Compare and contrast tangible and non-tangible standards and provide examples of

Question

Compare and contrast tangible and non-tangible standards and provide examples of each. What performance metrics can be used to access each type on standard and how does it all fit into the Controlling Process Compare and contrast tangible and non-tangible standards and provide examples of each. What performance metrics can be used to access each type on standard and how does it all fit into the Controlling Process Compare and contrast tangible and non-tangible standards and provide examples of each. What performance metrics can be used to access each type on standard and how does it all fit into the Controlling Process

Explanation / Answer

Tangible standards are those which can be measured and expressed. Examples of tangible standards are cost, time, output, Revenue, profit, output, efficiency etc.

Intangible standards are those that cannot be measured and expressed. Examples of intangible standards employees' motivation, performance standards, mindset, attitudes.

Performance measurement is the second stage in the controlling process. Some of the performance metrics that can be used to access tangible standards are output in units or $, efficiency in % . Intangible standards are measured in terms of Employee morale, their communication an interpersonal skills, work ethics.

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