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14 Chapter Foundations of Control Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-1
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Learning Outcomes After studying this chapter, you will be able to: Explain the nature and importance of control. Describe the three steps in the control process. Describe the types of controls organizations and managers use. Discuss contemporary issues in control. Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-2
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Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-3
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The Nature of Control Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-4
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The Importance of Control Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-5
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The Control Process Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-7
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Measuring Performance Measures of performance: 1.Personal observation 2.Statistical reports 3.Oral reports 4.Written reports Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-8
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Criteria for Measurement Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-9
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Comparing Performance to Goals Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-10
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Comparing Performance to Goals (cont.) Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-11
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Correcting Performance Immediate corrective actions: Training programs Disciplinary action Changes in compensation practices Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-12
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Revising the Standard Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-13
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Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-14
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Types of Control: Feedforward Control Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-15
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Types of Control: Concurrent Control Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-16
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Types of Control: Feedback Control Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-17
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Areas Managers Control Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-18
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Controlling Information Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-19
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Balanced Scorecard Approach Balanced scorecard evaluates four areas of company performance: 1.Financial 2.Customer 3.Internal processes 4.People, innovation, and growth assets Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-20
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Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-21
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Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-22 Contemporary Issues Cross-cultural differences Workplace concerns
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Different Organizational Control Systems Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-23
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Challenges of Controlling the Workplace Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-24
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Employee Theft Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-25
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Workplace Violence Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-26
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Entrepreneurial Module Managing Entrepreneurial Ventures Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-27
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What Is Entrepreneurship? Entrepreneurship – The process of starting new businesses, generally in response to opportunities Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-28
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What Do Entrepreneurs Do? Steps to entrepreneurship: 1.Assess the potential for the venture, gather information, identify potential opportunities, and pinpoint competitive advantages 2.Research the venture’s feasibility 3.Develop mission, explore culture issues, and create a business plan 4.Organize the venture and structure how work will get done Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-29
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What Do Entrepreneurs Do? (cont.) 5.Launch the venture 6.Manage the venture by hiring, training, and motivating employees and leading effectively 7.Manage the venture’s growth Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-30
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Planning the Venture Three kinds of business plans: 1.Summary business plan 2.Full business plan 3.Operational business plan Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-31
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Components of a Full Business Plan Six major areas: 1. Executive summary 2. Analysis of opportunity 3. Analysis of the context And... Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-32
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Components of a Full Business Plan (cont.) 4.Description of the business 5.Financial data and projections 6.Supporting documentation Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-33
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Legal Forms of Organization 1. Sole proprietorship 2. General partnership 3. Limited liability partnership (LLP) 4. C corporation 5. S corporation 6. Limited liability company (LLC) Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-34
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Organizational Structure Organizational design decisions revolve around: Work specialization Departmentalization Chain of command Span of control Amount of centralization or decentralization Amount of formalization Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-35
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Human Resource Management (HRM) Issues Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-36
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Leading an Entrepreneurial Venture Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-37
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Motivating Employees Entrepreneurs motivate employees by: Empowering employees Using participative decision making Delegating decisions or duties Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-38
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Entrepreneurs as Leaders Entrepreneurs can lead by: Drawing out the best in people Creating a vision for the organization Developing teams that are empowered, self- directed, and cross-functional Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-39
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Control Issues Control issues facing entrepreneurs include: Managing growth Managing downturns Exiting the venture Managing personal life choices and challenges Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-40
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Personal Challenges Entrepreneurs manage personal challenges by: Becoming a pro at time management Identifying competent business advisors Dealing with conflicts as they arise Developing a network of trusted friends/peers Recognizing when stress levels are too high Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-41
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Copyright ©2012 Pearson Education, Inc. Publishing as Prentice Hall 14-42
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