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Definition
| all executive, organizational and clerical costs associated with the general management of an organization rather than with manufacturing or selling |
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Definition
| A detailed plan for the future, usually expressed in formal quantitative terms. |
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Definition
| a cost that is incurred to support a number of cost objects that cannot be traced back to them individually. |
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Definition
| the process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals. |
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Term
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Definition
| the member of the top management team who is responsible for providing relevant and timely data to managers and for preparing financial statements for external users. He reports to the CFO |
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Definition
| direct labor cost plus manufacturing overhead cost. |
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| the way in which a cost reacts to changes in the level of activity. |
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Term
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Definition
| anything for which cost data are desired. Ex: products, customers. jobs |
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Term
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Definition
| a series of steps that are followed to carry out some task in business |
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Term
| Chief Financial Officer (CFO) |
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Definition
| member of the top managment team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users. |
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Term
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Definition
| Anything that prevents an organization or individual from getting more of what it wants |
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Term
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Definition
| the member of the top management team who is responsible for providing relevant and timely data to managers and for preparing financial statements for external users. The controller reports to the CFO. |
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Definition
| system by which a company is controlled |
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Term
| Corporate Social Responsibility |
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Definition
| when organizations consider the needs of the stakeholders when making decisions |
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Term
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Definition
| delegating decision making authority throughout the organization by providing managers with the authority |
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Term
| Enterprise Risk Management |
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Definition
| a process used by which a company identifies risk |
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Term
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Definition
| units of a product that have been complete but have not yet been sold to customers |
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Term
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Definition
| a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand. |
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Term
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Definition
| a five step management approach that organizes resources around the flow of business processes and that pulls units through these processes in response to customer orders. |
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Term
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Definition
| a position in an organization that is directly related to the achievement of the organization's basic objectives |
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Term
| Non-value added activities |
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Definition
| activities that consumer resources but do not add value for which customers are willing |
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