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MOB Chapter 15 Vocab

QuestionAnswer
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)
Created by: AbbyP