Identify the concept of controlling to which the following statement is related : :Only significant deviations which go beyond the permissible limit should be brought to the notice of management."

Management by exception

The correct answer is option (3) : Management by exception

Critical Point Control:

• Explanation: Critical point control involves identifying and monitoring specific critical points in a process or system. It focuses on key areas where deviations can have a significant impact on the overall outcome.

Feedback:

• Explanation: Feedback in the context of controlling refers to the process of providing information about actual performance compared to planned or expected performance. It allows for adjustments and improvements based on received information.

Management by Exception:

• Explanation: Management by exception is a concept where managers are alerted or involved only when there are significant deviations or exceptions from planned performance. Routine or minor variations within permissible limits are handled by lower-level employees.

Taking Corrective Action:

• Explanation: Taking corrective action involves making adjustments or implementing changes when actual performance deviates from the planned or expected performance. It aims to bring the performance back on track and align it with organizational goals.