MGT330 WK5 Team C Assignment.Control Mechanism Paper-3

MGT330 WK5 Team C Assignment.Control Mechanism Paper-3 -...

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Control Mechanisms: Wal-Mart Control Mechanisms: Wal-Mart Learning Team C Management 330 Denise Davis July 5, 2009 1
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Control Mechanisms: Wal-Mart Control Mechanisms: Wal-Mart While the four functions of management are equally as important, time spent planning, organizing, and leading could become a waste of time if controls are not put in place to ensure all plan objectives are being executed as originally planned. Controls are particularly important in an organization with an impressive domestic portfolio and global reach as that of Wal-Mart. Control mechanisms such as budget reviews and management audits provide the larger organization with a sense of how individual units are performing, while performance appraisals and feedback ensure that the people who drive the business are contributing to the overall success of the business. In either case, success of any type of organizational plan must be accompanied by effective mechanisms to control and measure progress. Comparing and Contrasting Budgetary control is the process of finding out what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences (Bateman & Snell, 2007). Wal-Mart uses a five-year financial summary to show their operating results, financial position, financial ratios, and other year-end data for the past five years. Feedback control is the way businesses use information gathered to identify problems that could impact business and using the information received to make necessary adjustments or corrections. On Wal-Mart’s website, a “contact us” link is provided which allows customers to submit feedback regarding issues such as poor service, product availability, or other matters. Management audits evaluate the effectiveness and efficiency of various systems in an organization. For example, Wal-Mart’s use of consumer data helps identify and anticipate purchasing patterns of retail customers, providing insight into how they can better serve customers, while simultaneously negotiating better prices (Smith, 2006). Performance appraisals 2
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Control Mechanisms: Wal-Mart observe and evaluate an employee’s performance in relation to performance standards. Wal-Mart has set forth evaluation periods to provide feedback to employees about their performance, and to establish a development plan for the employee based on areas of improvement and needs for
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MGT330 WK5 Team C Assignment.Control Mechanism Paper-3 -...

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