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40 Cards in this Set
- Front
- Back
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Controlling |
Monitoring performance, comparing it with goals, and taking corrective action as needed |
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Control Process Steps |
(1) establish standards (2) measure performance (3) compare performance to standards (4) take corrective action, if necessary |
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Control standard |
Desired performance level for a given goal |
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Management by Exception |
A control process that states that managers should be informed of a situation only if data shows a significant deviation from standards |
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Strategic Control |
Monitoring performance to ensure that strategic plans are being implemented and taking corrective action as needed |
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Tactical Control |
Monitoring performance to ensure that tactical plans - those at the divisional or departmental level - are being implemented and taking corrective action as needed |
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Operational Control |
Monitoring performance to ensure that operational plans - day-to-day goals - are being implemented and taking corrective action as needed |
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Supply Chain |
The sequence of suppliers that contribute to creating and delivering a product, from raw materials to production to final buyers |
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Bureaucratic Control |
An approach to organizational control that is characterized by use of rules, regulations, and formal authority to guide performance |
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Bureaucratic Control |
An approach to organizational control that is characterized by use of rules, regulations, and formal authority to guide performance |
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Decentralized Control |
An approach to organizational control that is characterized by informal and organic structural arrangements |
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Balanced scorecard |
Gives top managers a fast by comprehensive view of the organization via four indicators (1) customer satisfaction (2) internal processes (3) innovation and improvement activities (4) final measures |
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Balanced scorecard |
Gives top managers a fast by comprehensive view of the organization via four indicators (1) customer satisfaction (2) internal processes (3) innovation and improvement activities (4) final measures |
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Strategy map |
Enables managers to communicate their goals so that everyone in the company can understand how their jobs are linked to the overall objectives of the organization |
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Budget |
A formal financial projection |
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Incremental budgeting |
Allocates increased or decreased funds to a department by using the last budget period as a reference point |
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Fixed budget |
Where resources are allocated on a single estimate of costs |
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Variable budget |
Where resources are varied in proportion with various levels of activity |
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Financial Statement |
A summary of some aspect of an organizations financial status |
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Balance Sheet |
Summarizes an organizations overall financial worth - that is assets, and liabilities - at a specific point in time |
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Income Statement |
Summarizes an organizations financial results - revenues and expenses - over a specified period of time |
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Ratio Analysis |
The practice of evaluating financial ratios |
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Audits |
Formal verifications of an prganiAtions financial and operational systems |
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External Audit |
A formal verification of an organizations financial accounts and statements by outside experts |
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Internal Audit |
A verification of an organizations financial accounts and statements by the organization's own professional staff |
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Deming Management |
W. Edward Deming proposed ideas for making organizations more responsive, more democratic, and less wasteful |
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PDCA |
a plan-do-check-act cycle using observed data for continuous improvement of operations |
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Total Quality Management |
A comprehensive approach - led by top management and support throughout the organization - dedicated to continuous quality improvement, training, and customer satisfaction |
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Two Core Principles of TQM |
(1) people orientation - everyone involved with the organization should focus on delivering value to customers (2) improvement orientation - everyone should work on continuously improving the work processes |
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Special-purpose team |
To meet to solve a special one time problem |
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Continuous improvement |
Ongoing small, incremental improvements in all parts of an organization |
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Continuous improvement |
Ongoing small, incremental improvements in all parts of an organization |
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Reduced Cycle Time |
Reduction in steps in a work process |
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ISO 9000 Series |
Consists of quality-control procedures companies must install - from purchasing to manufacturing to inventory to shipping- that can be audited by independent quality-control experts |
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ISO 14000 Series |
Extends the concept, identifying standards for environmental performance |
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Statistical Process Control |
A statistical technique that uses periodic random samples from production runs to see if quality is being maintained within a standard range of acceptability |
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Six Sigma |
A rigorous analysis process that reduces defects in manufacturing and self-related processes |
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Lean Six Sigma |
Focuses on problem solving and performance improvement - speed with excellence - of a well-defined project |
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Lean Six Sigma |
Focuses on problem solving and performance improvement - speed with excellence - of a well-defined project |
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Enterprise Resource Planning |
Software systems, information systems for integrating virtually all aspects of business |
