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19 Cards in this Set
- Front
- Back
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The systematic process through which managers regulate organizational activities to make them consistent with the expectations established in plans, targets, & standards of performance.
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ORGANIZATIONAL CONTROL
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Anticipatory & attempts to id & prevent deviations before they occur
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FEEDFORWARD CONTROL
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Monitors ongoing employee activities to ensure that they are consistent with performance standards
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CONCURRENT CONTROL
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Also called postaction or output control, focuses on the organization's outputs
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FEEDBACKFEEDBACK CONTROL
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Includes anticipated & actual expenses for each responsibility center & for the total organization
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EXPENSE BUDGET
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Lists forecasted & actual revenues of the organization
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REVENUE BUDGET
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Estimates receipts & expenditures of money on a daily/weekly basis to ensure that an organization has sufficient caseh to meet its obligations
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CASH BUDGET
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Lists planned investments in major assets, such as buildings, trucks, and heavy machinery, often involving expenditures over more than a year
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CAPITAL BUDGET
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Many traditional companies use ____________________, meaning that the budgeted amounts for the coming year are imposed on middle & lower-level managers
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TOP-DOWN BUDGETING
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Lower-level managers anticipate their departments' resource needs & pass them up to top management for approval
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BOTTOM-UP BUDGETING
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Shows the firm's financial position with respect to assets & liabilities at a specific point in time
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BALANCE SHEET
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Also known as a profit-&-loss statement or "P & L" summarizes the firm's financial performance for a given time interval, usually one year
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INCOME STATEMENT
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Indicates an organization's ability to meet its current debt obligations
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LIQUIDITY RATIO
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Involves monitoring & influencing employee hebavior through rules, policies, hierarchy of authority, written documentation, & reward systems
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BUREAUCRATIC CONTROL
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Relies on shared values & goals to control employee behavior
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DECENTRALIZED CONTROL
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Continuous process of measuring products, services, and practices against the toughest competitors or those companies recognized as industry leaders
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BENCHMARKING
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Implementation of a large number of small, incremental improvements in all areas of the organization on an on-going basis
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CONTINUOUS IMPROVEMENT
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Allows employees to see the financial condition of the company for themselves, through charts, computer printouts, meetings, etc
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OPEN-BOOK MANAGEMENT
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Comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors
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BALANCED SCORECARD
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