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MAN3025

Ch 16

QuestionAnswer
Audits Formal verifications of an organization's financial and operational systems
Balance Sheet A summary of an organization's overall financial worth at specific points in time
Balanced Scorecard Gives top managers a fast but comprehensive view of the organization via four indicators: 1. Customer satisfaction, 2. internal processes, 2. the organization's innovation and improvement activities and 4. financial measures
Budget A formal financial projection
Bureaucratic Control The use of rules, regulations, and formal authority to guide performance
Continuous Improvement Ongoing small, incremental, improvements in all parts of an organization
Control Process Steps 1. Establish standards, 2. Measure performance, 3. compare performance to standards, 4. take corrective actions (if necessary)
Control Standard The first step in the control process; the performance standard is the desired performance level for a given goal
Controlling Monitoring performance, comparing goals and taking corrective action as needed
Decentralized Control An approach to organizational control that is characterized by informal and organic structural arrangements, the opposite of bureaucratic control
Deming Management Ideas proposed by W. Edwards Deming for making organizations more responsive, more democratic and less wasteful
External Audit Formal verification by outside experts of an organization's financial accounts and statements
Financial Statement Summary of some aspect of an organization's financial status
Fixed Budget Allocation of resources on the basis of a single estimate of costs
Income Statement Summary of an organization's financial results over a specific period of time
Incremental Budgeting Allocating increased or decreased funds to a department by using the last budget period as a reference point; only incremental changes in the budget are reviewed
Internal Audit A verification of an organization's financial accounts and statements by the organization's own professional staff
ISO 9000 Series Set of company quality control procedures , developed by the International Organization for Standardization in Geneva, Switzerland, that deals with all activities that can be audited by independent quality control experts
Lean Six Sigma Quality control approach that focuses on problem solving and performance improvement of a well defined project
Management by Exception Control principle that states that managers should be informed of a situation only if data show a significant deviation from standards
Operational Control Monitoring performance to ensure that operational plans are being implemented and taking corrective actions as needed
PDCA cyvle A plan-do-check-act cycle using observed data for continuous improvement of operations
RATER Scale Scale enabling customers to rate the quality of a service along five dimensions (reliability, assurance, tangibles, empathy and responsiveness) on a scale of 1 to 10
Ratio Analysis The evaluation of financial ratios; includes liquidity ratios, debt management ratios, asset management ratios and return ratios
Reduced Cycle Time The reduction of steps in the work process
Six Sigma A rigorous statistical analysis process that reduces defects in manufacturing and service-related industries
Special-Purpose Team A team that meets to solve a special or one time problem
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 acceptability
Strategic Control Monitoring performance to ensure that strategic plans are being implemented and taking corrective action as needed
Strategy Map 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 jobs are linked to the overall objectives of the organization
Tactical Control Monitoring performance to ensure that tactical plans are being implemented and taking corrective actions as needed
Totally Quality Management (TQM)(!incomplete) A comprehensive approach dedicated to continuous quality improvement, training, and customer satisfaction. It has four components: 1. Make continuous improvements a priority, 2. Get every employee involved, 3. Listen to and learn from customers and emplo
Two Core Principles of TQM 1. People orientation and 2. improvement orientation
Variable Budget Allowing the allocation of resources to vary in proportion with various levels of activity
Zero-Based Budgeting Forcing each department to start from zero in projecting its funding needs for the coming budget period
Created by: johnny1329
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