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 ...