The score is still 1 to nil Flashcards
what is a balanced scorecard?
the performance mgmt tool that helps an org identify and evaluate critical success factors within the context of overall strategy
What are the balanced scorecard perspectives (categories)
Financial
Customer
Internal Business Processes
Learning, innovation, and growth
Within each BSC quantity, the org identifies its:
Strategic goals
Critical success factors
Tactics
Performance measures
Benchmarking
orgs compare their processes/performances with those of business leaders withing competing industry
which section of the BSC examines a company’s success in targeted market segments?
customer
What section of the BSC involves the concept of employee satisfaction and retention, new product development, personnel training, employee turnover
Learning and growth
Internal business category of the BSC includes
quality and efficiency of production, including things such as scraps and rework percentages, warranty costs, workplace safety record, and downtime
The financial category of the BSC is related to
the fiscal performance of the org and include such things as income growth, sales trends, stock price, ROI
What is the most important purpose of managerial accounting?
to provide enterprise optimization by providing decision support to meet the needs of the org’s internal parties
What is the def of economic depreciation
the required annual cash investment needed to replace fixed assets
What does residual income prevent?
the diluted hurdle rate problem
Strategic risk
Involves the possibility of the failure of the basic action plan that guides a company to achieve its mission. Rigorous LT forecasting and planning are necessary to mitigate risk
What kind of risk is insurance reducing?
peril or hazard risk. where a specific type of risk of loss is involved (pure risk)
What kind of risk is systematic risk?
Nondiversifiable (market risk) - assoc with large scale economic events or natural disasters
What is lean manufacturing?
blends the features of custom and mass production processes to make SMALL BATCHES number of a HIGH VARIETY of unique products, with highly skilled cross-trained labor. (strive to increase quality, reduce waste, and minimize resource consumption in the process)
What is six sigma?
Similar to TQM (total quality mgmt) a continuous improvement approach to systematically reduce defects.
Uses TQM tools such as control charts, run charts, pareto histograms, and isikawa (fish bone diagrams)
What are the steps of six sigma
define the process measure the process analyze the process improve the process control the process
What is the objective of demand flow approach?
to link process flows and manage those flows based on customer demand
Work breakdown structure
Defines the work to be completed into successively smaller subcomponents
What is implementing risk
managing people, time, cost restrictions, and the interrelationships among activities
When using PERT, project completion times are measured by a pessimistic, optimistic, and most probable estimate…
and assign weight of 1 for pess. 1 for opt and 4 for the most probable and dividing by 6.
what is Crashing when referring to a critical path?
the process of adding resources to shorten selected activity times on the critical path
