MANAGEMENT CONTROL Meaning and
Definition
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Management control refers to the process of overseeing and regulating activities within an organization to ensure that objectives are achieved effectively and efficiently. It involves setting goals, developing strategies, and implementing measures to monitor and evaluate performance in order to make informed decisions for the optimal utilization of resources.
In management control, managers establish policies, procedures, and practices to guide employees towards achieving organizational goals. These controls can be either formal or informal and may involve the use of financial, operational, or behavioral mechanisms. Financial controls involve monitoring financial aspects such as budgeting, cost control, and financial reporting. Operational controls focus on monitoring processes, quality control, and resource allocation. Behavioral controls are designed to shape employee behavior and performance through effective communication, performance appraisal, and rewards systems.
The primary objectives of management control are to ensure organizational objectives are met, resources are efficiently utilized, risks are managed effectively, and compliance with legal and ethical standards. It seeks to provide managers with accurate and timely information to identify deviations from plans and take corrective actions if necessary.
Management control is crucial for achieving organizational success as it helps align individual and departmental goals with the overall objectives of the organization. It enables management to make data-driven decisions, maintain accountability, and enhance transparency. Effective management control promotes coordination, enhances communication, and fosters a productive work environment.
Common Misspellings for MANAGEMENT CONTROL
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Etymology of MANAGEMENT CONTROL
The word "management" originated from the Latin word "manus" meaning "hand" and "agere" meaning "to lead" or "to drive". "Management" can be traced back to the 16th century and referred to the act of handling or controlling something or someone.
The word "control" comes from the Middle English word "controllen", which was derived from the Anglo-Norman French word "contrerouler". It can further be traced back to the Medieval Latin term "contrarotulare", where "contra-" means "against" and "rotulare" means "to roll". The concept of "keeping a check" or "rolling against" led to the current meaning of "control".
When combined, the term "management control" refers to the act or process of directing and regulating activities within an organization to achieve specific objectives and goals.
Similar spelling words for MANAGEMENT CONTROL
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