MGT 330 - Chap. 16 - Managerial Control/Appendix F

30 terms by erinlynnmurray 

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control

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

bureaucratic control

The use of rules, regulations, and authority to guide performance.

market control

Control based on the use of pricing mechanisms and economic information to regulate activities within organizations.

clan control

Control based on the norms, values, shared goals, and trust among group members.

standard

Expected performance for a given goal: a target that establishes a desired performance level, motivates performance, and serves as a benchmark against which actual performance is assessed.

principle of exception

A managerial principle stating that control is enhanced by concentrating on the exceptions or significant deviations from the expected result or standard.

feedforward control

The control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly.

concurrent control

The control process used while plans are being carried out, including directing, monitoring, and fine-tuning activities as they are performed.

feedback control

Control that focuses on the use of information about previous results to correct deviations from the acceptable standard.

management audits

An evaluation of the effectiveness and efficiency of various systems within an organization.

external audit

An evaluation conducted by one organization, such as a CPA firm, on another.

internal audit

A periodic assessment of a company's own planning, organizing, leading, and controlling processes.

budgeting

The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences. Also called budgetary controlling.

accounting audits

Procedures used to verify accounting reports and statements.

activity-based costing (ABC)

A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities.

balance sheet

A report that shows the financial picture of a company at a given time and itemizes assets,liabilities, and stockholders' equity.

assets

The values of the various items the corporation owns.

liabilities

The amounts a corporation owes to various creditors.

stockholders' equity

The amount accruing to the corporation's owners.

profit and loss statement

An itemized financial statement of the income and expenses of a company's operations.

current ratio

A liquidity ratio which indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities.

debt-equity ratio

A leverage ratio which indicates the company's ability to meet its longterm financial obligations.

return on investment (ROI)

A ratio of profit to capital used, or a rate of return from capital.

management myopia

Focusing on short-term earnings and profits at the expense of longer-term strategic obligations.

transfer price

Price charged by one unit for a product or service provided to another unit within the organization.

bricks and mortar

A business with actual retail building(s).

data mining

The collection and subsequent use of information from online customers.

e-tailing

Selling products/services online.

new economy

The economy of today.

pure-play

A business that sells its products only on the Internet. (ex. Amazon)

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