Explain the concept of management by exception, and provide examples of its application in a business setting.
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Management Principles & FunctionsSubjectiveQuestion 5789 of 6
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Detailed Solution & Explanation
Management by exception is a management approach that involves focusing on exceptional cases or deviations from the norm. This approach involves setting standards and goals, and then monitoring performance to identify any deviations or exceptions. The manager then takes corrective action to address these exceptions, rather than trying to control every aspect of the organization. Examples of management by exception include setting sales targets and monitoring performance to identify any shortfalls, or establishing quality control standards and taking corrective action when these standards are not met. This approach can help to improve efficiency and effectiveness, and can also help to reduce costs and improve customer satisfaction.
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