Question

What the know 3 basic elements of the control process?

Answer 1

The three basic elements of the control process in business are establishing standards, measuring performance, and taking corrective action. These steps are fundamental for effective organizational control and goal achievement.

Step-by-step explanation:

The three basic elements of the control process are:

1. Establishing Standards: The first step in the control process is to establish performance standards, which are the expected outcomes or targets that the organization aims to achieve. These standards serve as the basis for comparison when assessing actual performance.
2. Measuring Performance: After setting the standards, the next step is to measure actual performance to determine whether it aligns with the established standards. This measurement can be quantitative or qualitative and often involves gathering data and information.
3. Corrective Action: If a variance between standard performance and actual performance is identified, the third step in the control process is to take corrective actions. This might entail adjusting the performance or modifying the standards based on feasible and practical considerations.

Each of these elements is critical for effective control within an organization and ensuring that goals and objectives are met efficiently. Understanding and applying these elements help in maintaining quality and consistency in business operations.