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34 Cards in this Set
- Front
- Back
Six Sigma
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a process improvement method that relies on customer feedback and fact-based data gathering and analysis techniques to drive process improvement
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Chief Financial Officer
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controller reports to CFO. Member of the top management team who is responsible for providing timely and relevant data to support planning and control activities for preparing financial statements
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Staff
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position INDIRECTLY involved in achieving those basic objectives - provide assistance to line position - have no direct authority over line position
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Line
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Position DIRECTLY involved in achieving the basic objectives of the organization
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Organization Chart
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Shows how responsibility is divided among managers and to show formal lines of reporting and communication or - chain of command
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Just-in-time (JIT)
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products are completed just in time to be shipped to customers (lean thinking)
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Supply Chain Management
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coordination of business processes across companies to better serve end customers (e.g. making sure products are on the shelves when and where needed)
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Constraint
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anything that prevents you from getting more of what you want - machine that has slowest pace in process
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Theory of Constraints (TOC)
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based on the insight that effectively managing constraint is key to success - improve the constraint to improve processes
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Decentralization
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the delegation of decision making authority throughout an organization by giving managers the authority to make decisions relating to their area of responsibility - spread over many departments
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Segments
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managerial accounting focuses more on parts (segments) of a company
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Performance report
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a feedback report comparing budgeted to actual results - suggest where operations are not proceeding as planned and where parts of the organization need attention
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planning and control cycle
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involves the smooth flow of management activities from planning through directing and motivating controlling then planning again.
center - decision making |
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business process
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a series of steps that are followed in order to carry out some task in a business
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Value Chain
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used when we look at how the functional departments of an organization interact with one another to form the business process
consists of the major business function that add value to products and services |
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Lean Production
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a PUSH system makes and stores lots of raw materials, work in progress and finished goods
Tying up inventory in work in progress and in workshops waiting to be processed and finished |
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Lean thinking model
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a five step management approach that organizes resources such as people and machines around the flow of business processes that pulls units through process to customers
1) identify value to customer of product 2) build business process 3) organize manufacturing cells 4) create pull system 5) pursue perfection |
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Six Sigma
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process improvement method that relies on customer feedback and fact based data gathering and analysis techniques to drive process improvement
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non-value added activities
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an activity that adds no worth to the consumer (storing items in process)
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Enterprise System
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designed to overcome these problems by integrating data across an organization into a single software system that enables all employees to have simultaneous access to a common set of data
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Corporate Governance
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the system by which a company is directed and controlled.
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Sarbanes-Oxley Act of 2002
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intended to protect the interests of those who invest in publicly traded companies by improving the reliability and accuracy of corporate financial reports and disclosures.
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Enterprise risk management
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a process used by a company to proactively identify and manage those risks
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Budget
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a detailed plan for the future, usually expressed in formal quantitative terms
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Business process
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a series of steps that re followed to carry out some task in a business
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control
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the process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.
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Controller
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the member of the top managemtn team who is responsible for providing relevant and timely data to managers and for preparing financial statements for external users. the controller reports to the CFO
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Controlling
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ensuring that the plan is actually carried out and is appropriately modified as circumstances change
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Directing and motivating
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mobilizing people to carry out plans and run routine operations
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Feedback
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accounting and other reports that help managers monitor performance and focus on problems and or opportunities that might otherwise go unnoticed
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Financial accounting
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the phase of accounting concerned with providing information to stockholders, creditors, and others outside the organization
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Planning
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selecting a course of action and specifying how the action will be implemented
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Managerial accounting
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the phase of accounting concerned with providing information to managers for use inside the organization
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Strategy
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a "game plan" that enables a company to attract customers by distinguishing itself from competitors
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