Question

COLLAPSE Overall Rating: 12345 12345 “Control Systems” Please respond to the following: Think of your current or previous employer. Describe what types of control systems they had in place. In your opinion, are the systems in use the right ones? Explain your reasoning. In your opinion, what other types of control systems could be a good fit, too? Write a minimum of 300 words for your initial response and then post to at least two (2) of your classmates’ posts.

Answer 1

Characteristics of an effective control system are as below:-

Accuracy:_ Effective control system always provides the accurate data and information which is quite important for making accurate management decisions

Timeliness:- There are a number of decisions which has to be taken on an immediate basis, thus a reliable control system must provide the information and data on time.

Flexibility:- Due to dynamic nature of the business environment and the issues faced by the organization, an effective control system must have the flexibility to accommodate a number of factors and different situations

Acceptability:- The results provided by the control system must be accepted and understood by all the stakeholders

Integration:- The implemented control system should have a close sync with the organizational culture and corporate values

Economic feasibility:- The control system should be such that it does not impose any major economic constraints or requirement on the organization

Corrective action:- The control system not only provide the areas of improvement but it also proposes the course of action

One of the remarkable control activities widely used in a firm I once worked at can be understood collectively as physical controls. These entailed tight security over the company assets whereby only authorized personnel could access these assets. Moreover, the management occasionally reconciled and also reconciled the quantities at hand with those recorded in the company's books.

Moreover, the firm implemented information processing controls whereby transactions were scrutinized for accuracy, completeness, and authorization.

In light of these control systems alongside others that maximized protection of company data, I believe they were the right ones. It is pertinent to note however, that appropriateness of control system is relative, as the effectiveness of one can only be gauged by how best it serves the company.

In comparison to the loss the company incurred before the management initiated these controls, I would deduce that they were effective. Nevertheless, the security system may be top notch but it may not stand the test of time. Accordingly, it also required continued improvements.