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Managment 305 FINAL
E
17
Management
Undergraduate 1
04/27/2008

Additional Management Flashcards

 


 

Cards

Term
Name the four major steps in the Control Process
Definition

Establish Standards

Measure Performance

Compare Performance Against Standards

Determine Need for Corrective Action

Term
Components of Establishing Standards
Definition
Control standards should be : Measurable, consistent with organizational goals. and indicators of performance.
Term
Components of Measuring Performance
Definition
Performance measruing is an ongoing process and must contain valid indicators such as Sales, Cost,  Units produced.
Term
Components of Comparing Perform. Against Standards
Definition
Utilizing the appropriate timetable for measurement
Term
Components of Considering Corrective action
Definition
Maintain the status quo, correct the deviation, change the standard
Term
Areas of Control
Definition
Physical, Human, Information, Financial Resources
Term
Purposes of Control
Definition

Adapt to environmental change

Limit errors

Cope with organizational complexity

Increase efficency

 

Term
Difference between Managers and Controllers
Definition

Managers are responsible for control activities

Controllers line managers with their activities 

Term
Levels of Control
Definition

Strategic Control

Operations Control

Financial Control 

 

Term
Operations Control
Definition
Consistes of Material Human Information or which controls should be in place to monitor inputs
Term
Financial Control
Definition
Control financial resources such as investments, revenues, working capital and retained earnings.
Term
Budgetary Control
Definition

Budgets may be establish at any level

Budgets are typically one year or less

May be expressed in finacial terms, units, or other quantable factors. 

Term
Budgets help serve four purposes:
Definition

Help coordinate resources and projects

Help define the established standards for control 

Provide guidance

Help evaluate performance against budget 

Term
Process of Developing Budgets
Definition

Operating Units requests budget

Division requests budget

Budgets are analyzed by budget commitee and approved by CEO 

Term
Budgets Weakness/Strengths
Definition

Strengths: Create more control, create more departmental communication, Provide records

 

Weaknesses: Can be time consuming, can limit innovation and change, many tiems influenced by politics rather than what is best for the company. 

Term
Strategic Control
Definition

Aimed at keeping an organization moving forward.

 

Focuses on structural, leadership, technology, and the extend to which strategy achieves goals. 

Term
Five Characteristics of Effective Control
Definition

Integration w/ Planning

Flexibility

Accuracy

Timeline

Objectivity 

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