoring environmental changes, market dynamics, and internal developments that may impact organizational performance.
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By assessing changing circumstances and their implications, managers can adjust plans, strategies, and tactics accordingly to remain responsive and adaptable.
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Adaptation to change through control enables organizations to anticipate challenges, seize opportunities, and maintain competitiveness in dynamic and uncertain business environments.
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