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MOB Chapter 15 Vocab
| Question | Answer |
|---|---|
| The systematic process through which managers regulate organizational activities to make them consistent with expectations established in plans, targets, and standards of performance. | Organizational Control |
| A comprehensive management-control system that balances traditional financial measures with measures of customer service, internal business processes, and the organization's capacity for learning and growth. | Balanced Scorecard |
| An organization unit under the supervision of a single person who is responsible for its activity. | Responsibility Center |
| A financial statement that shows the firm's financial position with respect to assets and liabilities at a specific point in time. | Balance Sheet |
| A financial statement that summarizes the firm's financial performance for a given time interval; sometimes called a profit-and-loss statement. | Income Statement |
| The use of rules, policies, hierarchy of authority, reward systems, and other formal devices to influence employee behavior and assess performance. | Hierarchical Control |
| The use of organizational culture, group norms, and a focus on goals rather than on rules and procedures to foster compliance with organizational goals. | Decentralized Control |
| Sharing financial information and results with all employees in the organization. | Open-book Management |
| An organization-wide commitment to infusing quality into every activity through continuous improvement. | Total Quality Management (TQM) |
| A group of 6 to 12 volunteer employees who meet regularly to discuss and solve problems that affect the quality of their work. | Quality Circle |
| 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 taken to complete a company process. | Cycle Time |
| The implementation of a large number of small, incremental improvements in all areas of the organization on an ongoing basis. | Continuous Improvement |
| A set of standards as outlined by the International Organization for Standardization that represent an international consensus of what constitutes effective quality management. | ISO 9000 Standards |
| A control system that measures performance in terms of after-tax profits minus the cost of capital invested in tangible assets. | Economic Value-Added (EVA) |
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