Discuss the consequences of poor planning and poor controlling

Jun 28th, 2015
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In any business organization, profit is the ultimate goal. To achieve this, there are several approaches. But, to survive in a competitive business environment, goods and services produced by a firm should have the minimum required quality. Quality is a measure of how closely a good or service conforms to specified standard.

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University of Central PunjabControlling ChapterFinal ProjectDate: 17-01-2011To: Prof. Aniqa RehmanBy: Zain Ali Syed (L1F10MBAM2171)Sami-Ul-Hassan (L1F10MBAM2169)Shahryar Sohail (L1F10MBAM0142)Ahad Chaudhary (L1F10MBAM2174)Ammara Gillani (L1F10MBAM2165)Section: FControlling1. What is Control?Robert J. Mockler has defined control in a way that indicates the essential elements of a control process:Management control is a systematic effort to set performance standards with planning objectives, to design information feedback systems, to compare actual performance with these predetermined standards, to determine whether there are any deviations and to measure their significance, and to take any action required to assure that all corporate resources are being used in the most effective and efficient way possible in achieving corporate objectives.This definition divides control into four basic steps:1. Establishing standards and methods for measurement of the performance2. Measurement of the actual performance3. Comparing performance with standards 4. Taking corrective action (if appropriate)Meaning of control: Earl P. Strong and Robert D. Smith have described the controlling this way:There are number of conflicting viewpoints regarding the best manner in which to manage an organization. However, theorists as well as practicing executives agree that good management requires effective control. A combination of well-planned objec

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