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How important are managerial decisions in relation to controlling?
Wiki User
∙ 9y ago
Management accounting provides the necessary information where we can assist the important ways in managerial decisions and controlling.
Wiki User
∙ 9y ago
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Different between planning and controlling?
Relationship between planning and controllingPlanning and controlling are fuctions of management, they are closely related. The scope of activities if both are overlapping to each other. Without the basis of planning, controlling activities becomes baseless and without controlling, planning becomes a meaningless exercise. In absense of controlling, no purpose can be served by. Therefore, planning and controlling reinforce each other. According to Billy Goetz, " Relationship between the two can be summarized in the following pointsPlanning preceeds controlling and controlling succeeds planning.Planning and controlling are inseperable functions of management.Activities are put on rails by planning and they are kept at right place through controlling.The process of planning and controlling works on Systems Approach which is as follows :Planning → Results → Corrective ActionPlanning and controlling are integral parts of an organization as both are important for smooth running of an enterprise.Planning and controlling reinforce each other. Each drives the other function of management.In the present dynamic environment which affects the organization, the strong relationship between the two is very critical and important. In the present day environment, it is quite likely that planning fails due to some unforeseen events. There controlling comes to the rescue. Once controlling is done effectively, it give us stimulus to make better plans. Therfore, planning and controlling are inseperate functions of a business enterprise.Control and planning are interrelated. Without control all the planning is fruitless because control consists of the steps taken to ensure that the performance of the organization conforms to the plans.In other words control is concerned with the actual performance in relation to the standards set in advance and the correction of deviations to ensure attainment of objectives. Planning is required at the very outset of management whereas control is required at the last stages.If planning is looking ahead, control is looking back. In fact, control is the process of checking to determine whether or not proper progress is being made towards the objectives and goals set by management while doing planning.Often it is said that planning is the basis, action is the essence, delegation is the key, information is the guide and control is the lifeblood of the success of any business enterprise. Organizational objectives cannot be achieved without planning and planning alone cannot be successful. If extra efforts are put in planning and control is ignored, a business may suffer from a number of administrative problems. These difficulties may be highly detrimental for the business in the long run.
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