management control

  

Definition

A management function aimed at achieving defined goals within an established timetable, and usually understood to have three components: (1) setting standards, (2) measuring actual performance, and (3) taking corrective action.

A typical process for management control includes the following steps: (1) actual performance is compared with planned performance, (2) the difference between the two is measured, (3) causes contributing to the difference are identified, and (4) corrective action is taken to eliminate or minimize the difference.


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