Insurers' journeys to build a mastery in the IoT usage
Controlling
1. •Controlin management means setting
standards measuring actual performance
and taking corrective action
•Itis important function because it help to
check to check errors and to take the
corrective action so that deviation from
standard are minimized and stated goals
of the organization are achieved in
desired manner
2. •To maximize the use of scarce
resources
•To achieve purposeful behavior of
organization members
•Improves efficiency and effectiveness
•Make plan effective
•Control aid in decision making
3. TRADITIONAL MODERN
Personal observation Management audit
Break even analysis Return on investment
Statistical report PERT&CPM
Budgetary control Management
information
5. •Controllingmay lower the morale of the staff through
bad supervision in the way of duties are delegated
•Internal
check system of instituted will frustrate
employees
•It is usually an expensive system to install and maintain
•Itmay be rigidly designed and not suitable for the type
of business and thus be difficult to sustain
6. Setting
performance
standards
Measurement
Correcting
of actual
deviation
performance
Comparing
actual
Analysing
performance
deviation
with
standard
7. •Physical standards
•Cost standards
•Capital standards
•Revenue standards
•Program standards
•Intangible standards
•Goals as standards
•Strategic plans as control points for
strategic control
8. Standards should be as precise as possible and
communicated to all persons concerned.
Moreover, communication alone is not sufficient;
understanding is necessary. In human
systems, standards tend to be poorly defined and the
allowable range of deviation from standard also
indefinite. For example, how many hours each day
should a professor be expected to be available for
student consultation? Or, what kind of behavior
should be expected by students in the classroom?
9. TYPES OF CONTROL MECHANISM OF CONTROL
Output control Financial measure of performance
Organizational goal
Operating budgets
Behavior control Direct supervision
Management by objective
Rules and standard
Operating procedures
Organization culture control Values
Norms
Socialisation
10. Brig. (Dr.) R.S. Grewal
Vice Chancellor, Chitkara
University
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