MGT 201 11th Edition Lecture 21 Outline of Last Lecture I. Continue chapter 16 on understanding motivation II. Discuss the Process Theories Outline of Current Lecture III. Start chapter 19: managing quality & performanceIV. Discuss managerial controlV. Discuss budgetsCurrent LectureChapter 19: Managing Quality & Performance Managerial Control- systematic process of regulating organizational activities to make them consistent with the expectations established in plans, targets, and standards of performance Managers use a variety of measures to monitor performance: Controlling work processes Regulating employee resources Evaluating profitability Common measures of control:- Sales, revenue, and profit Also focus on:- Customer service & employee involvement Principle of exception- compare performance to standards. To look at what was expected and what actually happened Feed forward control- control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly Concurrent control- control process used while plans are being carried out, including directing, and fine tuning activities as they are performed Feedback control- control that focuses on the use of information about previous results to correct deviations from the acceptable standard Budgetary control- setting targets and monitoring expenditures Unit of analysis for budgeting is the responsibility center **Cash flow Zero-based budgeting- forget about last year’s budget and start at zero Activity Based costing- accounting designed to identity streams of activity These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. Financial statements=
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