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The systematic process through which managers regulate organizational activities to meet planned goals and standards of performance.
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A comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors.
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MGMT 371
Test 2
| Question | Answer |
|---|---|
| The systematic process through which managers regulate organizational activities to meet planned goals and standards of performance. | Organizational Control |
| A comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors. | Balanced Scoreboard |
| Financial Performance Customer Service International Business Processes Capacity for Learning and Growth | Four major perspectives of a balanced scoreboard. |
| Establish Standards Measure Performance Compare with Standards Make Corrections if Needed | Four Key Steps to a Control System |
| A model that uses feedback to determine whether performance meets established standards. | The Feedback Control Model |
| The process of setting targets for organizations expenditures, monitoring results, and comparing them to the budget and making changes as needed. | Budgetary Control |
| Any organizational department or unit under the supervision of a single person who is responsible for its activity. | Responsibility Center |
| A budget that outlines the anticipated and actual expenses for a responsibility center. | Expense Budget |
| A budget that lists the forecasted and actual revenues of the organization. | Revenue Budget |
| A budget that estimates receipts and expenditures of money on a daily or weekly basis to ensure that an organization has sufficient cash to meet its obligations. | Cash Budget |
| A budget that plans and reports investments made in major assets that will be depreciated over several years. | Capital Budget |
| The budgeted amounts for the coming year are literally imposed on middle-and lower-level managers. | Top-down Budgeting |
| Lower-level managers anticipating their department's budget needs and passing them up to top management for approval. | Bottom-Up Budgeting |
| Provide the basic information used for financial control of an organization | Financial Statements |
| Shows the firm's financial position with respect to assets and liabilities at a specific point in time. | Balance Sheet |
| Summarizes the firm's financial performance for a given time interval. | Income Statement |
| Statistics that express the relationship between performance indicators such as profits and assets, sales and inventory. | Ratios |
| Indicates the organization's ability to meet its current debt obligations | Liquidity Ratio |
| Measures the organization's internal performance with respect to key activities defined by management. | Activity Ratio |
| Describes the firm's profits relative to a source of profits, such as sales or assets | Profitability Ratio |
| Involves monitoring and influencing employee behavior through extensive use of rules, policies, hierarchy of authority, written documentation, reward systems, and other formal mechanisms. | Hierarchical Control |
| The organization fosters compliance with organizational goals through the use of organizational culture, group norms, and a focus on goals rather than rules and procedures. | Decentralized control |
| Allows employees to see for themselves the financial condition of the organization and encourages them to think and act like business owners. | Open-book managment |
| An organization-wide effort to infuse quality into every activity in a company through continuous improvement. The philosophy focuses on teamwork, customer satisfaction, and lowering costs. | Total Quality Management (TQM) |
| A group of 6-12 volunteer employees who met regularly to discuss and solve problems affecting the quality of their work. | Quality Circles |
| The continuous process of measuring products, services, and practices against major competitors or industry leaders. | Benchmarking |
| A quality control approach that emphasizes a relentless pursuit of higher quality and lower costs. | Six Sigma |
| The steps that are taken to compete a company process, improves overall company performance as well as quality. | Cycle Time |
| The implementation of a large number of small, incremental improvements in all areas of the organization on an ongoing basis | Continuous Improvement, or Kaizen |
| Measurement systems gauge financial performances in terms of after-tax profits minus the cost of capital invested in tangible assets | Economic value-added (EVA) |
| A control system that monitors the stock market's estimate of the value of a company's past and expected capital investment projects. | Market Value-added (MVA) |
| Control System that identifies the various activities needed to provide a product and allocates costs accordingly. | Activity-based costing (ABC) |
| Refers to the framework of systems, rules, and practices by which an organization ensures accountability, fairness, and transparency in the firm's relationship with stakeholders | Corporate Governance |
| A unit of two or more people who interact and coordinate their work to accomplish a goal for which they are committed and hold themselves mutually accountable. | A team |
| A person who benefits from team membership but does not make a proportionate contribution to the teams work. | A free rider |
| Lack of trust fear of conflict lack of commitment avoidance of accountability inattention to results | Five common dysfunctions of teams |
| Rallying people around a compelling purpose, sharing power and responsibility, and admitting their imperfections and shortcomings. | Three specific ways leaders contribute to team succeess |
| Created by organizations as part of the formal organizational structure | Formal Teams |
| Composed of a manager and his or her subordinates in the formal chain of command | Vertical Teams, funtional team or command team |
| Made up of employees from about the same hierarchical level but from different areas of expertise. | Horizontal teams |
| A long-lasting, sometimes permanent team created as part of the formal organization structure to deal with tasks that occur regularly | Committee |
| Teams created outside the formal structure to undertake a project of special importance, such as developing a new product. | Special Purpose Teams |
| Multi-skilled employees who rotate jobs to produce an entire product or service, often led by an elected team leader. | Self-Directed Team |
| A team made up of memebers who are geographically or organizationally dispersed, rarely meet face to face, and interact to accomplish their work primarily using advanced information and telecommunications technologies | Virtual Team |
| Made up of employees who come from different countries and whose activities span multiple countries | Global Team |
| These take responsibility for their work, make decisions, monitor their own performance, and alter their work behavior as needed to solve problems and meet goals | _______-________ ______ |
| The arousal of enthusiasm and persistence to pursue a certain course of action | Motivation |
| Satisfactions a person receives in the process of performing a particular action | Intrinsic Rewards |
| Given by another person, such as a manager, and include pay increases, promotions and praise | Extrinsic Rewards |
| Emphasize the needs that motivate people | Content theories |
| the most well known content theory which proposes that people are motivated by five categories of needs: physiological, safety, belongingness, esteem, and self-actualization | Maslow's Hierarchy of Needs Theory |
| A modification of the needs hierarchy and proposes three categories of needs: existence, relatedness and growth | ERG Theory |
| The idea that failure to meet a high-order need may cause a regression to an already satisfied lower-order need; thus, people may move down as well as up the need hierarchy | The frustration-regression principle |
| The most basic human physical needs include food, water and oxygen. | Physiological needs |
| These needs include a safe and secure physical and emotional environment and freedom from threats-- that is for freedom from violence and for an orderly society. | Safety needs |
| The needs that reflect the desire to be accepted by one's peers, have friendships, be part of a group and be loved | Belongingness needs |
| These needs relate to the desire for a positive self-image and to receive attention, recognition and appreciation from others | Esteem needs |
| The needs for physical well-being | Existence needs |
| The needs for satisfactory relationships with others | Relatedness needs |
| The needs that focus on the development of human potential and the desire for personal growth and increased competence | Growth needs |
| Focuses on lower-level needs and involves the presence or absence of job dissatisfiers, |
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pkomisarow
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