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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 ...
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.
Management by objectives (MBO), also known as management by planning (MBP), was first popularized by Peter Drucker in his 1954 book The Practice of Management. [1] Management by objectives is the process of defining specific objectives within an organization that management can convey to organization members, then deciding how to achieve each objective in sequence.
Control precision describes the alignment or correlation between a particular control procedure and a given control objective or risk. A control with direct impact on the achievement of an objective (or mitigation of a risk) is said to be more precise than one with indirect impact on the objective or risk. Precision is distinct from sufficiency ...
Optimal control theory is a branch of control theory that deals with finding a control for a dynamical system over a period of time such that an objective function is optimized. [1] It has numerous applications in science, engineering and operations research.
Based initially on Drucker's management by objectives (MBO) model, a popular applied version of goal setting theory for business is the objectives and key results model (OKR). Originally developed at Intel by Andy Grove, [ 24 ] the tool was designed to set individual and collaborative goal team goals that are specific, concrete, challenging ...
The usual objective of control theory is to control a system, often called the plant, so its output follows a desired control signal, called the reference, which may be a fixed or changing value. To do this a controller is designed, which monitors the output and compares it with the reference.
George Stanley Odiorne (November 4, 1920 – January 19, 1992) was an American academic and management theorist. He was one of the developers of the theory, Management by Objectives (MBO). Early life