Mgt 340 Unit 3

Front 1

controlling

Back 1

The process of monitoring comparing and correcting work performance

Front 2

Control process

Back 2

three step process of meaduring actual performance, comparing performance against a standard, and taking managerial action to correct divisions or to adress inadequate standards

Front 3

range variation

Back 3

deviations outside these range need attention.

Front 4

immediate corrective action

Back 4

corrects the problem once to get problem back on track

Front 5

basic corrective action

Back 5

looks at how and why performance deviated before correcting the source of deviation

Front 6

performance

Back 6

end result of an activity

Front 7

organizational performance

Back 7

the accumulated result of all organization work activities.

Front 8

productivity

Back 8

amount of goods or services produced by inputs needed to generate that out put

Front 9

organizational effectiveness

Back 9

is the amount of goods or services produced divided by the inputs needed to generate that output.

Front 10

disciplinary actions

Back 10

actions taken by a manager to enforce the organizations work standards reguloations

Front 11

feed forward control

Back 11

preventing problem before activity

Front 12

concurrent control

Back 12

takes place during time when activity accured

Front 13

management by walking around

Back 13

in person helping employees

Front 14

feedback control

Back 14

takes place after activity. is used the most

Front 15

liquidity

Back 15

test the organizations ability to meet short term obligations

Front 16

leverage

Back 16

the higher the ratio the more leverage the organization

Front 17

activity

Back 17

the higher the ratio the more efficently inventory assets are used

Front 18

profitability

Back 18

identifies the profits that are generated

Front 19

management information system

Back 19

provides managers with information on a regular bassis. idealy on a computer system

Front 20

balanced scorecard

Back 20

approach by evaluating organizational performance from more than just the financial perspective. financial, customer, internal and people

Front 21

benchmarking

Back 21

searching for the best practises among competitors or noncompetitors that lead to superior performance

Front 22

benchmark

Back 22

standards of exellence which to mesure and compare

Front 23

employee theft

Back 23

unauthorized taking of company property by employees for personal use

Front 24

service profit chain

Back 24

service sequence from employees to customers to profit

Front 25

corporate governance

Back 25

system used to govern a corporation so the interest of corporate owners are protected

Front 26

enviormental scanning

Back 26

screening large amount of information to anticipate and interpret changes in the enviorment

Front 27

competitor intelligence

Back 27

process by which organizations gather information about their competitors and get answers and get answers to questions such as who and they?

Front 28

forecast

Back 28

predictions of outcomes

Front 29

quantitative foresasting

Back 29

applies a set of mathematical rules to a series of past data to predict outcomes.

Front 30

qualitative forecasting

Back 30

uses judgement and options of knowledgeable individuals to predict outcome

Front 31

time series analysis

Back 31

fits a trend line to a mathematical equation and projects into the future by means of this equation

Front 32

regression models

Back 32

predicts one variable on the basis of known or assumed other variations

Front 33

economertric models

Back 33

uses a set of regression equations to simulate segments of the economy

Front 34

economic indicators

Back 34

uses one or more indicators to predict a future state of economy

Front 35

substitution effect

Back 35

uses mathematical formula to predict how when and under what circumstances a new product or technology will replace an existing one

Front 36

jury of opinion

Back 36

combines and averages the oppinions of experts

Front 37

saleforce composition

Back 37

combines estimates from field sales personnel of customers expected purchases

Front 38

customer evaluation

Back 38

combines estimates from field sales personnel of customers expected purchases

Front 39

customer evaluation

Back 39

combines from establishedcustomers purchases

Front 40

resources

Back 40

assets of an organization

Front 41

budget

Back 41

numerical plan for allocating resources to specific activites

Front 42

scheduling

Back 42

what activies are being done by who, what resources, schedule

Front 43

gantt chart

Back 43

made by henry gantt, time horizontal and schedule on vertical

Front 44

load chart

Back 44

modified gantt char with activites on vertical axis, load chart list either entire departments or speciific resources