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CONTROLLING.pptx

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CONTROLLING.pptx

  1. 1. PLANNING AND CONTROL TECHNIQUES
  2. 2. Contents • What is controlling • Importance of Controlling • Value of Control • Basic Planning tools and techniques • Techniques for assessing the environment • Environmental Scanning • Forecasting • Benchmarking • Techniques for allocating resources • Budgeting • Scheduling • Gantt Charts • Load Charts • PERT network analysis with example • Breakeven Analysis with example • Linear Programming with example • Contemporary planning techniques 2
  3. 3. What is Controlling  It is the process of monitoring, comparing and correcting work performance.  It is implemented via planning, supervising and improving alternative strategies for management.  Future-oriented.  As a management tool and management function as well as a factor affecting competitiveness, the role of controlling has become more and more significant. 3
  4. 4. Importance of Control  Planning can be done.  Organizational structure created to facilitate efficient achievement of goals.  Employees motivated through effective leadership.  But there’s no assurance that activities are going as planned and that the goals employees and managers are working toward are, in fact, being attained.  Control is important, therefore, because it’s the only way that managers know whether organizational goals are being met and, if not, the reasons why. 4
  5. 5. Value of Control The value of the control function can be seen in three specific areas:  Planning  Empowering employees  Protecting the workplace 5
  6. 6. Basic Planning Tools & Techniques  Techniques for assessing the environment.  Techniques for allocating resources.  Contemporary planning techniques. 6
  7. 7. Techniques for assessing the environment “What happens in India in today’s environment may have an impact on an American accounting firm in North Dakota.” ◦ Environmental scanning ◦ Forecasting ◦ Benchmarking 7
  8. 8. Environmental scanning The screening of large amounts of information to anticipate and interpret changes in the environment  Competitor Intelligence Gathering information about competitors that allows managers to anticipate competitors’ actions rather than merely react to them 8
  9. 9. Wal-Mart Environmental Scan Threats Strengths Significant Competitors Competitive Strategy Strategy To handle the global competition Distance related issues Huge category of products and services Target Corporation separate parking space for disabled customers Innovation Low pay Largest employer in retail business eBay Developing separate alerting systems for customers with toddlers Expansion into other markets Competitors using similar strategy of selling low cost products Competitive advantage Ascena Retail Group Effective compensation Low cost leadership Qurate Retail Group , etc Social Responsibility 9
  10. 10. Forecasting Predictions of outcome Quantitative Forecasting Forecasting that applies a set of mathematical rules to a series of past data to predict outcomes Qualitative Forecasting Forecasting that uses the judgment and opinions of knowledgeable individuals to predict outcomes 10
  11. 11. Today, many organizations collaborate on forecasts using an approach known as CPFR, which stands for Collaborative Planning, Forecasting and Replenishment. 11
  12. 12. Benchmarking The search for the best practices among competitors or non-competitors that lead to their superior performance. 12
  13. 13. Steps in Benchmarking Form a benchmarking planning team (Identify what is to be benchmarked) (Comparative Organizations) (Data collection methods) Gather internal and external data Analyze data to identify performance gaps Prepare and implement action plan. 13
  14. 14. Techniques for allocating resources Resources: An organization’s assets—including financial, physical, human, intangible, and structural/cultural- that are used to develop, manufacture, and deliver products to its customers Four techniques: Budgeting Scheduling Breakeven analysis Linear programming. 14
  15. 15. BUDGETING  A numerical plan for allocating resources to specific activities 15
  16. 16. Collaborate and communicate. Be flexible. Goals should drive budgets. Budgets should not determine goals. Coordinate budgeting throughout the organization. Use budgeting/planning software when appropriate. Remember that budgets are tools. Remember that profits result from smart management, not because you budgeted for them. How to improve Budgeting 16
  17. 17. SCHEDULING Detailing what activities have to be done, the order in which they are to be completed, who is to do each, and when they are to be completed. Scheduling devices:  Gantt charts  Load charts  PERT Network analysis 17
  18. 18. GANTT CHART  The Gantt chart was developed during the early 1900s by Henry Gantt, an associate of Frederick Taylor, the scientific management expert.  The idea behind a Gantt chart is simple. It’s essentially a bar graph with time on the horizontal axis and the activities to be scheduled on the vertical axis.  The bars show output, both planned and actual, over a period of time. 18
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  20. 20. LOAD CHART  Load chart is a modified Gantt chart. Instead of listing activities on the vertical axis, load charts list either entire departments or specific resources.  This arrangement allows managers to plan and control capacity utilization. In other words, load charts schedule capacity by work areas. 20
  21. 21. A flowchart diagram showing the sequence of activities needed to complete a project and the time or cost associated with each Why PERT Network  Plan a large project  Many number of activities to be scheduled  Dependent of each other  The implementation of a cost reduction program  Development of a new product PERT Network 21
