Distunguish between strategy formulation and management control.
a) Strategy formulation is the process of deciding on new strategies where as management control is the process of implementing those strategies.
b) From the viewpoint of system design, strategy formulation is unsystematic as strategic decisions are made at any time due to the fact that threats, opportunities and new ideas donot occur at regular intervals. However, management control is systematic.
c) Strategic analysis involves much judgement and the numbers used in the process are usually rough estimates. By contrast, management control process involves a series of steps that occur in a predictable sequence according to a more or less fixed timetable and with reliable estimates.
d) The management control process involves managers and their staffs at all levels in the organization though the strategy formulation necessitates relatively few people, especially top management.