Please Complete Both Discussion One And Two Please Follow

Please Complete Both Dicussion One And Two Please Follow the Instruct

Please complete both Discussion One and Two following the instructions provided by the instructor for the assignment below. This must be completed by the specified deadline. Utilize the attached chapters from the book "The Five Functions of Effective Management (2nd ed.)" by Baack, D., Reilly, M., & Minnick, C. (2014), and reference them using APA style. Address the following prompts in your responses:

1. Explain why the four steps involved in the controlling function are important. Why is a good understanding of the various ratios used by accountants and managers important to the controlling function? Provide specific examples.
2. Discuss which of the five management functions is likely to experience the most dramatic changes in the next decade, and which will experience the least. Defend your answer with solid reasoning and examples.

Your initial posts for both discussions should be at least 200 words each, supported by examples from the required materials and other scholarly sources, with proper APA citations. Respond substantively to two classmates' posts for each discussion.

Paper For Above instruction

Analysis of the Control Function and Future Management Trends

Introduction

Management functions form the cornerstone of organizational success, with control being a critical component. Effective control ensures organizations meet their objectives efficiently and adapt to changing environments. Understanding the control process and the ratios used by managers and accountants enables organizations to maintain performance standards, identify deviations, and implement corrective actions promptly. Additionally, the dynamic nature of management practices suggests that some functions will undergo significant transformation in the coming decade, while others will remain relatively stable.

The Four Steps of Control and Their Significance

The four fundamental steps involved in the control process, as outlined by Baack et al. (2014), are establishing standards, measuring actual performance, comparing performance against standards, and taking corrective action. Each step plays a vital role in ensuring organizational effectiveness. For instance, setting clear standards provides benchmarks for performance evaluation. Accurate measurement of actual performance lays the foundation for effective comparison. When discrepancies arise, management must analyze and determine whether corrective actions are necessary. This systematic approach creates a feedback loop essential for continuous improvement.

Understanding ratios is especially crucial in the controlling function, as ratios offer quantifiable metrics to evaluate financial health, operational efficiency, and profitability. For example, the current ratio (current assets divided by current liabilities) gauges an organization’s liquidity position. A ratio below the industry average may signal potential cash flow problems, prompting management to undertake measures such as increasing cash reserves or reducing current liabilities. Similarly, the inventory turnover ratio indicates how effectively a company manages its stock levels. A low turnover may highlight excess inventory, leading managers to revise purchasing strategies or improve sales efforts.

Such ratios provide insight not only for internal decision-making but also for external stakeholders like investors and creditors. Therefore, a good understanding of these ratios enables managers to make informed decisions that align with organizational goals and financial stability.

Future Changes in Management Functions

Among the five management functions—planning, organizing, leading, controlling, and staffing—it is likely that the controlling function will experience the most dramatic changes in the next decade. The rapid advancement of technology, especially data analytics, artificial intelligence, and real-time monitoring tools, is transforming how organizations oversee operations. For example, predictive analytics can forecast potential problems before they occur, allowing for proactive adjustments rather than reactive measures (Kritzinger & Smith, 2020). Automation of routine control tasks reduces manual oversight, increasing accuracy and speed.

Conversely, the organizing function might see comparatively less change. While organizational structures and roles may evolve, the fundamental principles of arranging resources and assigning responsibilities are less susceptible to rapid technological disruption. Human intuition and interpersonal dynamics continue to be essential in organizing efforts, citing the importance of adaptive leadership and flexible structures that respond to external shocks (Liu & Sycara, 2019).

Conclusion

In conclusion, the control function remains central to effective management, with its reliance on systematic steps and ratios providing essential insights for maintaining organizational performance. Anticipated advancements in predictive analytics and automation will radically alter control processes in the coming decade. Meanwhile, aspects of organizing will remain more stable, emphasizing the ongoing importance of human judgment. Understanding these shifts enables managers to prepare strategically for future developments, ensuring continued organizational success.

References

• Baack, D., Reilly, M., & Minnick, C. (2014). The five functions of effective management (2nd ed.). San Diego, CA: Bridgepoint Education, Inc.
• Kritzinger, E., & Smith, A. (2020). The impact of data analytics on management control systems: A review. Journal of Business Analytics, 2(4), 301-319.
• Liu, H., & Sycara, K. (2019). Adaptive organizational and control structures for complex systems. International Journal of Systems Science, 50(3), 426-439.
• Other scholarly references would be added here following APA guidelines.