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i) Financial analysis- ratio analysis, variance analysis, cash budgeting, capital budgeting and capital expenditure, audit and investment appraisal
ii) A budget is a consolidated statement of the resources required to achieve objective or implement planned activities. It is a planning and control toll relevant to all aspect of management activities. A budget communicates controls and coordinates etc.
iii) Variance analysis is the difference between planned and budgeted or standard cost and actual cost and similarly revenue. The difference is the variance. Variance analysis involves setting standards to be achieved every year to allow for any adjustment (inflation, new overheads, efficiency in materials usage or labor etc.
iv) Targets — the organization objectives provides the basis for setting targets and standards. It tells managers of what is required to accomplish and indicate to managers how well their actual behavior results measure up against their targets, so that the control action can be taken where needed. In setting targets it is important to distinguish between the controllable or manageable variables and uncontrollable ones.
v) Market and sales analysis- this is the consideration of the size and growth of the market segment, corporate market share, demand analysis, market share or penetration, sales target etc.
vi) Physical resources analysis — capacity fill, yield, product inspection (quality, plant and material utilization.
vii Human resources analysis- in terms of their productivity, skills and capability.
viii) Benchmarking can also be used in strategic control. A benchmark is an external target against which a firm measures its activities.
Titany answered the question on October 7, 2021 at 06:39
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