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1、Why to ControlAnything to do with planning,organizing,and leading?第1页/共43页When to Control第2页/共43页DiscussionWhen the following controlling activities happen?Pre-employment testingEmployee self-adjustmentAnalyze sales data everydayMonitoring employeeInspect raw materialsFinal quality inspection 第3页/共4
2、3页Controlling Evaluation on anything in each of the above departments?The monitoring and evaluation of tasks or performance(p223)第4页/共43页What to Control-Quality Quality:The degree to which a product or service satisfies a customers requirements or expectations Quality Control:a process of determinin
3、g whether the quality of a product or service meets the desired quality level *Think about what aspects of the business need to be controlled in your business?On final product or service itself?第5页/共43页What Kind of Quality to ControlAccording to different levels/functions of organization(e.g.:Produc
4、tion Functions)HR performanceOperational tasks Speed/efficiencyQuality in different aspects第6页/共43页 Example:Total Quality ManagementHow to ControlUsed in controlling process An organizationwide commitment to infusing quality into every activity through continuous improvementAny standards or measures
5、 are used in Total Quality Management systems?(see next page)第7页/共43页A group of 6 to 12 volunteer employees who are given authority and training,to meet regularly to discuss and solve problems affecting the quality of their workA method of evaluating performance by comparison to some specified(bench
6、mark)level,typically a level achieved by another companyA quality control approach that emphasizes a relentless pursuit of higher quality and lower costs measured by ambitious standards A method of reducing the steps taken to complete a company process.(Gentt Chart,PERT,CPM)The implementation of a l
7、arge number of small,incremental improvements in all areas of the organization on an ongoing basis第8页/共43页Trends in Quality ControlISO:International Organization for Standards GB:GuoBiaoGB:GuobiaoA set of international standards for quality management,setting uniform guidelines for processes to ensu
8、re that products conform to customer requirements.第9页/共43页Summary on Managing Control Process第10页/共43页1.Segmenting the evaluation into different criteria(p367)objective and subjective criteria2.Using a performance evaluation form rate employees according to criteria set.3.Assigning weights to the cr
9、iteria use percentage to address the importance of criteria and do overall rating4.Steps for proper performance municate,inform,and be consistent with criteria when evaluating5.Action due to performance evaluations HR Example:Monitoring and Evaluation of Employee Performance第11页/共43页Discussion In or
10、der to make sure quality of express companys service,how would you evaluate employee performance in the above departments.Please follow relevant procedure and do the evaluation as in detail as possible.Sales representativesOperatorsCustomer service staff第12页/共43页ReferenceJob positionDirect measures
11、of performanceWeights Sales representativeNumber of new customersSales volume in a month Net sales per month20%30%50%Operator:delivery person sorting andpackaging personCustomer service staffComparing with each other group in order to see how well youve triedto evaluate your employee performance the
12、refore quality of service第13页/共43页*Think about if quality control on employee performance in express company can be further improved according to the following context:Feedforwarde.g.:Train people to think in terms of prevention of problemsConcurrent e.g.:Allow all employee participation in detectin
13、g problems and finding solutionsFeedbacke.g.:Ask people to review on targets 第14页/共43页 ControllingLecture TwelfthControlling FinanceLecture given by Maggie,on May 19,2015第15页/共43页 What to Control-FinanceHow to Control:Using Financial Statements FeedforwardBudgetingConcurrent Bookkeeping FeedbackFina
14、ncial reports第16页/共43页Terms Income Statements Net sales 净销售额 Cost of goods sold 销货成本 Gross profit 毛利润 Operating expense 营运开支 Earnings before interest and taxes(EBIT)息税前利润 Net income(earnings after taxes)净收入第17页/共43页Income Statement(损益表损益表)ex.1第18页/共43页Income Statement(损益表损益表)ex.2第19页/共43页TermsBalanc
15、e Sheet Basic accounting equation:Assets=Liabilities+Owners Equity 资产 债务 所有者权益 Current assets 流动资产 Fixed assets 固定资产 Depreciation 折旧 Accounts payable 应付账款(Accounts receivable 应收账款)Notes payable 应付票据(Notes Receivable 应收票据)第20页/共43页Balance Sheet(资产负债表资产负债表)ex.1第21页/共43页Balance Sheet(资产负债表资产负债表)ex.2第22
16、页/共43页How to Control:Using Financial RatiosAbout making use of data in financial statements to analyze certain financial status 第23页/共43页Overview on Ratio Analysis(比率分析比率分析)*It makes more sense when comparing with previous data of your own company or other companies in the same industry Liquidity Ra
17、tiosCurrent RatioCurrent assets/Current liabilitiesActivity RatiosInventory turnoverConversion ratioTotal sales/Average inventoryPurchase orders/Customer inquiriesProfitability RatiosProfit margin on salesGross marginReturn on assets(ROA)Net income/SalesGross income/SalesNet income/Total assetsLever
