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20 Cards in this Set
- Front
- Back
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Business Process
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A series of steps that are followed to carry out some task in a business. pg 7
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CFO
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Member of tpo management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users. p6
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Constraint
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Anything that prevents an organization or individual from getting more of what if wants p10
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Controller
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The member of the top management team who is responsible for providing relevant and timely data to managers and for preparing financial statements for external users. Thecontroller reports to the CFO. p6
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Corporate Goveeance
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The system by which a company is directed and controlled. If properly implemented it should provide incentives for top management to pursue objectives that are in the interests of the companu and it should effectively monitor performance. p17
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Coprorate Responsibility
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A concept wherby organizations consider the needs of all stakeholders when making decisions. It extends beyond legalcompliance to include voluntary actions that satisfy stakeholder expectations. p21
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Decentralization
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The delegation of decision-making authority throughout an org by providing managers with the authority to make decisions relating to their area of responsibility. p5
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Enterprise Risk Management
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A process used by a company to help identify the risks that it faces and to develop responses to those risks that enable the company to be reasonably assures of meeting its goals. p19
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Finished Goods
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Units of product that have been completed but have not yet been sold to customers. p8
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Just-In-Time (JIT)
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A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand p9
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Lean Thinking Model
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A five-step management approach that organizes resources around the flow of business processes and that pulls units throughthese processes in response to customer orders. p8
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Line
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A position in an organization that is directly related to the achievement of the org's basic objectives. p6
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Non-Value-Added Activites
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Activites that consume resources but do not add value for which customers are willing to pay. p12
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Org Chart
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A diagram of a company's org structure that depicts formal lines of reporting, communication, and responsibility between managers. p5
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Raw Materials
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Materials that are used to make product
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Strategy
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A "game plan" that enables a company to attract customers by distinguishing itself from competitors. p4
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Supply Chain Management
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A magt approach that coordinates business processes across companies to better serve end customers. p9
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Theory of Constraints (TOC)
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A management approach that emphisizes the importance of managing contraints. p10
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Value Chain
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The major business functions that add value to a company's products and services such as research and development, product design, manufacturing, marketing, distribution, and customer service. p7
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Work In Progress
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Units of production that are partially complete and will require further work before they are ready for sale to customers. p8
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