Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
25 Cards in this Set
- Front
- Back
|
Benchmarking |
A mechanism for achieving continuous improvement by measuring products, services or activities against those of other best performing organizations |
|
|
Budget |
A financial plan of implementing management decisions |
|
|
Continuous improvement |
An ongoing search to reduce costs, eliminate waste and improve the quality and performance of activities that increase customer value and satisfaction. |
|
|
Control |
A managerial function that consists of the measurement, reporting and subsequent correction of performance in order to achieve the organization’s objectives |
|
|
Control process |
The process of setting targets or standards against which actual results are measured |
|
|
Cost Accounting |
Account concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement |
|
|
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. |
|
|
e-Business |
The use of information and communication technologies to support any business activity including buying and selling |
|
|
e-Commerce |
The use of information and communication technologies to support the purchase, sale and exchange of goods |
|
|
Employee empowerment |
Providing employees with relevant information to allow them to make continuous improvements to the output of processes without the authorization by superiors |
|
|
Ethical behavior |
Behavior that is consistent with the standards of honesty, fairness and social responsibility that have been adopted by the organization. |
|
|
Financial Accounting |
Accounting concerned with the provision of information to parties that are external to the organization. |
|
|
Intellectual capital |
The intangible benefits accessible by a firm from its workforce, and more broadly, from its established relationships with groups such as customers, suppliers and competitors. It is often used interchangeably with other therms such as ‘knowledge capital’ , ‘knowledge economy’ and ‘intangible assets’ . |
|
|
Internet commerce |
The buying and selling of goods and services over the internet |
|
|
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. |
|
|
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. |
|
|
Management by exception |
A situation where management attention is focused on areas where outcomes do not meet targets. |
|
|
Master budget |
A single unifying statement of an organization’s expectations for future periods comprising budgeted profit and cash flow statements. |
|
|
Non-value added activities |
Activities that can be reduced or eliminated without altering the product’s service potential to the customer. |
|
|
Non-value added activities |
Activities that can be reduced or eliminated without altering the product’s service potential to the customer. |
|
|
Performance reports |
Regular reports to management that compare actual outcomes with planned outcomes. |
|
|
Product’s life cycle |
The period of time from initial expenditure on R&D to the withdrawal of support to customers. |
|
|
Product’s life cycle |
The period of time from initial expenditure on R&D to the withdrawal of support to customers. |
|
|
Strategies |
Courses of action designed to ensure that objectives are achieved. |
|
|
Total Quality Management (TQM) |
A customer oriented process of continuous improvement that focuses on delivering products or services of consistent high quality in a timely fashion. |
