Reference no: EM131712776

Discussion 1: Steps of Control

Explain why the four steps involved in the controlling function are important. Why is a good understanding of the various ratios used by accountants and managers important to the controlling function? Give specific examples. Respond substantively to two other learners.

Guided Response:

Your initial post should be at least 200 words in length. Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references. Respond substantively to at least two of your classmates' posts.

Jewel Richardson

The Standard control process consist of four steps (/Anthony & Govindarajan, 2007; Steers, Ungston, & Mowday, 1985):
Review the standards set in the planning process.

Measure performance at the strategic, tactical, and operational levels.

Compare performance outcomes with the standards that were set.

Make a decision.

These steps are important because in order for a business to prosper they must be able to identify and correct problems. By following these steps it allow one to always check its business performance. The various ratios are important because it allows management to review and identify a business lost or profits. Being able to review these ratios helps management make the appropriate adjustments and corrections. My husband own and runs a DJ Business. He had to pay for his equipment upfront which make his business start off with a current assets. As his business begin to grow, he must charges people and events for sales then pay out help which is debts. He will need to budget all of this weekly to see how his business is running. If his debt is higher than his income/assets he will need to review/measure/compare and finally make a decision of Successful or unsuccessful performance.

Reference:

Baack, D., Reilly, M., & Minnick, C., & (2014). The five functions of effective management (2nd ed.). San Diego, CA: Bridgepoint Education, Inc.

Jonathan Watson

Explain why the four steps involved in the controlling function are important.

The four steps involved in the controlling function are as follows;

Review the standards set in the planning process.

Measure performance at the strategic, tactical, and operational levels.

Compare performance outcomes with the standards that were set.

Make a decision: Successful performance should be rewarded and Unsuccessful performance should be corrected. (Baack, Reilly, and Minnick, 2014).

These steps are important because they allow control in order to ensure everyone stays aligned with the organization's goals. According to Baack, Reilly, and Minnick, (2014) "The controlling process may be considered as a feedback device for company leaders" (Section, 7.1). Basically, managers can check and make corrections to make for sure company goals are met.

Why is a good understanding of the various ratios used by accountants and managers important to the controlling function?

According to Baack, Reilly, and Minnick, (2014) "Ratio analysis takes the financial information made available to the accounting and finance departments and helps company leaders understand how well various operations are running (Section, 7.1). Basically, "Information is power", if leaders understand what department are succeeding and which ones are failing, they can incorporate more control and make corrective decisions and plans.

Reference:

Baack, D., Reilly, M., & Minnick, C., & (2014). The five functions of effective management (2nd ed.) [Electronic version].

Discussion 2: Changes in Management

Of the five management functions, which do you expect will experience the most dramatic changes in the next decade? Defend your answer. Which will have the least amount of change? Explain your answer. Respond substantively to two other learners.

Guided Response: Your initial post should be at least 200 words in length. Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references. Respond substantively to at least two of your classmates' posts.

Justin Patterson

Of the five management functions, I believe that leading will have the most changes over the next decade. I say this because as the baby boomer generation is retiring, a completely different leadership style will take place from other generations. Younger generations are more tolerant in many aspects compared to older generations. They still expect hard work but are more likely to lead and not just manage a group of employees. Younger employees can relate to a younger manager or supervisor, therefore, they can feel like their opinions may be heard and understood better than from a generation of managers that do not understand, nor in some circumstances care to understand, their opinions and input on situations and how to better a company.

Out of the five management function, staffing will have the least changes. I say this because staffing functions will continue to be of the job design, recruiting, selection, training, safety, and labor. There aren't many more changes in staffing that can take place. The hiring process is different for all companies, but, at the same time is the same. An employee puts in a resume, gets an interview and is hired or not. I do not foresee many changes in this process.

Kathryn Beasock
Changes in Management

Of the five management functions, which do you expect will experience the most dramatic changes in the next decade? Defend your answer. Which will have the least amount of change? Explain your answer.

The step that I believe will experience the most dramatic changes in the next decade is the planning stage. "Planning is a systematic process in which managers make decisions about future activities and the key goals that the organization will pursue" (Baack, D., Reilly, M., & Minnick, C., & 2014). Due to swift and continual changes in social, economic, technological and competitive trends, it will be increasingly important for managers to plan accordingly. Managers must use the tools that are available to them to try to forecast potential changes in these fields if they expect to keep the business profitable.

The step that I believe will have the least amount of change is the leading step. "Leading in a business context consists of all activities to help people achieve the highest level of performance" (Baack, D., Reilly, M., & Minnick, C., & 2014). I do not expect much to change in the controlling process because the art of leading, regardless of market trends, does not change. The management or supervisors, leading the organization will still be required to inspire, motivate and direct the employees to perform at their best (Baack, D., Reilly, M., & Minnick, C., & 2014).

Kathryn
Reference

Baack, D., Reilly, M., & Minnick, C., & (2014). The five functions of effective management (2nd ed.) [Electronic version].