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44 Cards in this Set
- Front
- Back
controlling |
The process of monitoring comparing and correcting work performance |
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Control process |
three step process of meaduring actual performance, comparing performance against a standard, and taking managerial action to correct divisions or to adress inadequate standards |
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range variation |
deviations outside these range need attention. |
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immediate corrective action |
corrects the problem once to get problem back on track |
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basic corrective action |
looks at how and why performance deviated before correcting the source of deviation |
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performance |
end result of an activity |
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organizational performance |
the accumulated result of all organization work activities. |
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productivity |
amount of goods or services produced by inputs needed to generate that out put |
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organizational effectiveness |
is the amount of goods or services produced divided by the inputs needed to generate that output. |
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disciplinary actions |
actions taken by a manager to enforce the organizations work standards reguloations |
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feed forward control |
preventing problem before activity |
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concurrent control |
takes place during time when activity accured |
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management by walking around |
in person helping employees |
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feedback control |
takes place after activity. is used the most |
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liquidity |
test the organizations ability to meet short term obligations |
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leverage |
the higher the ratio the more leverage the organization |
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activity |
the higher the ratio the more efficently inventory assets are used |
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profitability |
identifies the profits that are generated |
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management information system |
provides managers with information on a regular bassis. idealy on a computer system |
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balanced scorecard |
approach by evaluating organizational performance from more than just the financial perspective. financial, customer, internal and people |
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benchmarking |
searching for the best practises among competitors or noncompetitors that lead to superior performance |
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benchmark |
standards of exellence which to mesure and compare |
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employee theft |
unauthorized taking of company property by employees for personal use |
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service profit chain |
service sequence from employees to customers to profit |
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corporate governance |
system used to govern a corporation so the interest of corporate owners are protected |
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enviormental scanning |
screening large amount of information to anticipate and interpret changes in the enviorment |
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competitor intelligence |
process by which organizations gather information about their competitors and get answers and get answers to questions such as who and they? |
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forecast |
predictions of outcomes |
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quantitative foresasting |
applies a set of mathematical rules to a series of past data to predict outcomes. |
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qualitative forecasting |
uses judgement and options of knowledgeable individuals to predict outcome |
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time series analysis |
fits a trend line to a mathematical equation and projects into the future by means of this equation |
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regression models |
predicts one variable on the basis of known or assumed other variations |
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economertric models |
uses a set of regression equations to simulate segments of the economy |
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economic indicators |
uses one or more indicators to predict a future state of economy |
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substitution effect |
uses mathematical formula to predict how when and under what circumstances a new product or technology will replace an existing one |
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jury of opinion |
combines and averages the oppinions of experts |
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saleforce composition |
combines estimates from field sales personnel of customers expected purchases |
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customer evaluation |
combines estimates from field sales personnel of customers expected purchases |
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customer evaluation |
combines from establishedcustomers purchases |
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resources |
assets of an organization |
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budget |
numerical plan for allocating resources to specific activites |
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scheduling |
what activies are being done by who, what resources, schedule |
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gantt chart |
made by henry gantt, time horizontal and schedule on vertical |
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load chart |
modified gantt char with activites on vertical axis, load chart list either entire departments or speciific resources |