STUPID EXAM 4 Flashcards
(51 cards)
control
The regulation of organizational activities in such a way as to facilitate goal attainment
4 Purposes of control
- adapt to environmental change
- limit accumulation of error
- Minimize Costs
- cope with organizational complexity
4 Types of control
- human
- information
3.financial
4.physical
operations control
Focuses on the processes that the organization uses to transform resources into products or services
financial control
Concerned with the organization’s financial resources
structural control
Concerned with how the elements of the organization’s structure are serving their intended purpose
strategic control
Focuses on how effectively the organization’s strategies are succeeding in helping the organization meet its goals
controller
A position in organizations that helps line managers with their control activities
4 steps in the control process
- establish standards
- measure performance
3.compare performance against standards - determine need for corrective action
control standard
A target against which subsequent performance will be compared
operations control
Focuses on the processes the organization use to transform resources into products or services
preliminary control
Attempts to monitor the quality or quantity of financial, physical, human, and information resources before they actually become part of the system
screening control
Relies heavily on feedback processes during the transformation process
postaction control
Monitors the outputs or results of the organization after the transformation process is complete
budget
A plan expressed in numerical terms
3 types of budgets
financial, operating, and nonmonetary
financial statement
A profile of some aspect of an organization’s financial circumstances
balance sheet
List of assets and liabilities of an organization at a specific point in time
income statement
A summary of financial performance over a period of time, usually one year
ratio analysis
The calculation of one or more financial ratios to assess some aspect of the organization’s financial health
audits
An independent appraisal of an organization’s accounting, financial, and operational systems
4 basic managerial functions
- planning
2.leading
3.organizing
4.controlling
decentralized control
An approach to organizational control based on informal and organic structural arrangements
strategic control
Control aimed at ensuring that the organization is maintaining an effective alignment with its environment and moving toward achieving its strategic goals
