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| Question | Answer |
| Audits | formal verifications of an organization's financial and operational systems |
| Balance Sheet | summarizes an organization's overall financial worth--that is, assets and liabilities--at a specific point in time |
| Budget | a formal financial projection |
| Balanced Scorecard | Gives top managers a fast but comprehensive view of the organization via 1. customer satisfaction 2. internal processes 3. innovation and improvement activities 4. financial measures |
| Bureaucratic control | an approach to organizational control that is characterized by use of rules, regulations, and formal authority to guide performance |
| Continuous Improvement | ongoing small, incremental improvements in all parts of an organization--all products, services, functional areas, and work processes |
| Control Process steps | 1. establish standard 2. measure performance 3. compare performance standards 4. take corrective action, if necessary |
| Control Standard or Performance Standard or Standard | the desired performance level for a given goal |
| Controlling | monitoring performance, comparing it with goals, and taking corrective action as needed |
| Decentralized Control | an approach to organizational control that is characterized by informal and organic structural arrangements |
| Deming Managment | proposed ideas for making organizations more responsive, more democratic, and less wasteful |
| Enterprise Resource Planning (ERP) | software systems, information systems for integrating virtually all aspects of a business, helping managers stay on top of the latest developments |
| External Audit | a formal verification of an organization's financial accounts and statements by outside experts |
| Financial Statement | a summary of some aspect of an organization's financial status |
| Fixed Budget | allocates resources on the basis of a single estimate of costs |
| Income Statement | summarizes an organization's financial results--revenues and expenses-over a specified period of time |
| Incremental Budgeting | allocates increased or decreased funds to a department by using the last budget period as a reference point; only incremental changes in the budget request are reviewed |
| Internal Audit | a verification of an organization's financial accounts and statements by the organization's own professional staff |
| ISO 9000 Series | consists of quality-control procedures companies must install-from purchasing to manufacturing to inventory to shipping-that can be audited by independent quality-control experts, or "registrars" |
| ISO 14000 Series | extends the concept, identifying standards for environmental performance |
| Lean Six-Sigma | focuses on problem solving and performance improvement--speed with excellence--of a well-defined project |
| Management by Exception | a control principle that states that managers should be informed of a situation only if data show a significant deviation from standards |
| Operational Control | monitoring performance to ensure that operational plans-day-to-day goals-are being implemented and taking corrective action as needed |
| PDCA cyce- | Plan-Do-Check-Act cycle using observed data for continuous improvement of operations |
| RATER scale | enables customers to rate the quality of service along five dimensions: reliability, assurance, tangibles, empathy, and responsiveness each on a scale from 1 (very poor) to 10 (very good) |
| Ratio Analysis | the practice of evaluating financial ratios-to determine an organization's financial health |
| Reduced Cycle Time | reduction in steps in a work process |
| Six Sigma | a rigorous statistical analysis process that reduces defects in manufacturing and service-related processes |
| Special-Purpose Team | to meet to solve a special or onetime problem |
| Statistical process control | statistical technique that uses periodic random samples from production runs to see if quality is being maintained within a standard range of acceptability |
| Strategic Control | monitoring performance to ensure that strategic plans are being implemented ad taking corrective action as needed |
| Strategy Map | a visual representation of the four perspectives of the balanced scorecard that enables managers to communicate their goals so that everyone in the company can understand how their jobs are linked to the overall objectives of the organization |
| Tactical Control | monitoring performance to ensure that tactical plans-those at the divisional or department level-are being implemented and taking corrective action as needed |
| Total Quality Management (TQM) | a comprehensive approach--led by top management and supported throughout the organization--dedicated to continuous quality improvement, training, and customer satisfaction |
| Two Core Principles of TQM | 1. People orientation-everyone involved with the organization should focus on delivering value to the customer 2. improvement orientation-everyone should work on continuously improving the work process |
| Variable Budget | allows the allocation of resources to vary in proportion with various levels of activity |
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