Explain the phases of the control process with a diagram.

1. 1 · Define controlling. Monitoring, comparing and correcting work performance.
2. 2 · Draw the cycle. [Cycle: set standards → measure → compare → take action → back to standards, with goals in the centre]
3. 3 · Phase 1: set standards. From goals and plans; quantitative or qualitative; at key control points.
4. 4 · Phase 2: measure.
   • Personal observation
   • Statistical reports
   • Oral reports
   • Written reports
5. 5 · Phase 3: compare. Find the deviation and check it against the range of variation, e.g. a Rs. 4 million standard with ±5%.
6. 6 · Phase 4: take action.
   • Do nothing
   • Correct actual performance: immediate or basic
   • Revise the standard
7. 7 · In Sri Lankan business. Banks compare their capital and liquidity ratios with CBSL requirements and correct any shortfall.
8. 8 · Close. The process is continuous: results feed new standards and new plans.

Scoring tip: The cycle diagram plus a tiny range-of-variation calculation makes this answer stand out.