Management Control Systems for the 21st Century

- Rajesh Asrani (Professor), GLS-PGDM

- Martin Kelly, Waikato Management School, New Zealand

Abstract:

The business world changed considerably during the 20th Century. In 1900 there were no corporations with anything like the asset bases and global influence of the large corporations of the 21st Century. The Management Control Systems (MCS) of these corporations developed at a time when most academics and business people were clear of the purpose of business in society, to maximise profitability; many people also believed that ‘modernism’ would bring further technological developments that would provide humans with increasing control of their environment, and a more comfortable existence in the bountiful world.There is now doubt surrounding these opinions. This paper discusses the urgent changes which are necessary in the way that we practice business and educate future business managers.

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