question_answer 17)

How can the company relate its planning with control in this line of business to ensure that its plans are actually implemented and targets attained?

Answer:

Company relates its planning with control in this line of business by implementing effective control system as this will help in two aspects planning makes controlling effective and efficient whereas controlling improves future planning because it is like a postmortem of past activities to find out deviations from the standards and in order to ensure that its plans are actually implemented and targets are attained they will take the help from controlling process as it is a systematic process and it leads to following benefits (i) Setting Up of Standards In this step, company set some target against which the actual performance is measured. (ii) Measuring of Performance In this step, company is able to measure the performance and evaluating that what is actually done by the employees. (iii) Compare Performance After evaluating the actual result, company compares the actual performance with the planned one this helps in knowing that the desired goal is achieved or not. (iv) Analyzing Deviations This refers to the difference between actual and desired performance. It helps in knowing to the company that the deviation is positive or negative. It needs focus on which part rather than analyzing whole. (v) Taking Corrective Measures Final step is to know the type of deviation and trying to remove this deviation and in future it matches with the plans.