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23 Cards in this Set
- Front
- Back
Bureaucratic Control |
The use of rules, regulations, and authority to guide performance |
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Market control |
Control based on the use of prices, competition, and exchange relationships to regulate activities in organizations as if they were economic transactions |
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Clan control |
Control based on the norms, values, shared goals, and trust among group members |
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Standard |
Expected performance for a given goal; a target that establishes a desired performance level, motivates performance, and serves as a benchmark against which actual performance is assessed |
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Principle of exception |
A managerial principle stating that control is enhanced by concentrating on exceptions to or significant deviations from the expected result or standard |
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Feedforward control |
Control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carries out properly |
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Concurrent control |
Control process used while plans are being carried out, including directing, monitoring, and fine tuning activities as they are performed |
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Feedback control |
Control that focuses on the use of information about previous results to correct deviations from the acceptable standard |
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Management audit |
An evaluation of the effectiveness and efficiency of various systems within an organization |
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External audit |
An evaluation conducted by one organization on another |
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Internal audit |
A periodic assessment of a company's own planning, organizing, leading, and controlling processes |
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Budgeting |
The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; budgetary controlling |
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Accounting audits |
Procedures used to verify accounting reports and statements |
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Activity based costing (ABC) |
A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities |
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Balance sheet |
A report t h at shows the financial picture of a company at a given time and itemized assets, liabilities, and stockholders equity |
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Assets |
The values of the various items the corporation owns |
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Liabilities |
The amounts a corporation's owes to various creditors |
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Stockholders equity |
The amount accruing to the corporation's owners |
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Current ratio |
A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short term liabilities |
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Debt-equity ratio |
A leverage ratio that indicates the company's ability to meet its long-term financial obligations |
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Return on investment (ROI) |
A ratio profit to capital used, or rate of return from capital |
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Management myopia |
Focusing on short term earnings and profits at the expense of longer term strategic obligations |
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Balanced scoreboard |
Control system combining four sets of performance measures: financial, customer, business process, and learning and growth |