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24 Cards in this Set
- Front
- Back
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controlling |
process where managers monitor and regulate how efficiently and effectively an organization and its members are performing the activities necessary to achieve organizational goals |
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control systems |
formal, target setting, monitoring, evaluation and feedback systems that provide managers with info about how well an organizations structure and strategy are working
good control system: flexible, accurate, timely manner |
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feedforward control |
anticipate problems before they arise |
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concurrent control |
manage problems as they arise |
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feedback control |
manage problems after they have risen |
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return on investments |
net profit before tax/total assets |
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operating margin |
total operating profit/sales revenues |
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quick ratio |
current assets-inventory/current liabilities |
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debt to assets ratio |
tot debt/tot assets |
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inventory turnover |
cost of goods sold/inventory |
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day sales outstanding |
current accounts receivable/sales per day |
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stretch goals |
goals that challenge and stretch manager's ability but are not out of reach and do not require impossibly high expenditure of managerial time and energy |
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operating budget |
blueprint that states how managers intend to allocate and use resources |
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output control |
financial goals challenging goals and performance standards appropriate operating budgets
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direct supervision |
monitor and observe behavior of subordinates teach whats appropriate and inappropriate
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problems with direct supervision |
expensive demotivates more complex the job, harder to judge how good they are doing |
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management by objectives |
managers set goals with subordinates periodically check up on them |
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bureaucratic control |
control by comprehensive rules and standard operating procedures |
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problems with bureaucratic control |
firms become too standardized and lose flexibility to innovate |
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clan control |
control exerted by shared values, norms, standards of behavior, and expectations |
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adaptive culture vs inert culture |
culture whos values and norms help an organization to build momentum and grow and change as needed to achieve goals and be effective
culture that leads to values and norms that fail to motivate or inspire employees |
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top down change |
fast approach top managers decide what needs to change decide what to do quickly implement changes |
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bottom up change |
gradual approach managers of all levels come together to develop a detailed plan for change |
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benchmarking |
comparing your company to another company's performance |
