A fundamental problem facing managers in the 1990s is how to exercise adequate control in organizations that demand flexibility, innovation, and creativity. Competitive businesses with demanding and informed customers must rely on employee initiative to seek out opportunities and respond to customers’ needs. But pursuing some opportunities can expose businesses to excessive risk or invite behaviors that can damage a company’s integrity.
Consider the spate of management control failures that have made headlines in the past several years: Kidder, Peabody & Company lost $350 million when a trader allegedly booked fictitious profits; Sears, Roebuck and Company took a $60 million charge against earnings after admitting that it recommended unnecessary ...
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