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7 Controlling the Venture > Elements of a Management Control System

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 involve removing certain processes or employees and/or increase training to improve organizational performance.


  

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