Chapter 16 Notes Flashcards Preview

UNLV MGT301 - Victor Isbell > Chapter 16 Notes > Flashcards

Flashcards in Chapter 16 Notes Deck (66)
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1

making something happen the way it was planned to happen

Control

2

defined as monitoring performance, comparing it with goals, and taking corrective action as needed

Controlling

3

setting goals and deciding how to achieve them

Planning

4

arranging tasks, people, and other resources to accomplish the work

Organizing

5

motivating people to work hard to achieve the organization's goals

Leading

6

Control Process Steps:

Establish Standards

Measure Performance

Compare Performance to standards

Take Corrective action if necessary

7

the desired performance level for a given goal.

Control Standard

8

number of products sold, units produced, or cost per item sold.

Measure Performance

9

mpare measured performance against the standards established

Compare performance to standards

10

a control principle that states that managers should be informed of a situation only if data show a significant deviation from standards

Management by exception

11

monitoring performance to ensure that strategic plans are being implemented and taking corrective action as needed

Strategic Control

12

monitoring performance to ensure that tactical plans—those at the divisional or departmental level—are being implemented and taking corrective action as needed

Tactical Control

13

monitoring performance to ensure that operational plans—day-to-day goals—are being implemented and taking corrective action as needed

Operational Control

14

Six Areas of Control

physical, human, informational, financial, structural, and cultural.

15

the sequence of suppliers that contribute to creating and delivering a product, from raw materials to production to final buyers

Supply Chain

16

an approach to organizational control that is characterized by use of rules, regulations, and formal authority to guide performance

Bureaucratic Control

17

an approach to organizational control that is characterized by informal and organic structural arrangements

Decentralized Control

18

gives top managers a fast but comprehensive view of the organization via four indicators: (1) customer satisfaction, (2) internal processes, (3) innovation and improvement activities, and (4) financial measures.

balanced scorecard

19

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

strategy map

20

a formal financial projection

Budget

21

forces each department to start from zero in projecting funding needs

zero-based budgeting (ZBB)

22

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

Incremental Budgeting

23

Forecasts all sources of cash income and cash expenditures for daily, weekly, or monthly period

Cash or cashflow budget

24

Anticipates investments in major assets such as land, buildings, and major equipment

Capital expenditures budget

25

Projects future sales, often by month, sales area, or product

Sales or revenue budget

26

Projects expenses (costs) for given activity for given period

Expense budget

27

Projects organization's source of cash and how it plans to spend it in the forthcoming period

Financial budget

28

Projects what an organization will create in goods or services, what financial resources are needed, and what income is expected

Operating budget

29

Deals with units other than dollars, such as hours of labor or office square footage

Nonmonetary budget

30

where resources are allocated on a single estimate of costs

Fixed or Static Budget