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ENGRNG MAN > CHAPTER 9 > Flashcards

CHAPTER 9 Flashcards

1
Q

refers to the “process of ascertaining whether organizational objectives have been achieved ; if not why not determining what activities should then be taken to achieve objectives better in the future”

A

CONTROLLING

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2
Q

completes the cycle of management functions

A

CONTROLLING

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3
Q

are set at the planning stage are verified as to achievement or completion at any given point in in the organizing and implementing stages

A

OBJECTIVES AND GOALS

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4
Q

usually undertaken when expectations are not met at scheduled dates

A

CORRECTIVE MEASURES

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5
Q

they contribute to unnecessary expenditures which increase the cost of pricing goods and services

A

DEVIATION
MISTAKES
SHORTCOMINGS

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6
Q

measures minimize the ill effects of such negative occurrences

A

PROPER CONTROLLING

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7
Q

minimizes, if not totally eliminates losses in inventory

A

EFFECTIVE INVENTORY CONTROL SYSTEM

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8
Q

may be illustrated as it is applied in a typical factory

A

IMPORTANCE OF CONTROLLING

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9
Q

if no such ________ is made, the company will be face with escalating production costs, which will place the viability of the firm to jeopardy

A

CONTROL

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10
Q

STEPS IN THE CONTROLLING PROCESS

A
  1. establishing performance objectives and standards
  2. measuring actual performance
  3. comparing actual performance to the objectives and standards
  4. taking necessary action based on the results of the comparison
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11
Q

ESTABLISHING PERFORMANCE OBJECTIVE AND PERFORMANCE

A
  1. sales targets
  2. production targets
  3. worker attendance
  4. safety record
  5. supplies used
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12
Q

which are expressed in quantity or monetary terms

A

SALES TARGETS

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13
Q

which are expressed in quantity or quality

A

PRODUCTION TARGETS

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14
Q

which are expressed in terms of rate of absences

A

WORKER ATENDANCE

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15
Q

which are expressed in number of accidents for given periods

A

SAFETY RECORDS

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16
Q

which are expressed in quantity or monetary terms for given periods

A

SUPPLIES USED

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17
Q

differ among various organizations

A

STANDARDS

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17
Q

useful standards in construction firms

A

PROJECT COMPLETION DATES

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18
Q

measures form the basis for standard requirements in chemical manufacturing firms

A

POLLUTION

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18
Q

will depend on the actual findings

A

ADJUSTMENTS

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19
Q

every _______ established must be provided with its own method for measurement

A

STANDARD

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20
Q

could be made when shortcomings occur

A

ADJUSTMENTS

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20
Q

will differ from organization to organization, as each have their own unique objectives

A

MEASURING TOOL

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21
Q

EXAMPLES OF MEASURING TOOLS

A
  1. annual growth rate as standard basis
  2. market share approach
  3. position in industry
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22
Q

there is need to measure actual performance so that when shortcomings occur, adjustments could be made

A

MEASURING ACTUAL PERFORMANCE

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23
Q

once actual performance has been determined, this will be compared with what the organization seek to achieve

A

COMPAARING ACTUAL PERFORMANCE T OBJECTIVES AND STANDARDS

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24
Q

actual production output, for instance, will be compared with the______

A

TARGET OUTPUT

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25
Q

the purpose of comparing actual performance with the desired result is to improve management with the opportunity to take corrective action when necessary

A

TAKING NECESSARY ACTION

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26
Q

TAKING NECESSRY ACTION EXAMPLE

A
  1. hire additional personnel
  2. use more equipment
  3. require overtime
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27
Q

TYPES OF CONTROL

A
  1. feedforward control
  2. concurrent control
  3. feedback control
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28
Q

when management anticipates problems and prevents their occurrence

A

FEEDFORWARD CONTROL

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29
Q

this type of control provides the assurance that the required human and non-human resources are in place before operations begin

A

FEEDFORWARD CONTROL

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30
Q

when operations are already ongoing and activities to detect the variance are made

A

CONCURRENT CONTROL

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30
Q

it is always possible that ________ from standards will happen in the production process

A

DEVIATIONS

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31
Q

the manager of the construction firm constantly monitors the progress of the company’s projects. when construction is behind schedule, corrective measures like the hiring of addition manpower are made.

