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Management control can be defined as a systematic torture by business management to compare performance to predetermined standards, plans, or objectives to determine whether performance is in line with these standards and presumably to take any remedial action required to see that human and other corporate resources are being used most ...
Governance activities ensure that critical management information reaching the executive team is sufficiently complete, accurate and timely to enable appropriate management decision making, and provide the control mechanisms to ensure that strategies, directions and instructions from management are carried out systematically and effectively. [10]
Management control as an interdisciplinary subject. A management control system (MCS) is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole in light of the organizational strategies pursued.
Internal control is a key element of the Foreign Corrupt Practices Act (FCPA) of 1977 and the Sarbanes–Oxley Act of 2002, which required improvements in internal control in United States public corporations. Internal controls within business entities are also referred to as operational controls. The main controls in place are sometimes ...
While an issue could be identified by either an internal or an external monitoring mechanism, the remediation mechanism is usually management-owned. Management Triggers Embedded Within IT Systems Most enterprise applications configure business rules in a manner as to prevent, require pre-approval, or alert relevant management personnel in the ...
According to Lorsch and MacIver "many large corporations have dominant control over business affairs without sufficient accountability or monitoring by their board of directors". [ citation needed ] In the 1980s, Eugene Fama and Michael Jensen [ 73 ] established the principal–agent problem as a way of understanding corporate governance: the ...
Although control was one of the six 'functions of management' [9] listed by Henri Fayol in 1917, [10] [11] the idea of strategic control as a distinct activity does not appear in the management literature until the late 1970s (e.g. "Strategic Control: a new task for top management" by J H Horovitz, [12] which was published in 1979, is a candidate for first paper to explicitly discuss the topic ...
Key critics of the command-and-control management ethos and techniques include members of the systems-thinking community and associated thinkers, including W. Edwards Deming, [1] John Seddon, [2] Kōnosuke Matsushita, [3] Taiichi Ohno, Russell L. Ackoff, [4] Donella Meadows, [5] Alfie Kohn, [6] and the outspoken Vanguard Method practitioner ...