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28 Cards in this Set
- Front
- Back
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Outputs divided by inputs where the outputs are goods and services, and the inputs are labor, capital, materials, and energy.
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Productivity.
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This determines whether a company will make a profit or even survive.
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Productivity
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Defined as monitoring performance, comparing it with goals, and taking corrective action as needed.
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Controlling
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6 reasons why control is needed:
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1. To adapt to change and uncertainty
2. To discover iregularities and errors 3. To reduce costs, increase productivity, or add value. 4. To detect opportunities 5. To deal with complexity 6. Decentralize decision making and facilitate teamwork. |
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What are the 4 steps to the control process?
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1. establish standards
2. measure performance 3. compare performance to standards 4. take corrective action |
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The desired performance level for a given goal.
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Control standard
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A control principle that states that managers should be informed of a situation only if data show a significant deviation from standards.
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Management by exception.
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this gives top managers a fast but comprehensive view of the organization via four indicators...
1. customer satisfaction 2. internal processes 3. innovation and improvement activities 4. financial measures |
Balanced scorecard
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A visual representation of the balanced scorecard that 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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Strategy Map
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Monitoring performance to ensure that strategic plans are being implemented and taking corrective action as needed.
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Strategic control.
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Monitoring performance to ensure that tactical plans - those at the departmental level - are being implemented and taking corrective action as needed.
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Tactical control.
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Monitoring performance to ensure that operational plans - day to day plans - are being implemented and taking corrective action as needed.
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Operational control.
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What are the 6 areas of control?
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1. physical
2. human resources 3. informational 4. financial 5. structural 6. cultural |
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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
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An approach to organizational control that is characterized by informal and organic structural arrangements.
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Decentralized control
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A formal financial projection
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Budget
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Allocates increased or decreased funds to a department by using the last budget period as a reference point
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Incremental Budgeting
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Forces each department to start from zero in projecting its funding needs for the coming budget period.
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Zero-based budgeting
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Allocates resources on the basis of a single estimate of costs.
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Fixed budget
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Allows the allocation of resources to vary in proportion with various levels of activity.
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Variable budget
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Proposed ideas for making organizations more responsive, more democratic, and less wasteful.
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Deming management
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A plan-do-check-act cycle using observed data for continuous improvement of operations.
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PDCA cycle
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Defined as a comprehensive approach - led by top management and supported throughout the organization - dedicated to continuous improvement, training, and customer satisfaction.
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Total Quality Management
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Defined as ongoing small, incremental improvements in all parts of an organization.
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Continuous Improvement
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Allows customers to rate the quality of a service along five dimensions - reliability, assurance, tangibles,empathy, and responsiveness.
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RATER scale
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A statistical technique that uses periodic random samples from production runs to see if quality is being maintained within a standard range of acceptibility.
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Statistical process control
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A rigorous statistical analysis process that reduces defects in manufacturing and service-related processes.
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Six sigma
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Focuses on problem solving and performance improvement - speed with excellence - of a well-defined project.
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lean six sigma
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