MGT 349-Management a Practical Introduction Chapter 16

Sheila Holdren
Flashcards by Sheila Holdren, updated more than 1 year ago
Sheila Holdren
Created by Sheila Holdren over 5 years ago
71
3

Description

MGT 349- Principles of Management-Book by Kinicki/Williams Chapter 16 key terms

Resource summary

Question Answer
Audits formal verifications of an organization's financial and operational systems
Balance Sheet summarizes an organization's overall financial worth--that is, assets and liabilities--at a specific point in time
Budget a formal financial projection
Balanced Scorecard Gives 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
Bureaucratic control an approach to organizational control that is characterized by use of rules, regulations, and formal authority to guide performance
Continuous Improvement ongoing small, incremental improvements in all parts of an organization--all products, services, functional areas, and work processes
Control Process steps 1. establish standard 2. measure performance 3. compare performance standards 4. take corrective action, if necessary
Control Standard or Performance Standard or Standard the desired performance level for a given goal
Controlling monitoring performance, comparing it with goals, and taking corrective action as needed
Decentralized Control an approach to organizational control that is characterized by informal and organic structural arrangements
Deming Managment proposed ideas for making organizations more responsive, more democratic, and less wasteful
Enterprise Resource Planning (ERP) software systems, information systems for integrating virtually all aspects of a business, helping managers stay on top of the latest developments
External Audit a formal verification of an organization's financial accounts and statements by outside experts
Financial Statement a summary of some aspect of an organization's financial status
Fixed Budget allocates resources on the basis of a single estimate of costs
Income Statement summarizes an organization's financial results--revenues and expenses-over a specified period of time
Incremental Budgeting allocates 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
Internal Audit a verification of an organization's financial accounts and statements by the organization's own professional staff
ISO 9000 Series consists 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"
ISO 14000 Series extends the concept, identifying standards for environmental performance
Lean Six-Sigma focuses on problem solving and performance improvement--speed with excellence--of a well-defined project
Management by Exception a control principle that states that managers should be informed of a situation only if data show a significant deviation from standards
Operational Control monitoring performance to ensure that operational plans-day-to-day goals-are being implemented and taking corrective action as needed
PDCA cyce- Plan-Do-Check-Act cycle using observed data for continuous improvement of operations
RATER scale enables 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)
Ratio Analysis the practice of evaluating financial ratios-to determine an organization's financial health
Reduced Cycle Time reduction in steps in a work process
Six Sigma a rigorous statistical analysis process that reduces defects in manufacturing and service-related processes
Special-Purpose Team to meet to solve a special or onetime problem
Statistical process control statistical technique that uses periodic random samples from production runs to see if quality is being maintained within a standard range of acceptability
Strategic Control monitoring performance to ensure that strategic plans are being implemented ad taking corrective action as needed
Strategy Map a 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
Tactical Control monitoring performance to ensure that tactical plans-those at the divisional or department level-are being implemented and taking corrective action as needed
Total Quality Management (TQM) a comprehensive approach--led by top management and supported throughout the organization--dedicated to continuous quality improvement, training, and customer satisfaction
Two Core Principles of TQM 1. 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
Variable Budget allows the allocation of resources to vary in proportion with various levels of activity
Show full summary Hide full summary

Similar

Preparing for Presentations
Micheal Heffernan
Introduction notes on SCRUM Project management framework.
Wesley Thomson
Management Skills: MOTIVATION
Ciara Mooney
Unit 3.4: Effective People Management
nk_
Introduction to the Internet
Shannon Anderson-Rush
How to Turn Business Failure into Business Success
Micheal Heffernan
Physiology / Intro psychology
Molly Macgregor
What is strategy?
wightrose
Leadership vs. Management
Fahima Noori
MGT chapter 15
Bailey N
Top Down Strategy (Pros and Cons)
wightrose