Shared Flashcard Set

Details

MGMT CH16
MGMT CH16
10
Management
Undergraduate 4
04/14/2013

Additional Management Flashcards

 


 

Cards

Term
Control
Definition
regulatory process of establishing standards to achieve organizational goals,comparing actual performance to the standards, and taking corrective action when necessary to restore performance to those standards
Term
When is control achieved?
Definition
when behavior and work procedures conform to standards and when company goals are accomplished.
Term
Standards
Definition
basis of comparison for measuring the extent to which organizational performance is satisfactory or unsatisfactory.
Term
Benchmarking
Definition
process of determining how well other companies perform business functions or tasks.
Term
balanced scorecard
Definition
encourages managers to look beyond such traditional financial measures to four different perspectives on company performance.
Term
4 different measures
Definition
How do customers see us?
(customer perspective)
At what we must excel?
(internal perspective)
can we continue to improve and create value?
(innovation and learning perspective)
How do we look to shareholders?
(financial perspective)
Term
advantage of balanced scorecard
Definition
forces managers at each level of the company to set specific goals and measure

minimizes the chances of suboptimization
Term
cash flow analysis
Definition
predicts how changes in a business will affect its ability to take more cash than it pays out
Term
balance sheets
Definition
provide a snapshot of a company's financial position
Term
Economic Value Added
Definition
not the same as profits
amount by which profits exceed the cost of capital in a given year
Supporting users have an ad free experience!