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Modern States Management - Module 3 Control
Terms in this set (16)
A management function aimed at achieving defined goals within an established timetable, and usually understood to have three components: (1) setting standards, (2) measuring actual performance, and (3) taking corrective action.
Provides knowledge of results and knowledge of performance
negative feedback loop
Causes a system to change in the opposite direction from which it is moving
postive feedback loop
Causes a system to change further in the same direction.
written records of the client's expectations for the period; a comparison of budgets with actual results may indicate whether or not misstatements are likely
a plan that gives expected times for different things to happen
Feedback loop that controls employee performance
Quality Control (QC)
a program that monitors each phase of a process to make sure that products are of acceptable quality and that instruments are working accurately
closeness of coupling
how much deviation must occur before a manager takes action
very close coupling
can leave employees feeling distrusted and micromanaged
very loose coupling
can let situations get out of control
360-Degree Performance Appraisal
performance measurement that combines information from the employee's managers, peers, subordinates, self, and customers
Cash Flow Statement
A financial statement that shows the flow of money in and out of the business.
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
a method of determining what sales volume must be reached before total revenue equals total costs
A form of analysis that is measured in terms of ratios between outputs and inputs.
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