5.18: Monitoring and Controlling Flashcards
Management function that involves monitoring, comparing, and correcting work performance
controlling
A three-step process of measuring actual performance, comparing actual performance against a standard, and taking managerial action to correct deviations or inadequate standards
control process
The acceptable parameters of variance between actual performance and the standard
range of variation
Corrective action that corrects problems at once to get performance back on track
immediate corrective action
Corrective action that looks at how and why performance deviated before correcting the source of deviation
basic corrective action
The end result of an activity
performance
The accumulated results of all the organizations work activities
organizational performance
The amount of goods or services produced divided by the inputs needed to generate that output
productivity
A measure of how appropriate organizational goals are and how well those goals are being met
organizational effectiveness
An approach to ensure that the minimum penalty appropriate to the offense is imposed
progressive disciplinary action
Control that takes place before a work activity is done
feedforward control
Control that takes place while a work activity is in progress
concurrent control
A term used to describe when a manager is out in the work area interacting directly with employees
management by walking around
Control that takes place after a work activity is done
feedback control
A system used to provide management with needed information on a regular basis
management information system (MIS)
A performance measurement tool that looks at more than just the financial perspective
balanced scorecard
The search for the best practices among competitors or non competitors that lead to their superior performance
benchmarking
The standard of excellence against which to measure and compare
benchmark
Any unauthorized taking of company property by employees for their personal use
employee theft
The service sequence from employees to customers to profit
service profit chain
corporate governance
The system used to govern a corporation so that the interests of corporate owners are protected
Predictions of outcome
forecasts
Forecasting that applies a set of mathematical rues to a series of past data to predict outcomes
quantitative forecasting
Forecasting that uses the judgement and opinions of knowledgeable individuals to predict outcomes
qualitative forecasting
An organization’s assets–including financial, physical, human, intangible, and structural/cultural–that are used to develop, manufacture, and deliver products to its customers
resources
A numerical plan for allocating resources to specific activities
budget
The process of allocating resources to pay for designated future costs
budgeting
Process starting with the current budget from which managers decide whether they ned additional resources and the justification for requesting it
incremental budgeting
Process starting with an established point of zero rather than using the current budget as the basis for adding, modifying, or subtracting resources
zero-base budgeting (ZBB)
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
scheduling
A scheduling chart developed by Henry Gantt that shows actual and planned output over a period of time
Gantt chart
A modified Gantt chart that schedules capacity by entire departments or specific resources
load chart
A flowchart diagram showing the sequence of activities needed to complete a project and the time or cost associated with each
PERT network
End points that represent the completion of major activities in a PERT network
events
The time of resources needed to progress from one event to another in a PERT network
activities
The amount of time an individual activity can be delayed without delaying the whole project
slack time
The longest sequence of activities in a PERT network
critical path
A technique for identifying the point at which total revenue is just sufficient to cover total costs
breakeven analysis
A mathematical technique that solves resource allocation problems
linear programming
A one-time-only set of activities that has definite beginning and ending point in time
project
The task of getting projects activities done on time, whiten budget, and according to specifications
project management
A consistent view of what the future is likely to be
scenario
the transformation process that converts resources into finished goods and services
operations managements
Organizations that produce physical goods
manufacturing organizations
Organizations that produce nonphysical products in the form of services
service organizations
The performance characteristics features, and attributes, and any other aspects of goods and services for which customers are willing to give up resources
value
The entire series of organizational work activities that add value at each step from from raw materials to finished product
value chain
The process of managing the sequence of activities and information along the entire value chain
value chain management
The ways that organizational work is done
organizational processes
Proprietary information that’s critical to an organization’s efficient and effective functioning and competitiveness
intellectual property
The ability of a product or service to reliably do what it’s supposed to do and to satisfy customer expectations
quality
A series of international quality management standards that set uniform guidelines for processes to ensure products conform to customer requirements
ISO 9000
A quality program designed to reduce defects and help lower costs, save time, and improve customer satisfaction
Six Sigma
Providing customers with a product when, where, and how they want it
mass customization
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
lean organization
