Discuss three types of management control that you would recommend Liam put in place to secure the future of RES Ltd - Leaving Cert Business - Question B - 2009
Question B
Discuss three types of management control that you would recommend Liam put in place to secure the future of RES Ltd.
**Stock Control**
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Worked Solution & Example Answer:Discuss three types of management control that you would recommend Liam put in place to secure the future of RES Ltd - Leaving Cert Business - Question B - 2009
Step 1
Stock Control
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Answer
Effective stock control is critical for maintaining the balance between supply and demand in Liam's business. This method ensures that the stock levels are sufficient to satisfy customer needs while minimizing holding costs. By implementing a robust stock control system, Liam can:
Ensure adequate stock levels to prevent potential loss of sales.
Minimize storage costs while utilizing available space efficiently.
Identify and forecast stocking needs accurately to avoid overstocking or stockouts, thus protecting revenue streams.
Reduce risks associated with outdated or damaged inventory, contributing to overall operational efficiency.
Step 2
Quality Control
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Answer
Quality control is essential to maintain the company's reputation and customer satisfaction. By checking the quality of goods or services offered, Liam can implement measures to: