Answer
See explanation
Work Step by Step
Planning involves setting goals and creating specific plans called 'budgets' to achieve those goals.
Controlling involves gathering feedback, evaluating that feedback, and responding to feedback to ensure that progress will continue to be made towards the company's goal.
Examples of planning activities:
1. Increase profit by 50% in the next financial year.
2. Increase the market share of the company by 10%.
3. Increase the sales up-to 10 fold by the end of 2025.
4. Construct a new plant in new location.
5. Introduce a unique product.
Examples of controlling activities:
1. Implement a new system of internal control in accounting department.
2. Set a standard cost accounting system and analyze the variances.
3. Control the costs to minimum.
4. Decentralize the organizational activities and impose responsibilities.
5. Compare the departmental profits for analyzing the variances.
Network: CNN
Planning Activities:
- Set a goal for the company: "We want to boost viewership by 15%."
- Consider the situation and environment: "what kind of people are interested in CNN? Where is CNN most popular? What is the most popular time of day for viewership?"
- Devise a plan to achieve company goals: This plan is called a 'budget' and must be specific, formal, and organized.
Controlling Activities:
- Gather feedback. This includes analytics concerning demographics and viewership.
- Evaluate feedback: "How do our numbers this quarter compare to the previous quarter?"
- Respond to feedback: Determine how or if the budget needs to be changed to continue progress towards the goal.
