Page 74 - Petrosphere - Loss Control Management (LCM) Training Manual V 1.0
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73 Module 8: Management Control of Loss Loss Control Management (LCM)
Framework of Four Basic Functions in the Professional Pursuit of Getting Results
Management Control
Management Control can be defined as a systematic effort by
business management to compare performance to predetermined
standards, plans, or objectives in order to determine whether
performance is in line with these standards and presumably in order
to take any remedial action required to see that human & other
corporate resources are being used in the most effective & efficient
way possible in achieving corporate objectives.
Business objectives are a way for an organization to define
its goals and direction. Also control can be defined as "that function of
the system that adjusts operations as needed to achieve the plan, or
to maintain variations from system objectives within allowable limits".
Managing Control is as much a job of the front-line supervisor as it is anyone else on the
management team. To manage control, the supervisor must have an understanding of what professional
management is & how it can help him perform his job more efficiently.
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