3317210
Description
Flashcards by lilianrewerts, updated more than 1 year ago
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Created by lilianrewerts
about 9 years ago
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| Question | Answer |
| Authority | The right ( usually by virtue of position or rank) to use resources to accomplish a task or achieve an objective |
| Balanced Scorecard (BSC) | an approach to performance measurement that uses performance measures from four perspectives: financial, internal business, customer, and innovation and learning |
| Competence | a personal characteristic of developing, possessing, and maintaining the knowledge, skills, and qualifications necessary to perform a task or practice a profession |
| Confidentiality | a personal characteristic that reflects the discretion to refrain from disclosing company information to inappropriate parties, such as competitors; is often specifically defined or referred to in the company's code of ethics |
| Core Competency | a higher proficiency relative to competitors in a critical function or activity; a root of competitiveness and competitive advantage; anything that is not a core competency is a viable candidate for outsourcing |
| Cost Accounting | a discipline that focuses on techniques or methods for determining the cost of a project, process or thing through direct measurement, arbitrary assignment or systematic and rational allocation |
| Cost Leadership | a company's ability to maintain its competitive edge by undercutting competitor prices |
| Credibility | a personal characteristic that indicates the provision for full, fair, and timely disclosure of all relevant information |
| Customer Value Perspective | a balanced scorecard perspective that addresses how well an organization is doing relative to important customer criteria such as speed (lead time) quality, service, and price ( both at and after Purchase) |
| Downstream Cost | a cost related to marketing, distribution, or customer service |
| Earnings Management | any accounting method or practice used by managers or accountants to deliberately "adjust" a company's profit amount to meet a predetermined internal or external target |
| Environmental Constraint | any limitation on strategy options caused by external, cultural, fiscal, legal/ regulatory, or political situations; limiting factor that is not under the direct control of an organization's management; tends to be fairly long- run in nature |
| Financial Performance Perspective | a balanced scorecard perspective that addresses the concerns of stockholders and other stakeholders about organizational profitability and growth |
| Integrity | a personal characteristic that indicates non-participation in activities that would discredit their company or profession |
| Intellectual Capital | the sum of the intangible assets of skill, knowledge, and information that exist in an organization; encompasses human, structural, and relationship capital |
| Internal Business Perspective | a balanced scorecard perspective that addresses those things an organization needs to do well to meet customer needs and expectations |
| Lag ( or lagging) Indicator | a (generally) financial outcome assessed by historical data that has resulted from past actions or decisions |
| Lead ( or Leading) Indicator | a financial or non- financial outcome (including opportunities and problems) that helps assess strategic progress and guide decision making before lag indicators are known; statistical data about the actionable steps that will create desired results |
| Learning and Growth Perspective | a balanced scorecard perspective that focuses on using an organization's intellectual capital to adapt to changing customer needs or to influence new customers' needs and expectations through product or service innovations |
| Line Personnel | employees ( some of whom are in management positions) who work directly toward attaining organizational goals |
| Mission Statement | a written expression of organizational purpose that describes how the organization uniquely meets its targeted customers' needs with it products or services |
| Organizational structure | the manner in which authority and responsibility for decision making are distributed in an entity |
| Product Cost | a cost associated with making or acquiring inventory |
| Product Differentiation | a company's ability to offer products superior to those of its competitors |
| Responsibility | the obligation to accomplish a task or achieve an objective |
| Return on Investment (ROI) | a ratio that relates income generated by an investment center to the resources (or asset base) used to produce that Income |
| Service Cost | the sum of all costs incurred to provide one unit of service to a customer |
| Service Differentiation | a company's ability to offer superior quality or more unique services than it's competitors |
| Staff Personnel | employees who are responsible for providing advice, guidance, and service to line personnel; may be management |
| Statement on Management Accounting (SMA) | a cost or management accounting pronouncement developed and issued by the Institute of Management Accountants; Application of these statements is Voluntary |
| Strategy | the link between an organization's goals and objectives and the activities actually conducted by the organization |
| Upstream Cost | a cost related to research, development, product design, or supply chain |
| Value Chain | The set of processes that converts inputs into products and services for the firm's customers; including the processes of suppliers as well as internal processes |
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