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Question
State two reasons to emphasize the importance of Controlling as a function of management.
Solution
Controlling is a managerial process that involves establishing benchmarks or standards in a plan, comparing actual performance vis-a-vis those benchmarks, measuring the possible variations and undertaking corrective actions to remove those variations. Controlling is important because of the following points:
- Decision making: Controlling process enables decisions directed towards making adjustments or improvements which are consistent with a business' mission and goals.
- Coordination: It focuses on building an equilibrium between business efforts and desired results through coordination between all resources, business activities and departments/units.
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