7

Management Control

7.1    MANAGEMENT CONTROL DEFINED

To achieve its objectives, an industrial firm, merchandising enterprise, service company, or financial institution needs at top management level, an environment in which planning and control activities flourish.* A well-managed organization is distinguished by its orderly way of operating, and planning is cornerstone to this process. For its part, control action is an integral part of sound governance. A formal system of planning and control

•  permits delegation with commensurate responsibility,

•  coordinates and unifies action throughout the organization,

•  structures the progress of accountability, and

•  keeps management informed of whether or not policies are observed and ...

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