What are some examples of control in business?

What are some examples of control in business?

Control in business refers to the processes and mechanisms that ensure organizational goals are met. Examples include financial audits, performance reviews, and quality control measures.

Can you explain how financial audits work as a control mechanism?

Financial audits involve reviewing an organization's financial statements and practices to ensure accuracy and compliance with regulations. They help identify discrepancies and improve financial management.

What role do performance reviews play in business control?

Performance reviews assess employee performance against set objectives, providing feedback and identifying areas for improvement. This helps align individual goals with organizational objectives.

Are there any specific quality control methods used in manufacturing?

Yes, common quality control methods in manufacturing include Statistical Process Control (SPC), Six Sigma, and Total Quality Management (TQM). These methods help maintain product quality and reduce defects.