chapter 16

Question 1

control process

Answer 1

• establish standards
• measure performance
• compare performance to standards
• make changes

Question 2

control standard

Answer 2

desired performance level for a given goal

control charts measure quality control

Question 3

feedforward control

Answer 3

prevent future problems

based on past performance
plans to avoid problems are made before project or task is started

Question 4

concurrent control

Answer 4

collect real time performance info

corrective action taken immediately

Question 5

feedback control

Answer 5

collect performance info after completion of task or project

Question 6

balanced scorecard

Answer 6

comprehensive and fast view of the org

• customer
• innovation
• interal business
• financial

Question 7

budget

Answer 7

formal financial projection

Question 8

incremental budget

Answer 8

flexible in providing more or less funds based on last budget period

Question 9

fixed budget

Answer 9

single estimate, cannot change

Question 10

variable budget

Answer 10

can vary and adjust

Question 11

financial statement

Answer 11

aspects of orgs financial status

balance sheet
financial worth
assets and liabilities

income statement
financial results
revenues and expenses

statement of cash flows
cash generated over period of time

Question 12

benchmarking

Answer 12

involves measuring something against a standard

internal – perf standards
competitive – competitors
strategic – best industry practices

Question 13

best practices

Answer 13

best guidelines, ethics, or ideas that have shown to produce optimal results