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control

a regulatory process of establishing standards to achieve organizational goals, comparing actual performance to the standards, and taking corrective action when necessary

control process

1)establishment of clear standards

2)involves a comparison of performance to those standards

3)takes corrective action, if needed, to repair performance deficiencies

4)is a dynamic, cybernetic process

5)uses three basic methods- feedback, control, concurrent control, and feedforward control

6)control isn't always worthwhile or possible

standards

the 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 thereby eliminating or shortening the delay between performance and feedback

feedforward control

a mechanism for monitoring performance inputs rather than outputs to prevent on 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 organization policies, rules, and procedures

bureaucratic, objective, normative, concertive, self-control

five control methods

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

balanced scorecard

measurement of organizational 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 ratios

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 decide how to allocate available money to best accomplish company goals

economic value added

the amount by which company profits (revenues minus expenses, minus taxes) exceed the cost of capital in a given year

customer defections

a performance assessment in which companies identify which customers are leaving and measure the rate at which they are leaving

value

customer perception that the product quality is excellent for the price offered

good housekeeping, material/product substitution, process modification

three strategies for waste prevention and reduction

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