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| the systematic process through which mangers regulate organizational activities to make them consistent with expectations established in plans, targets, and standards of performance |
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| control that focuses on human, material and financial resources flowing into the organization; also called preliminary or preventive control |
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| control that consists of monitoring ongoing activities to ensure that they are consistent with standards |
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| control that focuses on the organization's outputs also called postaction or output control |
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| an organizational unit under the supervision of a single person who is responsible for its activity |
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| a budgeting process in which middle- and lower-level mangers set departmental budget targets in accordance with overall company revenues and expenditures specified by top management |
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| a budgeting process in which lover-level managers budget their departments' resource needs and pass them up to top management for approval |
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| a financial statement that shows the firm's financial position with respect to assets and liabilities at a specific point in time |
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| a financial statement that summarizes the firm's financial performance for a given time interval sometimes called a profit-and-loss statement |
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| the use of rules, policies, hierarchy of authority, reward systems and other formal devices to influence employee behavior and assess performance |
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| the use of organizational culture, group norms and focus on goals, rather than rules and procedures, to foster compliance with organizational goals |
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| manufacturing process using highly trained employees at every stage of the production process to cut waste and improve quality |
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| the organization's output of products and services divided by its inputs |
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| total factor productivity |
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| the ratio of total outputs to the inputs from labor, capital, materials and energy |
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| the ratio of total outputs to the inputs from a single major input category |
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| total quality management (TQM) |
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Definition
| an organization-wide commitment to infuse quality into every activity through continuous improvement |
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| a group of 6 to 12 volunteer employees who meet regularly to discuss and solve problems affecting the quality of their work |
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| the continuous process of measuring products, services and practices against major competitors or industry leaders |
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| a quality control approach that emphasizes a relentless pursuit of higher quality and lower costs |
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| the steps taken to complete a company process |
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| the implementation of a large number of small, incremental improvements in all areas of the organization on an ongoing basis |
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| certification based on a set of international standards for quality management, setting uniform guidelines for processes to ensure that products conform to customer requirements |
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| economic value-added (EVA) |
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Definition
| a control system that measures performance in terms of after-tax profits minus the cost of capital invested in tangible assets |
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Definition
| sharing financial information and results with all employees in the organization |
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| a comprehensive management control system that balances traditional financial measures with measures of customer service, internal business processes and the organization's capacity for learning and growth |
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| the system of governing an organization so the interests of corporate owners are protected |
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