The First Step in the Controlling Function of Management Is

question 78

Multiple Choice

The first step in the controlling function of management is to

• A) take corrective actions.
• B) restrict breaks employees take.
• C) evaluate expense reports.
• D) establish performance standards.
• E) measure individual and organizational performance.

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Definitions:

Surplus

A situation in which the quantity of a good or service supplied exceeds the quantity demanded, often leading to a price reduction.

Shortage

A situation in which the demand for a product exceeds the supply available at a specific price.

Lemonade Market

A hypothetical or real market scenario used to illustrate the principles of supply and demand, usually involving the sale of lemonade.

Surplus

An excess of production or supply over demand, often leading to lower prices or wasted resources.