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Management
Chapter 13
26
Management
04/09/2012

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Term
Control
Definition
Any process that directs the activities of individuals toward the achievement of organizational goals.
Term
Bureaucratic Control
Definition
The use of rules, regulations, and authority to guide performance.
Term
Market Control
Definition
Control based on the use of pricing mechanisms and economic information to regulate activities within organizations.
Term
Clan Control
Definition
Control based on the norms, values, shared goals, and trust among group members.
Term
Standard
Definition
Expected performance for a given goal: a target that establishes a desired performance level, motivates performance, and serves as a benchmark against which actual performance is assessed.
Term
Principle of Exception
Definition
A managerial principle stating that control is enhanced by concentrating on the exceptions to or significant deviations from the expected result or standard.
Term
Feedforward Control
Definition
The control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly.
Term
Concurrent Control
Definition
The control process used while plans are being carried out, including directing, monitoring, and fine-tuning activities as they are performed.
Term
Feedback Control
Definition
Control that focuses on the use of information about previous results to correct deviations from the acceptable standard.
Term
Management Audit
Definition
An evaluation of the effectiveness and efficiency of various systems within an organization.
Term
External Audit
Definition
An evaluation conducted by one organization, such as a CPA firm, on another.
Term
Internal Audit
Definition
A periodic assessment of a company's own planning, organizing, leading, and controlling processes.
Term
Budgeting
Definition
The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; also called budgetary controlling.
Term
Accounting Audits
Definition
Procedures used to verify accounting reports and statements.
Term
Activity-Based Costing (ABC)
Definition
A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities.
Term
Balance Sheet
Definition
A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity.
Term
Assets
Definition
The values of the various items the corporation owns.
Term
Liabilities
Definition
The amounts a corporation owes to various creditors.
Term
Stockholders' Equity
Definition
The amount accruing to the corporation's owners.
Term
Profit and Loss Statement
Definition
An itemized financial statement of the income and expenses of a company's operations.
Term
Current Ratio
Definition
A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities.
Term
Debt-Equity Ratio
Definition
A leverage ratio that indicates the company's ability to meet its long-term financial obligations.
Term
Return on Investment (ROI)
Definition
A ratio of profit on capital used, or a rate of return from capital.
Term
Management Myopia
Definition
Focusing on short-term earnings and profits at the expense of longer-term strategic obligatins.
Term
Balanced Scorecard
Definition
Control system combining four sets of performance measures: financial, customer, business process, and learning and growth.
Term
Transfer Price
Definition
Price charged by one unit for a good or service provided to another unit within the organization.