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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.
In optimal control theory, a control is a variable chosen by the controller or agent to manipulate state variables, similar to an actual control valve. Unlike the state variable, it does not have a predetermined equation of motion. [1] The goal of optimal control theory is to find some sequence of controls (within an admissible set) to achieve ...
When estimating the effect of explanatory variables on an outcome by regression, controlled-for variables are included as inputs in order to separate their effects from the explanatory variables. [1] A limitation of controlling for variables is that a causal model is needed to identify important confounders (backdoor criterion is used for the ...
Robert J. Mockler presented a more comprehensive definition of managerial control: 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 ...
The exact definition varies slightly within the framework or the type of models applied. The following are examples of variations of controllability notions which have been introduced in the systems and control literature: State controllability; Output controllability; Controllability in the behavioural framework
In contrast to the frequency domain analysis of the classical control theory, modern control theory utilizes the time-domain state space representation, [citation needed] a mathematical model of a physical system as a set of input, output and state variables related by first-order differential equations. To abstract from the number of inputs ...
A variable in an experiment which is held constant in order to assess the relationship between multiple variables [a], is a control variable. [2] [3] A control variable is an element that is not changed throughout an experiment because its unchanging state allows better understanding of the relationship between the other variables being tested. [4]
The objective is to maximize either an integral of, for example, a concave function of a state variable over a horizon from time zero (the present) to a terminal time T, or a concave function of a state variable at some future date T. As time evolves, new observations are continuously made and the control variables are continuously adjusted in ...