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3 Cards in this Set
- Front
- Back
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What is the purpose of monitoring as a management function? FOR CHAPTER 10 GO TO “DEREK REVIEW” slides 29 & 30 |
It is used to influence the outcome of activities. Monitoring is the culmination of the management process and ensures the effectiveness of the planning, organizing staffing, and leading processes. |
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What is a management information system (this is a component of monitoring) and what are its four characteristics? |
A management information system gathers, and presents information in a form useful for measuring performance. 1) Simplicity should be uncomplicated and designed to permit trouble free comparison 2) Accessibility Information that is inaccessible, or which can only be accessed with difficulty is virtually useless and leads to frustration on the part of the user 3) Merge Capability System should integrate internal and external information so that management will be able to assess brokerage performance in the light of the external market, in which it competes 4) Adaptability Should be flexible enough to change along with the brokerage |
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What is the purpose of establishing standard and benchmarks? (One of the components of monitoring) How they can be established and when to use each one: |
Standards and benchmark stand as a base for measuring performance – must first identify which characteristics defined good performance. Historical data - Can come from internal or external sources. |
