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Management Ch. 19
Terms in this set (28)
Refers to the systematic process of regulating organizational activities to make them consistent with the expectations established in plans, targets, and standards of performance.
Comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors.
Involves monitoring and influencing employee behavior through extensive use of rules, policies, hierarchy of authority, written documentation, reward systems, and other formal mechanisms.
The organization fosters compliance with organizational goals through the use of organizational culture, group norms, and a focus on goals rather than rules and procedures.
Allows employees to see for themselves the financial condition of the organization and encourages them to think and act like business owners.
A group of 6 to 12 volunteer employees who meet regularly to discuss and solve problems affecting their common work activities and the quality of their work.
Total Quality Management (TQM)
An organization-wide effort to infuse quality into every activity in a company through continuous improvement.
Process of measuring your organizational process against the best in the industry. The measuring of products, services, and practices against major competitors.
Quality control technique that uses a five-step methodology to define, measure, analyze, improve, and control processes, otherwise referred to as DMAIC. It emphasizes a relentless pursuit of higher quality and lower costs.
Involves assigning dedicated personnel within a particular functional area of the business to identify opportunities for improvement throughout the work process.
Continuous Improvement (or Kaizen)
The implementation of a large number of small, incremental improvements in all areas of the organization on an ongoing basis.
Process of setting targets for an organizations expenditures.
Any organizational department or unit under the supervision of a single person who is responsible for its activity.
Outlines the anticipated and actual expenses for a responsibility center.
Lists forecasted and actual revenues of the organization.
Estimates receipts and expenditures of money on a daily or weekly basis to ensure that an organization has sufficient cash to meet its obligations.
A budget that plans and reports investments in major assets to be depreciated over several years.
An approach to planning and decision making that starts at zero and requires a complete justification of every line item in a budget, instead of carrying forward a prior budget and applying a percentage change.
Budgeted amounts for the coming year are literally imposed on middle and lower level managers.
Lower-level managers anticipating their department's budget needs and passing them up to top management for approval.
Shows the firm's financial position with respect to assets and liabilities at a specific point in time.
Summarizes the firm's financial performance for a given time interval.
Statistics that express the relationships between performance indicators such as profits and assets, sales, and inventory.
Indicates the organization's ability to meet its current debt obligations.
Measures the organization's internal performance with respect to key activities defined by management.
Describes the firm's profits relative to a source of profits, such as sales or assets.
Standards represent an international standard for quality management.
Framework of systems, rules, and practices by which an organization ensures accountability, fairness, and transparency in the firm's relationships with stakeholders.
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