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Four steps of Controlling Function in Strategic Management

Identify the four basic steps comprise the controlling function of management which I have done. The four basic steps: (1) establishing performance standards, (2) measuring individual and organizational performance, (3) comparing actual performance to planned performance standards and (4) taking corrective actions. I require assistance in with why is an understanding of the four steps important in strategic management. Would you be able to provide me with some examples to better help my understanding?

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Strategic management involves analyzing, making decisions, and taking actions to maximize performance of an organization. The four steps you have outlined are important to management so that they know what they want, how to measure what they want, they review what they did compared to what they wanted to do, and they change actions to be better aligned with desired objectives. An example in your personal life would be the difference of getting into your ...

Solution Summary

This solution identifies the four steps that comprise the controlling function of management and why they are important in strategic management. It includes examples and APA formatted reference.