Flashcards
MGT 349-Management a Practical Introduction Chapter 16
Cards in this deck (36)
- 1Auditsformal verifications of an organization's financial and operational systems
- 2Balance Sheetsummarizes an organization's overall financial worth--that is, assets and liabilities--at a specific point in time
- 3Budgeta formal financial projection
- 4Balanced ScorecardGives top managers a fast but comprehensive view of the organization via
1. customer satisfaction
2. internal processes
3. innovation and improvement activities
4. financial measures - 5Bureaucratic controlan approach to organizational control that is characterized by use of rules, regulations, and formal authority to guide performance
- 6Continuous Improvementongoing small, incremental improvements in all parts of an organization--all products, services, functional areas, and work processes
- 7Control Process steps1. establish standard
2. measure performance
3. compare performance standards
4. take corrective action, if necessary - 8Control Standard or Performance Standard or Standardthe desired performance level for a given goal
- 9Controllingmonitoring performance, comparing it with goals, and taking corrective action as needed
- 10Decentralized Controlan approach to organizational control that is characterized by informal and organic structural arrangements
- 11Deming Managmentproposed ideas for making organizations more responsive, more democratic, and less wasteful
- 12Enterprise Resource Planning (ERP)software systems, information systems for integrating virtually all aspects of a business, helping managers stay on top of the latest developments
- 13External Audita formal verification of an organization's financial accounts and statements by outside experts
- 14Financial Statementa summary of some aspect of an organization's financial status
- 15Fixed Budgetallocates resources on the basis of a single estimate of costs
- 16Income Statementsummarizes an organization's financial results--revenues and expenses-over a specified period of time
- 17Incremental Budgetingallocates increased or decreased funds to a department by using the last budget period as a reference point; only incremental changes in the budget request are reviewed
- 18Internal Audita verification of an organization's financial accounts and statements by the organization's own professional staff
- 19ISO 9000 Seriesconsists of quality-control procedures companies must install-from purchasing to manufacturing to inventory to shipping-that can be audited by independent quality-control experts, or "registrars"
- 20ISO 14000 Seriesextends the concept, identifying standards for environmental performance
- 21Lean Six-Sigmafocuses on problem solving and performance improvement--speed with excellence--of a well-defined project
- 22Management by Exceptiona control principle that states that managers should be informed of a situation only if data show a significant deviation from standards
- 23Operational Controlmonitoring performance to ensure that operational plans-day-to-day goals-are being implemented and taking corrective action as needed
- 24PDCA cyce-Plan-Do-Check-Act
cycle using observed data for continuous improvement of operations - 25RATER scaleenables customers to rate the quality of service along five dimensions:
reliability, assurance, tangibles, empathy, and responsiveness
each on a scale from 1 (very poor) to 10 (very good) - 26Ratio Analysisthe practice of evaluating financial ratios-to determine an organization's financial health
- 27Reduced Cycle Timereduction in steps in a work process
- 28Six Sigmaa rigorous statistical analysis process that reduces defects in manufacturing and service-related processes
- 29Special-Purpose Teamto meet to solve a special or onetime problem
- 30Statistical process controlstatistical technique that uses periodic random samples from production runs to see if quality is being maintained within a standard range of acceptability
- 31Strategic Controlmonitoring performance to ensure that strategic plans are being implemented ad taking corrective action as needed
- 32Strategy Mapa 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
- 33Tactical Controlmonitoring performance to ensure that tactical plans-those at the divisional or department level-are being implemented and taking corrective action as needed
- 34Total Quality Management (TQM)a comprehensive approach--led by top management and supported throughout the organization--dedicated to continuous quality improvement, training, and customer satisfaction
- 35Two Core Principles of TQM1. People orientation-everyone involved with the organization should focus on delivering value to the customer
2. improvement orientation-everyone should work on continuously improving the work process - 36Variable Budgetallows the allocation of resources to vary in proportion with various levels of activity
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- MGT 349- Principles of Management-Book by Kinicki/Williams Chapter 16 key terms
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- Sheila Holdren
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