chapter 16 key terms
key terms from the book highlighted in yellow
33 Cards in this Set
| Front | Back |
|---|---|
|
controlling
|
is defined as monitoring performance, comparing it with goals, and taking corrective action as needed
|
|
control standard
|
or performance standard or simply standard, is the desired performance level for a given goal
|
|
management by exception
|
is a control principle that states that mangers should be informed of a situation only if data show a significant deviation from standards
|
|
strategic control
|
is monitoring performance to ensure that strategic plans are being implemented and taking corrective action as needed
|
|
tactical control
|
is monitoring performance to ensure that tactical plans- those at the divisional or departmental level are being implemented
and taking corrective action as needed
|
|
operational control
|
is monitoring performance to ensure that operational plans -day to day goals- are being implemented and taking corrective action as needed
|
|
bureaucratic control
|
is an approach to organizational control that is characterized by use of rules, regulations, and formal authority to guide performance
|
|
decentralized control
|
is an approach to organizational control that is characterized by informal and organic structural arrangements
|
|
balanced scorecard
|
which gives top managers a fast but comprehensive view of the organization via four indicators
1. customer satisfaction
2. internal processes
3. innovation and improvement activities and
4. financial measures
|
|
strategy map
|
is a visual representation of the four perspectives of the balanced scorecard that enables managers to communicate their goals so that everyone in the company can understand how their hobs are linked to the overall objectives of the organization
|
|
budget
|
formal financial projection
|
|
incremental budgeting
|
allocates increased or decreased funds to a department by using the last budget period as a reference point; only incremental changes in the budget request are reviewed
|
|
fixed budget
|
allocates resources on the basis of a single estimate of costs
|
|
variable budget
|
allows the allocation of resources to cary in proportion with various levels of activity
|
|
financial statement
|
a summary of some aspect of an organization's financial status
|
|
balance sheet
|
summarizes an organization's overall financial worth - that is assets and liabilities - at a specific point in time
|
|
income statement
|
summarizes an organization's financial results - revenues and expenses - over a specific period of time
|
|
ratio analysis
|
the practice of evaluating financial ratios
|
|
audits
|
are formal verification of an organization's financial and operational systems
|
|
external audit
|
is a formal verification of an organization's financial accounts and statements by outside experts
|
|
internal audit
|
is a verification of an organization's financial accounts and statements by the organization's own professional staff
|
|
deming management
|
proposed ideas for making organizations more responsive, more democratic, and less wasteful
|
|
PDCA cycle
|
a plan-do-check-act cycle sing observed data for continuous improvement of operations
|
|
total quality management TQM
|
is defined as a comprehensive approach- led by top management and supported through the organization -dedicated to continuous quality improvement, training, and customer satisfaction
|
|
two core principles of TQM
|
namely
1. people orientation - everyone involved with the organization should focus on delivering value to customers - and
2. improvement orientation - everyone should work on continuously improving the work process
|
|
special-purpose team
|
to meet or solve special or onetime problem
|
|
continuous improvement
|
is defined as ongoing small, incremental improvements in all parts of an organization
|
|
RATER scale
|
enables customers to rate the quality of a service along five dimensions reliability, assurance, tangibles, empathy, and - each on scale from 1-10
|
|
ISO 900 series
|
consists of quality- control procedures companies must install - from purchasing to manufacturing to inventory to shipping - that can be audited by independent quality-control experts or "registrars"
|
|
ISO 14000 series
|
extends the concept, identidying standards for environmental performance
|
|
statistical process control
|
a statistical technique that uses periodic random samples from production runs to see if quality is being maintained within a standard range of acceptabilty
|
|
six sigma
|
is a rigorous statistical analysis process that reduces defects in manufacturing and service- related processes
|
|
lean six sigma
|
which focuses on problem solving and performance improvement - speed with excellence - of a well-defined project
|
MGT 300: EXAM 1