A

CONCURRENT CONTROL

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31
Q

also necessary inputs in the pre-operation phase

A

INFORMATION ON THE ADJUSTMENTS

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32
Q

when the information is gathered about a completed activity, and in order that evaluation and steps for improvement are desired

A

FEEDBACK CONTROL

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33
Q

validates objectives and standards

A

FEEDBACK CONTROL

34
Q

the supervisor who discovers the continuous overtime work for factory workers lowers the quality of output. the feedback information obtained leads to some adjustment in the overtime schedule

A

FEEDBACK CONTROL

35
Q

COMPPONENTS OF ORGANIZATIONAL CONTROL SYSTEM

A
  1. strategic plan
  2. long-range financial plan
  3. operating budget
  4. performance appraisals
  5. statistical reports
  6. policies and procedures
36
Q

provides the basic control mechanism for the organization

A

STRATEGIC PLAN

37
Q

planning horizon differs from company to company

A

LONG-RANGE FINANCIAL PLAN

38
Q

will require longer term financial plans

A

ENGINEERING FIRMS

39
Q

recommends a direction for financial activities

A

FINANCIAL PLAN

40
Q

indicates the expenditures, revenues, or profits planned for some future period regarding operations

A

OPERATING BUDGET

41
Q

measures employee performance

A

PERFORMANCE APPRAISAL

42
Q

it provides employee with a guide on hoe to do their jobs better in the future

A

PERFORMANCE APPRAISAL

43
Q

also function as effective checks on new policies and programs

A

PERFORMANCE APPRAISAL

44
Q

if a new equipment has been acquired for the use of an employee, it would be useful to find out if it had a positive effect on his performance

A

PERFORMANCE APPRAISAL

45
Q

pertain to those that contain data on various developments within the firm

A

STATISTICAL REPORTS

46
Q

information may be found in statistical report pertains:

A
  1. labor efficiency rate
  2. quality control rejects
  3. accounts receivable
    4.accounts payable
  4. sales reports
  5. accident report
  6. power consumption report
47
Q

refer to “the framework within which the objectives must be pursued.”

48
Q

is “ a plan that describes the exact series of actions to be taken in a given situation”

49
Q

” whenever two or more activities complete for the company’s attention , the client takes priority”

50
Q

it is expected that ______and ______ laid down by management will be followed

A

POLICIES AND PROCEDURE

51
Q

to be able to assure the accomplishment of the strategic objectives of the company_______ becomes necessary

A

STRATEGIC CONTROL SYSTEMS

52
Q

STRATEGIC CONTROL SYSTEM

A
  1. financial analysis
  2. financial ratio analysis
53
Q

success of most organizations depends on

A

FINANCIAL PERFORMANCE

54
Q

it is just fitting that certain measurements of financial performance be made so that whatever deviations from standards are found out, corrective actions may be introduced.

A

FINANCIAL ANALYSIS

55
Q

a review of the financial statements will reveal important details about company’s performance

A

FINANCIAL ANALYSIS

56
Q

contains information about the company’s gross income, expenses, and profits.

A

INCOME STATEMENT

57
Q

INCOME STATEMENT

A

gross income
expenses, and
profits

58
Q

is a more elaborate approach used in controlling activities

A

FINANCIAL RATIO ANALYSIS

59
Q

under this method, one account appearing in the financial statement is paired with another to constitute a ratio

A

FINANCIAL RATIO ANALYSIS

60
Q

which is usually related to what other companies in the industry have achieved, or what the company has achieved in the past

A

required norm

61
Q

FINANCIAL RATIOS

A
  1. liquidity
  2. efficiency
  3. financial leverage
  4. profitability
62
Q

these ratios assess the ability of a company to meet its current obligations

A

LIQUIDITY RATIOS

63
Q

IMPORTANT INDICATORS OF LIQUIDITY

A
  1. current ratio
  2. acid-test ratio
64
Q

this shows the extent to which current assets of the company can cover its current liabiities

