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18 Cards in this Set
- Front
- Back
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Benchmarking |
A mechanism for achieving continuous improvement by measuring products, services or activities against those of other best performing organizations |
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Budget |
A financial plan for implementing management decisions |
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Continuous improvement |
An ongoing search to reduce costs, eliminate waste and improve the quality and performance of activities that increase customer value or satisfaction |
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Control |
A managerial function that consists of the measurement, reporting and subsequent correction of performance in order to achieve the organization's objetives |
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Control process |
The process of setting targets or standards against which actual results are measured |
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Cost accounting |
Accounting concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement |
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Cycle time |
The length of time from start to completion of a product or service and is the sum of processing time, move time, wait time and inspection time |
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E-business |
The use of information and communication technologies to support any business activities, including buying and selling |
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E-commerce |
The use of information and communication technologies to support the purchase, sale and exchange of goods |
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Employee empowerment |
Providing employees with relevant information to allow them to make continuous improvements to the output of processes without the authorization by superiors |
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Enterprise resource planning system (ERPS) |
A set of integrated software application modules that aim to control all information flows within a company |
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Ethical behaviour |
Behaviour that is consistent with the standards of honesty, fairness and social responsibility that have been adopted by the organization |
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Financial accounting |
Accounting concerned with the provision of information to parties that are external to the organization |
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Internet commerce |
The buying and selling of goods and services over the internet |
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Lean manufacturing systems |
Systems that seek to reduce waste in manufacturing by implementing just-in-time production systems, focusing on quality, simplifying processes and investing in advanced technologies |
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Management accounting |
Accounting concerned with the provision of information to people within the organization to aid decision-making and improve the efficiency and effectiveness of existing operations |
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Management by exception |
A situation where management attention is focused on areas where outcomes do not meet targets |
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Master budget |
A single unifying statement of an organization's expectations for future periods comprising budgeted profit and cash flow statements |
