NURSING TOOL BOX SERIES

  The Control Process ·         Explain the basic control process. ·         Differentiate between feedback, proactive, and concurrent controls. The proper performance of the management control function is critical to the success of an organization. After plans are set in place, management must execute a series of steps to ensure that the plans are carried out. The steps in the basic control process can be followed for almost any application, such as improving product quality, reducing waste, and increasing sales. The basic control process includes the following steps: 1.      Setting performance standards:  Managers must translate plans into performance standards. These performance standards can be in the form of goals, such as revenue from sales over a period of time. The standards should be attainable, measurable, and clear. 2.      Measuring actual performance: ...

  - Define budgeting - Define inventory - State objectives of inventory control - Explain 6 reasons of conducting inventory control - Outline 5 principles of budgeting - Explain approaches that can be used in budgeting 1. Define Budgeting Budgeting is the process of creating a plan to manage income and expenditure over a specified period. It helps in setting financial priorities and ensuring that resources are allocated efficiently. 2. Define Inventory Inventory refers to the goods and materials a business holds for the purpose of resale or production. It includes raw materials, work-in-progress, and finished products. 3. Objectives of Inventory Control - Maintain adequate supply of materials - Minimize inventory costs - Avoid overstocking or stockouts - Ensure smooth production and operations - Improve customer service - Optimize storage and handling 4. Six Reasons for Conducting Inventory Control - To reduce wastage and obsolescence - To detect pilferage or theft - To track mater...