Business Finance Homework Help

Based on our definition of organizational control, a well-designed control system consists of the following four key steps (Daft, 2016):

• Establish standards of performance.  Managers define goals for organizational departments in specific, operational terms that comprise a standard of performance against which to compare organizational activities.
• Measure actual performance.  Managers develop quantitative measurements of performance that can be reviewed on a daily, weekly, or monthly basis.
• Compare performance to standards.  This is an explicit comparison of actual activities to performance standards.
• Feedback.  Corrective action is a change in work activities to bring them back to acceptable performance standards.

Think of a class that you’ve taken in the past.  What standards of performance did your professor establish?  How was your actual performance measured?  How was your performance compared to the standards?  Do you think the standards and methods of measurement were fair?  Were they appropriate to your assigned work?  Why or why not?