Management for Planning and Control Essay Example

  • Category:
    Management
  • Document type:
    Assignment
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    750

Management for Planning and Control 5

Management for Planning and Control

4.1 Responsibility Centers

The aforementioned potential problems could hinder the Melbourne Grand Prix Project from achieving its objectives if not mitigated. Responsibility centres will help the managers mitigate these potential problems. One of the potential problems refers to the budget plan; the responsibility centres will help managers make an appropriate and accurate budget plan that is suitable to this project by taking control over investment funds, costs, and revenues. Sponsorship also presents potential problems to the event. The responsibility centres can prevent the losing the government support fund or even losing its support in many other areas in organising the event by helping the management come up with control reports.

Control reports are fundamental requirements by the government when establishing the eligibility of a company or an event for funding. The responsibility centres can help the management deal with the potential problems of maximizing the audience by allocating the required resources to conduct worldwide campaigns around the world. Security concerns are additional concerns that have potential problems for the event. A responsibility centre will ensure that management have a good plan that will help management maintain good plans when entering and leaving the building. This will in effect lead to a highly motivated audience and higher audience satisfaction.

4.2 Performance evaluation

To achieve the event’s objectives, the management control system should ensure that performance is effectively evaluated. This demands the use of a balanced scorecard as a management system to enable the Melbourne Grand Prix to clarify its vision, strategy and put them into action. The balanced scorecard will achieve this by providing feedback to both the internal business activities and the external outcome with the goal of improving the strategic results and performance.

The other benefit of the balanced scorecard to the management team is to help control the employees of Melbourne Grand Prix by facilitating the training of employees, and helping them uphold corporate-cultural attitudes. In an organization, the workers are the only main sources of knowledge. Metrics are important to guide the managers to focus training funds in areas that are important for the organization. In addition, learning and growth are responsible for the success of much knowledge worker organization.

Another importance of the balanced scorecard to the management team is the improvement of customer service; this will help management achieve the objective of maximizing the audience of Melbourne Grand Prix. In addition, the balanced score card can help management ensure that there is top security to the audience, which is essential in achieving customer satisfaction. However, a balanced scorecard has some limitations, and it is not always the best tool to help an organisation achieve its objectives. Key amongst its limitations is that it is hard to measure and manage the performance of the formula one event. This is because when measuring an audience satisfaction no clear way is defined on how to improve on it. These limitations bring to the fore the importance of rewards and punishments.

4.3 Rewards and punishment

The motivation of employees is essential to the Melbourne Grand Prix to improve their productivity and in return bring good results to the event. This can be achieved through rewarding the employees. There are a number of ways for rewarding employees of the Melbourne Grand Prix, including monetary or non-monetary ways, salary increment or even the issuing of bonuses. Managers should also consider organizing occupational trips for employees and their families. Conducting employee appraisals and promoting the most deserving are other reward systems managers need to consider. Additional rewards system include offering certificates for work well done and allowing employees to participate in decision making, a significant element makes them feel that their contribution is needed for the organization to achieve their objectives.

Besides rewarding employees, punishment is also a necessary action that management should embrace to ensure that redundancy and unproductive worker behaviour is discouraged. Managers can consider punishing workers that break organizational rules by demoting them. However, it is very important to remember that if an employee is humiliated in front of their colleagues this makes them feel inferior, and their efficiency in their work deteriorates. The managers should, therefore, seek to adopt punishment strategies that have a general positive effect to the organization, and that can steer the Melbourne Grand Prix to becoming the most successful and famous Grand Prix of the tournament in 2011.

References

Merchant, K. and Van der Stede, A. (2003)Management Control Systems. Oxford: Pearson Education.