Management Control

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Management Control

Management Control

ANSWER


The study by Otley et al. reviews management control literature and looks into the development of management control literature through organizational theories.  The article uses management and accounting control through Scots (1981) framework to organize the literature.  As highlighted by Otley and others, there is a major difference between management control and financial control. Management control entails everything that a manager does in order to attain goals and objectives within an established timetable. On the other hand, Otley and others argues that financial control refers to different strategies that are taken to regulate financial performance of the business. Financial control is a measure of how a company department controls financial costs.  According to Otley et al., systems theory helps us to understand management control in different ways. Systems theory helps us to understand how different department in the organization play complementary role in management control.