QUESTION:
If you were hired as President of a company that was failing in the areas of Human Resources (bad morale, attendance, attitude, etc.), Sales (poor sales, company is losing money) and Production (poor products, bad quality, etc.), identify three controls you would implement in your first week on the job. For each explain why you chose that control and how you would implement it. You do not necessarily have to choose one for each area, choose the ones you think are of highest priority.
ANSWER:
If I was hired as a President of a company that was failing in the areas of human resources, sales and production I would use three controls that I would implement in my first week on the job. The three controls are MBO: Integrated planning and controlling, employee discipline systems and break-even analysis control. Management by objectives is a structured process of regular communication in which a team leader and team members come together to set performance objectives and review what their results accomplished. Furthermore, it meets the five criteria of a SMART GOAL. SMART stands for: Specific, Measurement, Attainable, Regularly, and Time defined.
As a the president of the company I would ensure that everyone in my company has a mutual understanding. To fix the failing areas, I will ensure to my employees that the MBO control will create an agreement among us. For the better of our company the agreement will be regarding, the performance objectives for the given time period, plans through which it will be accomplished, standards for measuring whether it has been accomplished and procedures for reviewing performance results. Both my employees and I will work closely together to fulfill the terms of the agreement to get our company in a better state.
Moreover, another control I will implement is the employee discipline system. As the president I will use the employee discipline system to my advantage and prevent my employees from having bad morale, bad attendance and etc. I will ensure that they are aware of the penalties for their misbehaviour, as the penalties vary according to how extreme it is and how often it occurs. I believe that this will improve my employees for the better and show them the importance of always being on their best behaviour.
Lastly, the final control that I would implement is the purchasing control. The break-even analysis control is an excellent for maintaining the control over business operations. Due to the reasoning that production is an area of failure the company is facing, break-even analysis will calculate the point at which the sales revenues are enough to cover costs. The break-even analysis enables the company to measure profits and loss at different levels of production and sales, to predict the effect of changes in price of sales, and analyze the relationship between fixed cost and variable cost. To improve the company's production, the break-even analysis will play an important role. As the president of the company, these are three controls I will put into action for my company.
If you were hired as President of a company that was failing in the areas of Human Resources (bad morale, attendance, attitude, etc.), Sales (poor sales, company is losing money) and Production (poor products, bad quality, etc.), identify three controls you would implement in your first week on the job. For each explain why you chose that control and how you would implement it. You do not necessarily have to choose one for each area, choose the ones you think are of highest priority.
ANSWER:
If I was hired as a President of a company that was failing in the areas of human resources, sales and production I would use three controls that I would implement in my first week on the job. The three controls are MBO: Integrated planning and controlling, employee discipline systems and break-even analysis control. Management by objectives is a structured process of regular communication in which a team leader and team members come together to set performance objectives and review what their results accomplished. Furthermore, it meets the five criteria of a SMART GOAL. SMART stands for: Specific, Measurement, Attainable, Regularly, and Time defined.
As a the president of the company I would ensure that everyone in my company has a mutual understanding. To fix the failing areas, I will ensure to my employees that the MBO control will create an agreement among us. For the better of our company the agreement will be regarding, the performance objectives for the given time period, plans through which it will be accomplished, standards for measuring whether it has been accomplished and procedures for reviewing performance results. Both my employees and I will work closely together to fulfill the terms of the agreement to get our company in a better state.
Moreover, another control I will implement is the employee discipline system. As the president I will use the employee discipline system to my advantage and prevent my employees from having bad morale, bad attendance and etc. I will ensure that they are aware of the penalties for their misbehaviour, as the penalties vary according to how extreme it is and how often it occurs. I believe that this will improve my employees for the better and show them the importance of always being on their best behaviour.
Lastly, the final control that I would implement is the purchasing control. The break-even analysis control is an excellent for maintaining the control over business operations. Due to the reasoning that production is an area of failure the company is facing, break-even analysis will calculate the point at which the sales revenues are enough to cover costs. The break-even analysis enables the company to measure profits and loss at different levels of production and sales, to predict the effect of changes in price of sales, and analyze the relationship between fixed cost and variable cost. To improve the company's production, the break-even analysis will play an important role. As the president of the company, these are three controls I will put into action for my company.