18、age RatiosDebt ratioTotal debt/Total Assets第24页/共43页Measure of Liquidity(流动性流动性)a firms ability to meet short-term obligations.a firms ability to meet short-term obligations.Current ratio Current ratio=Current Assets 流动比率 Current Liabilities Quick RatioQuick Ratio 速动比率=Cash+Marketable Securities+Acc
19、ounts ReceivableCurrent liabilitiesInventory exclusive第25页/共43页Measure of Liquidity(流动性流动性)Excessive liquidity:1.Enhance the firms safety in meeting its short-term obligation2.reduce the firms returnInsufficient liquidity:1.cant sufficiently meet its short-term obligationMisunderstanding:1.High leve
20、l current assets do not mean sufficient cash flow,or stable account receivable;2.Also it may reflect high level of inventories which are hard to sellAppropriate ratio:1.Manufacturing industry:2:1;1:12.Ratio of Retail industry is normally higher.第26页/共43页Measure of Efficiency(有效性有效性)How efficiently a
21、 firm manages its assetsHow efficiently a firm manages its assets.Inventory Turnover Inventory Turnover=Cost of goods sold 库存周转率 Inventory Asset Turnover Asset Turnover=Net sales 资产周转率 Total Assets第27页/共43页Measure of Efficiency(有效性有效性)Excessive inventory/level of assets relative to sales:1.Overstock
22、 which would result in less revenue2.Funds are occupied Insufficient inventory/assets based on existing sales:1.Result in shortage and affect salesAppropriate inventory turnover and asset turnover would result in quicker return in cash for reinvestment,account receivable and better utilization of as
23、setsMisunderstanding:1.Higher level of asset turnover does not necessarily mean good sales performance,but maybe those assets are given away 第28页/共43页Measure of Financial Leverage 财务杠财务杠杆杆 To what degree a firm uses borrowed funds to finance its assets To what degree a firm uses borrowed funds to fi
24、nance its assets Debt-to-Equity Ratio Debt-to-Equity Ratio=Long-term Debt 负债与股东权益比率 Owners Equity Times Interest Earned Times Interest Earned 利息保障倍数 =Earnings before interest and taxes Annual Interest Expense第29页/共43页Measure of Financial LeverageLow level of long-term debt:1.less risk 2.Better long-
25、term ability of payment Excessive long-term debt:more dangerous(especially for creditors)Appropriate ratio:a.debt-to-equity:1Misunderstanding:1.It does not reflect perfectly about the financial condition of a firm,it requires long-term analysis2.Not only the level of debt matters,but also the period
26、 of time that a firm can pay their loan back matters.第30页/共43页Measure of Profitability(收益性收益性)Net profit Margin Net profit Margin=Net Income 纯利润率 Net Sales Return on assets(ROA)Return on assets(ROA)=Net Income 资产收益率 Total Assets Return on Equity(ROE)Return on Equity(ROE)=Net Income 股本收益回报率 Owners Eq
27、uity第31页/共43页Measure of Profitability Appropriate ratio:a.Net profit margin:15%(e.g.:Pepsi:30%)Misunderstanding:1.Net profit margin:It does reflect perfectly about its profitability,it needs to be assessed during a period of time for its stability2.ROA/ROE:lack of consideration on the component of a
28、ssets/equity a period of time第32页/共43页Benefits and Limitation of Ratio Analysis Benefits:Benefits:help detecting management,marketing and finance deficiencies Limitations:Limitations:1.Reflect static situation rather than dynamic 2.Apply when firms operate in more than one industry3.Apply when accou
29、nting practices vary4.Apply at firms with seasonal swings in sales第33页/共43页Case of Hualian Supermarket第34页/共43页第35页/共43页第36页/共43页Part II-Seminar Questions:1.What kind of accounting and financial information does this case provide about Hualian Supermarket and Wal-Mart?2.Explain why Hualians inventor
30、y turnover drop?3.What would be the result of low inventory turnover for the company?4.Any other methods can be used for analysis of companys performance?第37页/共43页Ratio Analysis PracticePlease go to ,and select one line of industry and try to find out some useful information from at least 3 companie
31、s for ratio analysis.E.g.:1.Banking2.Natural Resources3.Agriculture4.Telecommunication5.Real Estatein order to analyze and compare with difference among companies in above industries.1.Profit/Profitability 2.Liquidity 3.Efficiency4.Financial Leverage第38页/共43页Ratio Analysis Practice(Cont.)If you have
32、 any questions,please do further research on those companies,and see if the ratio analysis could explain accurately about the companys performance.第39页/共43页New Financial Control SystemsTrends in Financial Control*It makes financial information more practical for managers to make decisions第40页/共43页Co
33、ntrol Systems for Turbulent TimesThe Balanced ScorecardExternalInternalCurrentFuture missionand goalsInnovation&Growth-employee suggestions-new product developmentBusiness Process-waste control-cycle timeFinancial-ROA-ROECustomer-quality of service-on-time delivery第41页/共43页Understanding of Balanced Scorecard1.The four balanced elements2.The relationship between themVideo watching 第42页/共43页感谢您的欣赏！第43页/共43页