Podcast
Questions and Answers
After objectives and standards are set, which step comes next in the control process?
After objectives and standards are set, which step comes next in the control process?
- Modify standards to fit circumstances.
- Compare results with objectives.
- Take corrective action.
- Measure results. (correct)
When a soccer coach tells her players at the end of a game, "I'm pleased you stayed with the game plan," she is using a/an ________ to measure performance, even though her team lost.
When a soccer coach tells her players at the end of a game, "I'm pleased you stayed with the game plan," she is using a/an ________ to measure performance, even though her team lost.
- historical comparison
- relative comparison
- input standard (correct)
- output standard
When an automobile manufacturer is careful to purchase only the highest-quality components for production, this is an example of ensuring high performance through ________ control.
When an automobile manufacturer is careful to purchase only the highest-quality components for production, this is an example of ensuring high performance through ________ control.
- concurrent
- inventory
- statistical
- feedforward (correct)
Management by exception means:
Management by exception means:
When a supervisor working alongside an employee corrects him or her when a mistake is made, this is an example of ________ control.
When a supervisor working alongside an employee corrects him or her when a mistake is made, this is an example of ________ control.
If an organization's top management visits a firm in another industry to learn more about its excellent record in hiring and promoting minority and female candidates, this is an example of using ________ for control purposes.
If an organization's top management visits a firm in another industry to learn more about its excellent record in hiring and promoting minority and female candidates, this is an example of using ________ for control purposes.
The control equation states: ________ = Desired Performance - Actual Performance.
The control equation states: ________ = Desired Performance - Actual Performance.
When a UPS manager compares the amount of time a driver takes to make certain deliveries against standards set through a quantitative analysis of her delivery route, this is known as:
When a UPS manager compares the amount of time a driver takes to make certain deliveries against standards set through a quantitative analysis of her delivery route, this is known as:
Projects are unique one-time events that:
Projects are unique one-time events that:
The ________ chart graphically displays the scheduling of tasks required to complete a project.
The ________ chart graphically displays the scheduling of tasks required to complete a project.
When one team member advises another team member that "your behavior is crossing the line in terms of our expectations for workplace civility," she is exercising a form of ________ control over the other's inappropriate behaviors.
When one team member advises another team member that "your behavior is crossing the line in terms of our expectations for workplace civility," she is exercising a form of ________ control over the other's inappropriate behaviors.
In a CPM/PERT analysis the focus is on ________ and the ________ event that link them together with the finished project.
In a CPM/PERT analysis the focus is on ________ and the ________ event that link them together with the finished project.
If fixed costs are $10,000, variable costs are $4 per unit, and the target selling price per unit is $8, what is the breakeven point?
If fixed costs are $10,000, variable costs are $4 per unit, and the target selling price per unit is $8, what is the breakeven point?
Among the financial ratios used for control, Current Assets/ Current Liabilities is known as the:
Among the financial ratios used for control, Current Assets/ Current Liabilities is known as the:
With respect to return on assets (ROA) and the debt ratio, the preferred directions when analyzing them from a control standpoint are:
With respect to return on assets (ROA) and the debt ratio, the preferred directions when analyzing them from a control standpoint are:
Which control type is most closely associated with just-in-time inventory systems?
Which control type is most closely associated with just-in-time inventory systems?
A company implements a new training program for all employees to improve customer service skills. What type of control is being used?
A company implements a new training program for all employees to improve customer service skills. What type of control is being used?
What is the primary purpose of conducting a post-action review after a project is completed?
What is the primary purpose of conducting a post-action review after a project is completed?
Which of the following best describes the purpose of a balanced scorecard?
Which of the following best describes the purpose of a balanced scorecard?
Which of the following control methods relies most heavily on cultural norms and shared values to influence behavior?
Which of the following control methods relies most heavily on cultural norms and shared values to influence behavior?
Flashcards
Control Process: Comparison
Control Process: Comparison
Comparing results with objectives to identify deviations.
Input Standard
Input Standard
Evaluating performance based on required efforts and resources.
Feedforward Control
Feedforward Control
Ensuring quality by managing resources before production begins.
Management by Exception
Management by Exception
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Concurrent Control
Concurrent Control
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Relative Comparison
Relative Comparison
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Need for Action
Need for Action
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Engineering Comparison
Engineering Comparison
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Project Characteristic
Project Characteristic
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Gantt Chart
Gantt Chart
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Clan Control
Clan Control
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CPM/PERT Analysis
CPM/PERT Analysis
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Breakeven Point (Units)
Breakeven Point (Units)
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Current Ratio
Current Ratio
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Preferred Financial Ratios
Preferred Financial Ratios
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Study Notes
- Measuring results is the next step in the control process after setting objectives and standards.
Types of Standards
- Input standards measure work efforts that go into a task
- Output standards measure completed work
Comparisons
- Historical comparisons use past performance as a benchmark
- Relative comparisons benchmark against other organizations
Types of Control
- Feedforward control ensures high quality through the use of high-quality resources
- Concurrent control happens while work is underway
Management by Exception
- Management by exception focuses attention where the need for action is greatest.
Control Equation
- Need for Action = Desired Performance - Actual Performance
Comparisons
- Engineering comparisons are made against standards set through quantitative analysis
- Relative benchmarking is used for control purposes when management visits another firm to learn about its excellent record
Projects
- Projects are unique, one-time events that must be completed by a specific time
Gantt Charts
- Gantt charts graphically display the scheduling of tasks required to complete a project.
CPM/PERT Analysis
- CPM/PERT analysis focuses on activities and their sequences to link them together, resulting in a finished project.
Clan Control
- Clan control is when team members influence behavior based on group expectations.
Breakeven Point
- Given fixed costs of $10,000, variable costs of $4 per unit, and a target selling price of $8 per unit, the breakeven point is 2,500 units.
Financial Ratios
- Current Assets/Current Liabilities ratio is known as the current ratio.
ROA and Debt Ratio
- From a control standpoint, the preferred directions are to increase ROA and decrease debt.
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