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What are results of poor planning and control of business and management?
Wiki User
∙ 9y ago
Poor planning in business results in setting up inappropriate objectives for the business model. Inappropriate objects cause organizations to put their efforts toward goals moving the company in the wrong direction. Poor planning also accounts for too much or too little effort being applied. Poor control in business reduces an organization's ability to take stock of how it is doing, and where it can improve. It keeps company's in a constant state of flux, which ultimately causes company's to waste money. Losing money leads to bankruptcy or dissolvency.
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∙ 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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Accounting as an Aid to ManagementAccounting asan aid to management:The main object of Accounting is to record financial transaction systematically in the books of accounts and to find out profit-loss and financial position of a business. Ascertainment of profit-loss and financial position, interpretation and analysis of accounts and statements, development of accounting system, collection of statistical and economic data, formulation of financial principles and financial planning and controlling result as per plan etc. are the main function of accounting. In the modern age accounting is directly related with financial management. The function of management are planning, organizing, collecting business elements, motivating, coordinating and budgeting etc.Accounting helps the management in the following ways:(1)Planning:Proper planning is very much needed for successful completion of various management activities. These planning – cash planning, sales planning, procurement planning, determining quantity of stock, development of planning, fixing up target – profit et are very much dependent on accounting data and information.(2)Organization:Accounting plays a very vital role in proper execution of the important function of management-organization. Accounting helps management-organization by providing information likepercentageof profit over capital, capitalinvestmentposition, management efficie3ncy in controlling etc.(3)Motivation:Labor-employees are to be motivated for achieving expectedperformance. Financial help is one of the main motivating factors of work. The management is to be aware of financial position of the business for providing financial benefits. Accounting helps the management by providing necessary information for taking proper decision.(4)Co-ordination:One of the main function of the management is to achieve the final target of the business by coordinating various activities of different departments. Accounting helps in coordinating various activities of different department of the business.(5)Control:The main function of the modern management are planning and controlling. Controlling is essential for completion of activities according to plan. Accounting can help management much in controlling.(6)Preparation of final accounts:The management’s responsibility is to communicate operating results for a certain period and financial position of a business concern to the owners and parties concerned.(7)Media of communication:Accounting plays a vital role as a media in communicating various information of different departments,business and managementplan of action to various departments.(8)Budgeting:Preparation of various budgets is essential to run the business successfully. Thehistorical informationwhich is needed in preparation of budget is supplied by accounting.(9)Professional advice:An efficient and honest accountant helps the management with valuable professional advice for the development of its business. In the modern age with the complexities ofbusiness managementhas also become complex. In this aspect the role of accounting is very important. Accounting is an essential tool of management.
Is management all about planning and organizing?
Yes. And applying what you have planned. Management is the use of resources and people to achieve desired results. A manager must be able to determine the potential of people and resources, and properly utilize them. ^ Corporate Big Wig
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