Management Function Controlling & Evaluation, Contemporary Management Video Lecture | Contemporary Management - B Com

Ans. The key functions of management include planning, organizing, leading, and controlling. Planning involves setting objectives, determining the best course of action, and developing strategies to achieve goals. Organizing involves arranging resources and tasks to meet objectives. Leading involves influencing and motivating employees to achieve organizational goals. Controlling involves monitoring performance, comparing it with set standards, and taking corrective actions if necessary.

Ans. Controlling plays a crucial role in management as it helps in ensuring that the organizational goals are being achieved effectively and efficiently. It involves monitoring performance, identifying deviations from plans, and taking corrective actions. By implementing control measures, management can identify problems or bottlenecks in processes, improve performance, and make necessary adjustments to achieve desired outcomes. Controlling also helps in evaluating the effectiveness of planning and organizing functions.

Ans. Evaluation is an important aspect of effective management as it allows managers to assess the performance of individuals, teams, and the overall organization. It helps in identifying strengths and weaknesses, areas of improvement, and opportunities for growth. Evaluation provides feedback to employees, which helps in motivating them, improving their performance, and aligning their efforts with organizational goals. By evaluating performance, managers can make informed decisions, allocate resources effectively, and implement strategies to achieve desired outcomes.

Ans. Contemporary approaches to management include systems theory, contingency theory, and total quality management (TQM). Systems theory views organizations as interconnected and interdependent systems, where changes in one part can impact the entire system. Contingency theory emphasizes that there is no one-size-fits-all approach to management and that managers must adapt their style based on the specific situation. TQM focuses on continuous improvement, customer satisfaction, and employee involvement in decision-making.

Ans. Managers can effectively control and evaluate performance by following these steps: 1. Set clear and measurable goals: Managers should establish specific, achievable, and time-bound goals that can be used as benchmarks for evaluating performance. 2. Monitor performance: Regularly track and measure progress towards goals, using both qualitative and quantitative indicators. 3. Compare performance with standards: Compare actual performance with predetermined standards or benchmarks to identify deviations. 4. Take corrective actions: If deviations are identified, managers should take appropriate corrective actions to address the issues and bring performance back on track. 5. Provide feedback and support: Provide timely feedback to employees about their performance, acknowledging strengths and identifying areas for improvement. Offer necessary support, resources, and training to help employees enhance their performance. 6. Evaluate and reward performance: Conduct formal evaluations to assess performance, recognizing and rewarding exceptional achievements. Use the evaluation results to inform decisions related to promotions, raises, and career development opportunities.