What is control, what is its purpose, and why do organizations need it?
What will be an ideal response?
Control is making something happen the way it was planned to happen. Controlling is defined as monitoring performance, comparing it with goals, and taking corrective action as needed. The purpose of control is to make sure that performance meets objectives. There are six reasons why control is needed:
To adapt to change and uncertainty.
To discover irregularities and errors.
To reduce costs, increase productivity, or add value.
To detect opportunities.
To deal with complexity.
To decentralize decision making and facilitate teamwork.
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Which of the following is the process of designing, managing, and improving the movement of products through the supply chain?
A) logistics B) warehousing C) materials handling D) inventory management E) distribution strategy
A hospital may require a patient to walk-in for a simple outpatient surgery instead of admitting him or her to the hospital overnight to
a. minimize the surplus cost to the patient b. increase the non-monetary costs to the patient c. increase the duality of costs to both parties d. practice market disincentivization e. reduce patient waiting time
When a noun is derived from a proper noun, it is a proper adjective and begins with a capital letter
Indicate whether the statement is true or false
It is difficult for shareholders to have a voice in executive compensation
Indicate whether the statement is true or false