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BUS 210 > 5.18: Monitoring and Controlling > Flashcards

5.18: Monitoring and Controlling Flashcards

1
Q

Management function that involves monitoring, comparing, and correcting work performance

A

controlling

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2
Q

A three-step process of measuring actual performance, comparing actual performance against a standard, and taking managerial action to correct deviations or inadequate standards

A

control process

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3
Q

The acceptable parameters of variance between actual performance and the standard

A

range of variation

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4
Q

Corrective action that corrects problems at once to get performance back on track

A

immediate corrective action

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5
Q

Corrective action that looks at how and why performance deviated before correcting the source of deviation

A

basic corrective action

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6
Q

The end result of an activity

A

performance

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7
Q

The accumulated results of all the organizations work activities

A

organizational performance

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8
Q

The amount of goods or services produced divided by the inputs needed to generate that output

A

productivity

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9
Q

A measure of how appropriate organizational goals are and how well those goals are being met

A

organizational effectiveness

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10
Q

An approach to ensure that the minimum penalty appropriate to the offense is imposed

A

progressive disciplinary action

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11
Q

Control that takes place before a work activity is done

A

feedforward control

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12
Q

Control that takes place while a work activity is in progress

A

concurrent control

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13
Q

A term used to describe when a manager is out in the work area interacting directly with employees

A

management by walking around

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14
Q

Control that takes place after a work activity is done

A

feedback control

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15
Q

A system used to provide management with needed information on a regular basis

A

management information system (MIS)

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16
Q

A performance measurement tool that looks at more than just the financial perspective

A

balanced scorecard

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17
Q

The search for the best practices among competitors or non competitors that lead to their superior performance

A

benchmarking

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18
Q

The standard of excellence against which to measure and compare

A

benchmark

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19
Q

Any unauthorized taking of company property by employees for their personal use

A

employee theft

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20
Q

The service sequence from employees to customers to profit

A

service profit chain

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21
Q

corporate governance

A

The system used to govern a corporation so that the interests of corporate owners are protected

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22
Q

Predictions of outcome

A

forecasts

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23
Q

Forecasting that applies a set of mathematical rues to a series of past data to predict outcomes

A

quantitative forecasting

24
Q

Forecasting that uses the judgement and opinions of knowledgeable individuals to predict outcomes

A

qualitative forecasting

25
Q

An organization’s assets–including financial, physical, human, intangible, and structural/cultural–that are used to develop, manufacture, and deliver products to its customers

A

resources

26
Q

A numerical plan for allocating resources to specific activities

A

budget

27
Q

The process of allocating resources to pay for designated future costs

A

budgeting

28
Q

Process starting with the current budget from which managers decide whether they ned additional resources and the justification for requesting it

A

incremental budgeting

29
Q

Process starting with an established point of zero rather than using the current budget as the basis for adding, modifying, or subtracting resources

A

zero-base budgeting (ZBB)

30
Q

Detailing what activities have to be done, the order in which they are to be completed, who is to do each, and when they are to be completed

A

scheduling

31
Q

A scheduling chart developed by Henry Gantt that shows actual and planned output over a period of time

A

Gantt chart

32
Q

A modified Gantt chart that schedules capacity by entire departments or specific resources

A

load chart

33
Q

A flowchart diagram showing the sequence of activities needed to complete a project and the time or cost associated with each

A

PERT network

34
Q

End points that represent the completion of major activities in a PERT network

A

events

35
Q

The time of resources needed to progress from one event to another in a PERT network

A

activities

36
Q

The amount of time an individual activity can be delayed without delaying the whole project

A

slack time

37
Q

The longest sequence of activities in a PERT network

A

critical path

38
Q

A technique for identifying the point at which total revenue is just sufficient to cover total costs

A

breakeven analysis

39
Q

A mathematical technique that solves resource allocation problems

A

linear programming

40
Q

A one-time-only set of activities that has definite beginning and ending point in time

A

project

41
Q

The task of getting projects activities done on time, whiten budget, and according to specifications

A

project management

42
Q

A consistent view of what the future is likely to be

A

scenario

43
Q

the transformation process that converts resources into finished goods and services

A

operations managements

44
Q

Organizations that produce physical goods

A

manufacturing organizations

45
Q

Organizations that produce nonphysical products in the form of services

A

service organizations

46
Q

The performance characteristics features, and attributes, and any other aspects of goods and services for which customers are willing to give up resources

A

value

47
Q

The entire series of organizational work activities that add value at each step from from raw materials to finished product

A

value chain

48
Q

The process of managing the sequence of activities and information along the entire value chain

A

value chain management

49
Q

The ways that organizational work is done

A

organizational processes

50
Q

Proprietary information that’s critical to an organization’s efficient and effective functioning and competitiveness

A

intellectual property

51
Q

The ability of a product or service to reliably do what it’s supposed to do and to satisfy customer expectations

A

quality

52
Q

A series of international quality management standards that set uniform guidelines for processes to ensure products conform to customer requirements

A

ISO 9000

53
Q

A quality program designed to reduce defects and help lower costs, save time, and improve customer satisfaction

A

Six Sigma

54
Q

Providing customers with a product when, where, and how they want it

A

mass customization

55
Q

An organization that understands what customers want, identifies customer value by analyzing all activities required to produce products and then optimizes the entire process from the customer’s perspective

A

lean organization

BUS 210 (9 decks)

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