Chapter 16 Vocab
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Pinpoint139 on November 3, 2010
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Vocab for MGMT3 by Chuck Williams Student Edition
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27 terms
Terms | Definitions |
|---|---|
 Control | A regulatory process of establishing standards to achieve organizational goals, comparing actual performance to the standards and taking corrective action when necessary. |
| Standards | A basis of comparison for measuring the extent to which various kinds of organizational performance are satisfactory or unsatisfactory. |
| Benchmarking | The process of identifying outstanding practices, processes and standards in other companies and adapting them to your company. |
| Cybernetic | The process of steering or keeping on course. |
| Feedback control | A mechanism for gathering information about performance deficiencies after they occur. |
| Concurrent control | A mechanism for gathering information about performance deficiencies as they occur, there by eliminating or shortening the delay between performance and feedback. |
| Feedforward control | A mechanism for monitoring performance inputs rather than outputs to prevent or minimize performance deficiencies before they occur. |
| Control loss | The situation in which behavior and work procedures do not conform to standards. |
| Regulation costs | The costs associated with implementing or maintaining control. |
| Cybernetic feasibility | The extent to which it is possible to implement each step in the control process. |
| Bureaucratic control | The use of hierarchical authority to influence employee behavior by rewarding or punishing employees for compliance or noncompliance with organizational policies, rules and procedures. |
| Objective control | The use of observable measures of worker behavior or outputs to assess performance and influence behavior. |
| Behavior control | The regulation of the behaviors and actions that workers perform on the job. |
| Output control | The regulation of workers' results or outputs through rewards and incentives. |
| Normative control | The regulation of workers' behavior and decisions through widely shared organizational values and beliefs. |
| Concertive control | The regulation of workers' behavior and decisions through work group values and beliefs. |
| Self-control (self-management) | A control system in which managers and workers control their own behavior by setting their own goals, monitoring their own progress and rewarding themselves for goal achievement. |
| Balance scorecard | Measurement of organizational performance in four equally important areas: finances, customers, internal operations and innovation and learning. |
| Suboptimization | Performance improvement in one part of an organization at the expense of decreased performance in another part. |
| Cash flow analysis | A type of analysis that predicts how changes in a business will affect its ability to take in more cash than it pays out. |
| Balance sheets | Accounting statements that provide a snapshot of a company's financial position at a particular time. |
| Income statements | Accounting statements, also called "profit-and-loss statements," that show what has happened to an organization's income, expenses and net profit over a period of time. |
| Financial rations | Calculations typically used to track a business's liquidity (cash), efficiency and profitability over time compared to other businesses in its industry. |
| Budgets | Quantitative plans through which managers decided how to allocate available money to best accomplish company goals. |
| Economic value added (EVA) | The amount by which company profits (revenues, minus expense, minus taxes) exceeds the cost of capital in a given year. |
| Customer defections | A performance assessment in which companies identify which customers are leaving and the rate at which they are leaving. |
| Value | Customer perception that the product quality is excellent for the price offered. |
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