Mgmt Chapter 16

Front 1

Formal verifications of an organization's financial and operational systems.

Back 1

audits

Front 2

A summary of an organization's overall financial worth-- assets and liabilities-- at a specific point in time.

Back 2

balance sheet

Front 3

Gives top managers a fast but comprehensive view of the organization via four indicators (1) customer satisfaction, (2) internal processes, (3) the organization's innovation and improvement activities, (4) financial measures.

Back 3

balanced scorecard

Front 4

A formal financial projection.

Back 4

budget

Front 5

The use of rules, regulations, and formal authority to guide performance.

Back 5

bureaucratic control

Front 6

Ongoing, small, incremental improvements in all parts of an organization.

Back 6

continuous improvement

Front 7

control process steps

Back 7

1) Establish standards
2) measure performance
3) compare performance to standards
4) take corrective action, if necessary

Front 8

The first step in the control process; the performance standard is the desired performance level for a given goal.

Back 8

control standard

Front 9

Monitoring performance, comparing goals, and taking corrective action as needed.

Back 9

controlling

Front 10

An approach to organizational control that is characterized by informal and organic structural arrangements, the opposite of bureaucratic control.

Back 10

decentralized control

Front 11

Ideas proposed for making organizations more responsive, more democratic, and less wasteful.

Back 11

Deming management

Front 12

Formal verification by outside experts of an organization's financial accounts and statements.

Back 12

external audit

Front 13

Summary of some aspect of an organization's financial status.

Back 13

financial statement

Front 14

Allocation of resources on the basis of a single estimate of cost.

Back 14

fixed budget

Front 15

Summary of an organization's financial results-- revenues and expenses-- over a specific period of time.

Back 15

income statement

Front 16

Allocating increased or decreased funds to a department by using the last budget period as a reference point; only incremental changes in the budget request are reviewed.

Back 16

incremental budgeting

Front 17

A verification of an organization's financial accounts an statements by the organization's own professional staff.

Back 17

internal audit

Front 18

Set of company quality-control procedures, that deals with all activities-- from purchasing to manufacturing to inventory to shipping-- that can be audited by independent quality control experts, or "registrars"

Back 18

ISO 9000 series

Front 19

Quality-control approach that focuses on problem solving and performance improvement-- speed with excellence-- of a well-defined project.

Back 19

lean six sigma

Front 20

Control principle that states that managers should be informed of a situation only if data show a significant deviation from standards.

Back 20

management by exception

Front 21

Monitoring performance to ensure that operational plans-- day-to-day goals-- are being implemented and taking corrective action as needed.

Back 21

operational control

Front 22

A plan-do-check-act cycle using observed data for continuous improvement of operations.

Back 22

PDCA cycle

Front 23

RATER scale

Back 23

Scale enabling customers to rate the quality of a service along five dimensions-- reliability, assurance, tangibles, empathy, responsiveness

Front 24

The evaluation of financial ratios (the relationship of two or more things);includes liquidity ratios, debt management ratios, and return ratios

Back 24

ratio analysis

Front 25

The reduction of steps in the work process

Back 25

reduced cycle time

Front 26

A rigorous statistical analysis process that reduces defects in manufacturing and service-related industries.

Back 26

six sigma

Front 27

A team that meets to solve a special or one-time problem.

Back 27

special-purpose team

Front 28

A statistical technique that uses periodic random samples from production runs to see if quality is being maintains within a standard range of acceptability.

Back 28

statistical process control

Front 29

Monitoring performance to ensure that strategic plans are being implemented and taking corrective action as needed.

Back 29

strategic control

Front 30

A visual representation of the four perspectives 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.

Back 30

strategy map

Front 31

Monitoring performance to ensure that plans at divisional or departmental level are being implemented and taking corrective action as needed.

Back 31

tactical control

Front 32

A comprehensive approach-- led by top management and supported throughout the organization-- dedicated to continuous quality improvement, training and customer satisfaction.

Back 32

total quality management (TQM)

Front 33

People orientation and improvement orientation

Back 33

two core principles of TQM

Front 34

Allowing the allocation of resources to vary in proportion with various levels of activity.

Back 34

variable budget

Front 35

Forcing each department to start from zero in projecting its funding needs for the coming budget period.

Back 35

zero-based budgeting (ZBB)

Front 36

everyone involved with the organization should focus on delivering value to costumers

Back 36

people orientation

Front 37

everyone should work on continuously improving the work processes

Back 37

improvement orientation