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Pruett Mgmt. Ch. 14
Management Ch. 14
| Term | Definition |
|---|---|
| Control | Any process that directs the activities of individuals toward the achievement of organizational goals. |
| Bureaucratic Control | The use of rules, regulations, and authority to guide performance. |
| Market Control | Control based on the use of pricing mechanisms and economic information to regulate activities within organizations. |
| Clan Control | Control based on the norms, values, shared goals, and trust, among group members. |
| Standard | Expected performance for a given goal: a target that establishes a desired performance level , motivates performance, and serves as a benchmark against which actual performance is assessed. |
| Principle of Exception | A managerial principle stating that control is enhanced by concentrating on the exceptions to or significant deviations from the expected result or standard. |
| Feedforward Control | The control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly. |
| Concurrent Control | The control process used while plans are being carried out, including directing, monitoring, 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. |
| Management Audit | An evaluation of the effectiveness and efficiency of various systems within an organization. |
| External Audit | An evaluation conducted by one organization, such as a CPA firm, on another. |
| Internal Audit | A periodic assessment of a company's own planning, organizing, leaning, and controlling processes. |
| Budgeting/Budgeting Controlling | The process of investing what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences. |
| Accounting Audits | Procedures used to verify accounting reports and statements. |
| Activity-Based Costing (ABC) | A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities. |
| Balance Sheet | A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity. |
| Assets | The values of the various items the corporation owns. |
| Liabilities | The amounts a corporation owes to various creditors. |
| Stockholders' Equity | The amount accruing to the corporation's owners. |
| Profit and Loss Statement | An itemized financial statement of the income and expenses of a company's operations. |
| Current Ratio | A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities. |
| Debt-Equity Ratio | A leverage ratio that indicates the company's ability to meet its long-term financial obligations. |
| Return on Investment (ROI) | A ratio of profit to capital used, or a rate of return from capital. |
| Management Myopia | Focusing on short-term earnings and profits at the expense of longer-term strategic obligations. |
| Balanced Scorecard | Control system combining four sets of performance measures: financial, customer, business process, and learning and growth. |
| Transfer Price | Price charged by one unit for a good or service provided to another unit within the organization. |
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