What four basic steps comprise the controlling function of m

What four basic steps comprise the controlling function of management? Why is an understanding of the four steps important in strategic management?

Solution

Answer:

There are four steps in control process:

(1) Setting of control standards,

(2) Measurement of actual performance,

(3) Comparing actual and standard performance and

(4) Taking corrective action.

Understanding the four steps is important in strategic management as with out proper control implementation of the best strategy is also not possible. Without it even the best strategy is useless. That is why understanding these control functions is required by the management.