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Xaviers Institute of Business Management Studies
MANAGEMENT CONTROL SYSTEMS
Note: Attempt any five questions. All questions carry equal marks.
Question 1. Explain in detail how the new management techniques for management control are being used to assure that resources are obtained and used effectively and efficiently in the accomplishment of organizational goals.
Answer :
Question 2. What do you understand by Management Information System? Explain its significance in designing Management Control System in an organization.
Answer : A management information system (MIS) is a computer system consisting of hardware and software that serves as the backbone of an organization’s operations. An MIS gathers data from multiple online systems,
Question 3. What is meant by Transfer Pricing? Explain the various methods used to determine the transfer pricing.
Answer : Transfer pricing is an accounting practice that represents the price that one division in a company charges another division for goods and services provided. Transfer pricing allows for the establishment of prices for the goods and services exchanged between a subsidiary, an affiliate, or commonly controlled companies that are part of the same larger enterprise. Transfer pricing can lead to tax savings for
Question 4. Critically examine the basic features of a typical Performance Measurement System.
Answer : Employee performance management is one of the most important management tools that influence employee growth and organizational development significantly.
A performance management system includes various important HR functions like goal-setting, feedback, rewards and performance review. An effective performance management system helps HR managers establish clear performance expectations through which employees can easily understand what is expected of their job. It allows managers to reinforce individual accountability to meet their goals and evaluate their own performance for employees.
Most organizations use performance
Question 5. Explain the Agency Theory Framework and discuss how the Management Control System can reduce the agency cost.
Answer : Agency theory is a principle that is used to explain and resolve issues in the relationship between business principals and their agents. Most commonly, that relationship is the one between shareholders, as principals, and company executive, as agents.
How Agency Theory Works
An agency, in broad terms, is any relationship between two parties in which one, the agent, represents the other, the principal, in day-to-day transactions. The principal or principals have hired the agent to perform a service on their behalf. Principals delegate decision-making authority to agents. Because many decisions that
Question 6. Explain the unique features of Management Control Systems in Insurance Companies.
Answer : Features of management control systems in insurance companies are as follows:
Management Integrity
Management integrity, or the moral character of persons of authority, sets the overall tone for the organization. Management integrity is communicated to employees through employee handbooks and procedural manuals. The Management Library indicates that in addition to communicating management integrity, policy manuals facilitate training to employees. However, management’s enforcement of policies is the major indicator of an organization’s commitment to a successful internal control system.
Question 7. How does the Control Environment of projects differ from that of the manufacturing organizations? Explain.
Answer :
Question 8. What are knowledge organizations? Analyze the role of Management Control System in knowledge organizations
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