A

CURRENT RATIO

65
Q

this is a measure of the firm’s ability to pay off short-term obligations with the use of current assets and without relying on the sale of inventories

A

ACID-TEST RATIO

66
Q

these ratios shows how effectively certain assets or liabilities are being used in production of goods and services

A

EFFICIENCY RATIOS

67
Q

MORE COMMON EFFICIENCY RATIOS

A
  1. inventory turnover ratio
  2. fixed asset turnover
68
Q

this ratio measures the number of times an inventory is turned over (or sold) each year

A

INVENTORY TURNOVER RATIO

69
Q

this ratio is used to measure utilization of the company’s investments in fixed assets, such as its plant and equipment

A

FIXED ASSET TURNOVER

70
Q

this is a group of ratios designed to assess the balance of financing obtained through debt and equity sources

A

FINANCIAL LEVERAGE RATIO

71
Q

MORE IMPORTANT LEVERAGE RATIOS

A
  1. DEBT TO TOTAL ASSETS RATIO
  2. TIMES INTEREST EARNED RATIO
72
Q

this ratio shows how much of the firm’s assets are finances by debt

A

DEBT TO TOTAL ASSETS RATIO

73
Q

this ratio measures the number of times that earnings before interest and taxes cover or exceed the company’s interest expense

A

TIMES INTEREST EARNED RATIO

74
Q

these ratios measure how much operating income or net income a company is able to generate in relation to its assets, owner’s equity, and sales

A

PROFITABILITY RATIOS

75
Q

MORE NOTABLE PROFITABILITY RATIOS

A
  1. profit margin ratio
  2. return on assets ratio
  3. return in equity ratio
76
Q

this ratio compares the net profit to the level of sales

A

PROFIT MARGIN RATIO

77
Q

this ratio shows how much income the company produces for every peso invested in assets

A

RETURN ON ASSETS RATIO

78
Q

this ratio measures the returns on owner’s investment

A

RETURN ON EQUITY RATIO

79
Q

recognizing the need for control is one thing, actually implementing it is another

A

IDENTIFYING CONTROL PROBLEMS

80
Q

APPROACHES IN IDENTIFY CONTROL PROBLEMS

A
  1. executive reality check
  2. comprehensive internal audit
  3. general checklist of symptoms of inadequate control
81
Q

employees at the frontline often complain that management imposes certain requirements that are not realistic

A

EXECUTIVE REALISTIC CHECK

82
Q

is one undertaken to determine the efficiency and effectivity of the activities of an organization

A

INTERNAL AUDIT

83
Q

among the many aspects of operations within the organization, a small activity that is not done right may continue to be unnoticed until it snowballs into a full blown problem.

A

COMPREHENSIVE INTERNAL AUDIT

84
Q

aims to detect dysfunctions in the organization before thy bring bigger troubles to management

A

COMPREHENSIVE INTERNAL AUDIT

85
Q

if a comprehensive internal audit cannot be availed of for some reason, the use of a checklist for symptoms of inadequate control may be used

A

SYMPTOMS OF INADEQUATE CONTROL

86
Q

COMMON SYMPTOMS OF INADEQUATE CONTROL

A
  1. an unexplained decline in revenues and profits
  2. a degradation of service (customer complaints)
  3. employee dissatisfaction (complaints, grievance, turnover)
  4. cash shortages caused by bloated inventories or deqlinquent accounts receivable
  5. idle facilities or personnel
  6. disorganized operations (work flow bottlenecks, excessive paperwork)
  7. excessive cost
  8. evidence of waste and inefficiency (scrap, rework)
87
Q

are easily recognized if adequate control measures are in place

88
Q

it comes after planning, organizing, and directing

A

CONTROLLING

89
Q

is aimed at determining whether objectives were realized or not, by providing means for achievement

A

CONTROLLING

ENGRNG MAN (25 decks)

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