Elements of a Management Control System
There are generally five elements of a corporate entrepreneurship management control system.
• Planning what is desired. Establish clear goals and objectives.
• Establishing standards of performance. Establish realistic measurements of the level and quality of the goal(s).
• Monitoring and evaluating actual performance. Establish a system of reporting information, which is accurate, relevant, timely, and identifies any deviations.
• Comparing actual results with desired results. Interpret and evaluate information in order to give details of progress, disclose deviations, and identify causes.
• Rectifying deviations and taking corrective action. Execute the most appropriate course of action, which may ...
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