  22. 22. Events  End points that represent the completion of major activities in a PERT network Activities  The time or resources needed to progress from one event to another in a PERT network Slack time  The amount of time an individual activity can be delayed without delaying the whole project Critical path  The longest sequence of activities in a PERT network How to construct PERT Network 22
  23. 23. Activity Predecessor Activity A - B - C A D B 1 2 3 4 A C B D 1  Starting Point Nodes 4  Finish Point  Event How to draw network diagram 23
  24. 24. Event Description Expected Time (in weeks) Preceding Event A Approve design and get permits 10 - B Dig subterranean garage 6 A C Erect frame and siding 14 B D Construct floor 6 C E Install windows 3 C F Put on roof 3 C G Install internal wiring 5 D,E,F H Install elevator 5 G I Put in floor covering and paneling 4 D J Put in doors and interior decorative trim 3 I,H K Turn over to building management group 1 J 24
  25. 25. S A B C D E F G H I J K 10 6 14 3 3 6 5 5 5 4 5 3 3 1 A-B-C-D-I-J-K (44 weeks) A-B-C-D-G-H-J-K (50 Weeks) – Critical Path A-B-C-E-G-H-J-K (47 weeks) A-B-C-F-G-H-J-K (47 weeks) Events End points that represent the completion of major activities in a PERT network Activities The time or resources needed to progress from one event to another in a PERT network Slack time The amount of time an individual activity can be delayed without delaying the whole project Critical path The longest sequence of activities in a PERT network 25
  26. 26. 1. Identify every significant activity that must be achieved for a project to be completed. The accomplishment of each activity results in a set of events or outcomes. 2. Determine the order in which these events must be completed. 3. Diagram the flow of activities from start to finish, identifying each activity and its relationship to all other activities. Use circles to indicate events and arrows to represent activities. This results in a flowchart diagram called a PERT network. 4. Compute a time estimate for completing each activity. This is done with a weighted average that uses an optimistic time estimate (to) of how long the activity would take under ideal conditions, a most likely estimate (tm) of the time the activity normally should take, and a pessimistic estimate (tp) that represents the time that an activity should take under the worst possible conditions. The formula for calculating the expected time (te) is then te = to + 4tm + tp 6 Steps in developing a PERT Network 26
  27. 27. A technique for identifying the point at which total revenue is just sufficient to cover total costs.  BE =(TFC/(P – VC)) P  the unit price of the product being sold VC  variable cost per unit TFC  total fixed costs  It’s valuable to managers because it points out the relationship between revenues, costs, and profits. Breakeven Analysis 27
  28. 28. Example of Break Even Analysis Colin is the managerial accountant in charge of Company A, which sells water bottles. He previously determined that the fixed costs of Company A consist of property taxes, a lease, and executive salaries, which add up to $100,000. The variable cost associated with producing one water bottle is $2 per unit. The water bottle is sold at a premium price of $12. To determine the break even point of Company A’s premium water bottle: Break even quantity = $100,000 / ($12 – $2) = 10,000 Therefore, given the fixed costs, variable costs, and selling price of the water bottles, Company A would need to sell 10,000 units of water bottles to break even. 28
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  30. 30. Linear Programming A mathematical technique that solves resource allocation problems. Example: Given that the bags of potpourri and the wax candles are manufactured in the same facility, how many of each product should she produce to maximize profits? 30 Number of hours required (per unit) Department Potpourri Bags Scented Candles Monthly production capacity (in hours) Manufacturing 2 4 1200 Assembly 2 2 900 Profit per unit $10 $18
  31. 31. 31 The production capacity numbers act as constraints on overall capacity. Constraint equations:  2P + 4S ≤1,200  2P + 2S ≤ 900  Or, P ≥ 0 ; S ≥ 0 ; because neither fragrance product can be produced in a volume less than zero.
  32. 32. We know that total manufacturing capacity is 1,200 hours, First constraint: (Line BE)  If only potpourri bags are to be manufactured then 600 (1200/2) bags can be produced.  If only scented candles , are to be manufactured then 300 (1200/4) bags can be produced. Second Constraint: (Line DF) If only potpourri bags are to be produced then 450 (900/2) can be assembled. If only scented candles are to be produced then 450 (900/2) can be assembled. The constraints imposed by these capacity limits establish feasibility region. 32
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  34. 34. At point A, profits would be 0 (no production of either potpourri bags or scented candles). At point B, the profit would be $5,400 300 scented candles × $18 profit = $5,400 At point D, profits would be $4,500 450 potpourri bags × $10 profit = $4,500 At point C, however, profits would be $5,700 (150 scented candles × $18 profit) + (300 potpourri bags × $10 profit) = $5,700 Hence, Point C provides the maximum profits within the constraints stated. 34
  35. 35. Contemporary planning techniques  Today’s managers face the challenges of planning in an environment that’s both dynamic and complex.  Two planning techniques appropriate for this type of environment are project management and scenarios.  Both techniques emphasize flexibility, something that’s important to making planning more effective and efficient 35
  36. 36. Project A one-time-only set of activities that has a definite beginning and ending point in time. Project Management The task of getting a project’s activities done on time, within budget, and according to specifications. 36
  37. 37. Scenario A consistent view of what the future is likely to be. Developing scenarios also can be described as contingency planning; that is, if this event happens, then we need to take these actions. 37
  38. 38.  Thank you. 38

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