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Principles of Management- Ch.16 Managerial Control
Terms in this set (26)
What is defined as any process that directs the activities of individuals toward the achievement of organizational goals?
Motivating employees and setting benchmarks are two of the reasons to establish [....]?
The six sigma approach to [...]? focuses on eliminating defects in a process.
Managers create a culture that encourages correct behavior, must be true for [....]? to be effective.
Control based on the norms, values, shared goals, and trust among group members is referred to as [....]?
The use of budgeting, statistical reports, and performance appraisals to regulate behavior and results is considered a component of [....]?
Control based on the use of pricing mechanisms and economic information to regulate activities within organizations is referred to as [....]?
A typical [....]? has four major steps: setting performance standards, measuring performance, comparing performance against the standards and determining deviations, and taking action to correct problems and reinforce successes.
Feedforward control (sometimes called [...]? control) is future oriented; its aim is to prevent problems before they arise.
The control process used while plans are being carried out, including directing, monitoring, and fine-tuning activities as they are performed, is referred to as [....]?
Control that focuses on the use of information about previous results to correct deviations from the acceptable standard is referred to as [....]?
An evaluation of the effectiveness and efficiency of various systems within an organization is called a [....]?
An evaluation conducted by one organization on another organization is referred to as an [....]?
An important purpose of external audits is to investigate possible targets for [...]? or [...]?
mergers or acquisitions
The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences is referred to as [...]?
The [....]? is used for areas of an organization that incur expenses but no revenue, such as human resources and other support departments.
A [....]? is used for the cost of fixed assets, such as plants and equipment, that are usually treated as investments instead of as regular expenses.
A [....]? is commonly expressed in physical units, and it can be prepared with information including types and capacities of machines, economic quantity, and availability of materials.
A company's [....]? shows its financial picture at a given time.
What are the basic elements of a balance sheet?
Assets, liabilities, and stockholder's equity
On the balance sheet, the values of the various items a corporation owns are referred to as [...]?
On the balance sheet, the amount accruing to a corporation's owners is referred to as [....]?
An itemized financial statement of the income and expenses of a company's operations is called the [...]? and [...]? statement
profit and loss
What indicates a company's ability to pay short-term debts?
[....]? is a liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities.
A ratio of profit to capital used, or a rate of return from capital, is referred to as [.....]?
return on investment
What occurs when managers limit their focus to short-term profits at the expense of longer-term strategic obligations?
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