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| Topic: |
Business
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| Number of pages / Number of words: |
45 / 12565 |
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This mean that the organisation makes sure that nothing is left out or wasted in order to reach an efficient result at the end of the day. These include time and financial resources. For example when dealing with the food industry where the stocks are bound to the expiry date, companies have to make sure of the amount needed in a certain period of time so it does not result in waste of stock, expired food stock...
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This keeps things on track, or in the terms of a managerial role it is known as controlling, as well as being a reference in competing with other companies. This ensures us of what we are trying to achieve, and whether or not we achieved it yet. For example, companies keep track of the progress of their plan by determining their position in accordance to the plan daily, weekly, monthly or annually...
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