Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
37 Cards in this Set
- Front
- Back
|
Managers monitor and regulate how efficiently and effectively an organization and its members are performing the activities necessary to achieve organizational goals
|
Organizational Control
|
|
|
Formal target-setting, monitoring, evaluation, and feedback systems that provide managers with information about whether the organization's strategy and structure are working efficiently and effectively.
|
Control Systems
|
|
|
At the input stage, managers use _______ control to anticipate problems before they arise so that problems do not occur later, during the conversion process.
|
Feedforward Control
|
|
|
At the conversion stage, ________ control gives managers immediate feedback on how efficiently inputs are being transformed into outputs so that managers can correct problems as they arise.
|
Concurrent Control
|
|
|
At the output stage, managers use ______ control to provide information about customers' reactions to goods and services so that corrective action can be taken if necessary.
|
Feedback Control
|
|
|
The Control Process can be broken down into _____steps.
|
Four
|
|
|
Establishing standards of performance, goals, and targets to which performance is to be measured is what step of the control process?
|
The First Step
|
|
|
Measuring Actual Performance is what step of the control process?
|
The Second Step
|
|
|
Comparing actual performance against chosen standards of performance is what step of the control process?
|
The Third Step
|
|
|
Evaluating the result and initiating corrective action and making changes if the standard is not achieved is what step of the control process?
|
The Fourth Step
|
|
|
These measure how efficiently managers are using the organization's resources to generate profits?
|
Profit Ratios
|
|
|
An organization's net income before taxes divided by its total assets. (The most commonly used financial performance measure).
|
Return on Investment (ROI)
|
|
|
_____ allows organization's to assess an organization's competitive advantage.
|
Return on Investment (ROI).
|
|
|
This is calculated by dividing a company's operating profit (the amount it has left after all the costs of making the product and running the business have been deducted by sales revenues.
|
Operating Margin
|
|
|
This measures how well managers have protected organizational resources to be able to meet short term obligations.
|
Liquidity Ratios
|
|
|
This tells managers whether they have the resources available to meet the claims of short-term creditors.
|
The Current Ratio (Current Assets/ Current Liabilities).
|
|
|
This tells whether they can pay these claims without selling inventory.
|
Quick Ratio
|
|
|
These measure the degree to which managers use debt (borrow money) or equity (issue new shares) to finance ongoing operations.
|
Leverage Ratios
|
|
|
These provide measures of how well managers are creating value from organizational assets.
|
Activity Ratios
|
|
|
This measures how efficiently managers are turning inventory over so that excess inventory is not carried.
|
Inventory Turnover
|
|
|
This provides information on how efficiently managers are collecting revenue from customers to pay expenses.
|
Days Sales Outstanding
|
|
|
Research suggests that the best goals are difficult and specific goals. Goals that challenge and stretch a manager's ability but are not out of reach. These are called what?
|
Stretch Goals
|
|
|
A formal system of evaluating subordinates on their ability to achieve specific organizational goals or performance standards and to meet operating budgets.
|
Management by Objectives (MBO)
|
|
|
Specific goals and objectives are established at each level of the organization is what step of MBO?
|
The first step
|
|
|
Managers and their subordinates together determine the subordinate's goals is what step of MBO?
|
The second step
|
|
|
Managers and their subordinates periodically review the subordinates' progress toward meeting goals. Is what step of the MBO process?
|
The third step?
|
|
|
How many steps are there in the total MBO process?
|
Three Steps
|
|
|
Control by means of a comprehensive system of rules and standard operating procedures (SOPs) that shapes and regulates the behavior of divisions, functions, and individuals.
|
Bureaucratic
|
|
|
Control by means of a comprehensive system of rules and standard operating procedures (SOPs) that shapes and regulates the behavior of divisions, functions, and individuals.
|
Bureaucratic Control
|
|
|
Standardized behavior leads to ______ which means that goods and services will have uniform quality.
|
Standardized Outputs
|
|
|
______ takes advantage of the power of internalized values and norms to guide and constrain employee attitudes and behavior in ways that increase organizational performance.
|
Clan Control
|
|
|
The control exerted on individuals and groups in an organization by shared values, norms, standards of behavior, and expectations.
|
Clan Control
|
|
|
The movement of an organization away from its present state and toward some future state to increase its efficiency and effectiveness.
|
Organizational Change
|
|
|
A gradual, incremental, and narrowly focused change. This is not sudden or drastic but rather a constant attempt to improve, or adapt.
|
Evolutionary Change
|
|
|
A rapid, dramatic, and broadly focused change. These involve a bold attempt to quickly find new ways to be effective. Causes radical shifts in organizational structure.
|
Revolutionary Change
|
|
|
A _______ change is a fast, revolutionary approach to change in which top managers identify what needs to be changed and then move quickly to implement the changes throughout the organization.
|
Top-Down Change
|
|
|
This is more gradual or evolutionary. This is also an approach in which all managers at all levels work together on to develop a detailed plan for change.
|
Bottom-Up Change
|
