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Management Process

A business entity earns profit on the basis of S. E. A. – a certain quantity of Sales, by incurring a certain amount of Expenses, on a certain Assets base. For ensuring the sales, it has the required business process and management process. Control function is a part of management process. If Feed-forward Control, i.e. the strategic control is in place in the business entity, the chances of getting, the desired quantity of Sales and per-determined amount of Expenses on the basis of the specified Asset base is ensured or enhanced and in the same way the risk for failure in S. E. A. is minimised.

Adoption of feed-forward control or strategic control negates or at least reduces the chance of failure of the business entity in achieving S. E. A.

In turnaround of business entity, the failure to achieve S. E. A. is analysed to find out the cause of failure for the same. The cause or the reason of failure is then analysed to find out ways and means for turnaround of the business entity.

The management process which should be in operation at the business entity is as below: