Chapter 19 Flashcards

1
Q

Managers use a variety of measures to monitor performance:

A

Controlling work processes, regulating employee behavior, systems for financial success, developing human resources, evaluating profitability.

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2
Q

Feedback control model:

A

Established standards of performance, measure actual performance, compare performance to standards, take corrective action.

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3
Q

The balanced scoreboard:

A

Balanced perspective of company performance, integrates various areas of the organization, managers record/analyze/discuss metrics, serves as core management-control system.

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4
Q

Hierarchical control:

A

Monitoring behavior through rules, policies, reward systems, and written documentation.

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5
Q

Decentralized controls:

A

Based on values and assumptions, rules are only used when necessary.

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6
Q

Open-book management:

A

Decentralized philosophy, gets employees thinking like owners, information sharing and teamwork, allows employees to see financial state, sees how job fits into organizational success.

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7
Q

Total quality management (TQM):

A

Infuse quality into every aspect of business, all day-to-day activities. Became popular in the US in the 1980s, focuses on teamwork/collaboration/identifying improvements, goal is zero defects.

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8
Q

Total quality management techniques:

A

Quality circles, benchmarking, six sigma, quality partnering, continuous improvement.

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9
Q

Budgetary control:

A

Setting targets and monitoring expenditures, budget list planned and actual expenditures, budgets are associated with a division.

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10
Q

Budgets managers use:

A

Expense budget, revenue budget, cash budget, capital budget, zero-based budget.

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11
Q

Balance sheet:

A

Shows firms financial position.

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12
Q

Income statement:

A

Profit-and-loss statement highlights firms financial performance.

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13
Q

Interpreting the numbers:

A

Financial analysis is ratios and statistics. Review is profits, assets, sales, and inventory.

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14
Q

Corporate governance:

A

Goes beyond systems and rules from the top to safeguard shareholders, ensures accountability, fairness, and transparency in all its dealings.

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