Management Chapter 14: Managerial Control Flashcards

Any process that directs the activities of individuals toward the achievement of the organizational goals.

Senior managers don't emphasize or value the need for controls, or they set a bad example.

<p>The firm's expectations are not established in writing.</p> Signup and view all the answers

<p>Organization members are unclear about what needs to be achieved.</p> Signup and view all the answers

<p>Employees feel their careers would be at risk if they reported bad news.</p> Signup and view all the answers

<p>Managers don't assess performance on a regular basis.</p> Signup and view all the answers

<p>Key data are not measured and reported in a timely and easily accessible way.</p> Signup and view all the answers

<p>Organization members have not internalized commitment to integrity.</p> Signup and view all the answers

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<p>The use of rules, regulations, and authority to guide performance.</p> Signup and view all the answers

<p>Control based on the use of pricing mechanisms and economic information to regulate activities within organizations.</p> Signup and view all the answers

<p>Control based on the norms, values, shared goals, and trust among group members.</p> Signup and view all the answers

<ol> <li>Setting performance standards. 2. Measuring performance. 3. Comparing performance against the standards and determining deviations. 4. Taking action to correct problems and reinforce successes.</li> </ol> Signup and view all the answers

<p>A managerial principle stating that control is enhanced by concentrating on the exceptions to or significant deviations from the expected result/standard.</p> Signup and view all the answers

<p>The control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly.</p> Signup and view all the answers

<p>The control process used while plans are being carried out, including directing, monitoring, and fine-tuning activities as they are performed.</p> Signup and view all the answers

<p>Controls that focus on the use of information about previous results to correct deviations from the acceptable standard.</p> Signup and view all the answers

<p>At a six-sigma level, a process is producing fewer than 3.4 defects per million, which signifies a high level of accuracy.</p> Signup and view all the answers

<p>An evaluation of the effectiveness and efficiency of various systems within an organization.</p> Signup and view all the answers

<p>Investigates other organizations for possible merger or acquisition; determines the soundness of a company that will be used as a major supplier; discovers the strengths and weaknesses of a competitor.</p> Signup and view all the answers

<p>Assesses what the company has done for itself and for its customers or other recipients of its goods/services.</p> Signup and view all the answers

<p>The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences.</p> Signup and view all the answers

<p>Procedures used to verify accounting reports and statements.</p> Signup and view all the answers

<p>A method of cost accounting designed to identify streams of activity and allocate costs across particular business processes according to the amount of time employees devote to particular activities.</p> Signup and view all the answers

<p>A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholder equity.</p> Signup and view all the answers

<p>The values of the various items the corporation owns.</p> Signup and view all the answers

<p>The amounts a corporation owes to various creditors.</p> Signup and view all the answers

<p>The amount accruing to the corporation's owners.</p> Signup and view all the answers

<p>An itemized financial statement of the income and the expenses of a company's operation.</p> Signup and view all the answers

<p>A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities.</p> Signup and view all the answers

<p>A leverage ratio that indicates the company's ability to meet its long-term financial obligations.</p> Signup and view all the answers

<p>A ratio of profit to capital used, or a rate of return from capital.</p> Signup and view all the answers

<p>Focusing on short-term earnings and profits at the expense of longer-term strategic obligations.</p> Signup and view all the answers

<p>Control system combining four sets of performance measures: Financial, Customer, Business Process, Learning, and Growth.</p> Signup and view all the answers