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Ch.19 Managing Quality and Performance

Organizational Control
is the systematic process through which managers regulate organizational activities to meet planned goals and standards of performance
Balanced Scoreboard
is a comprehensive management control system that balances traditional financial measures with measure of customer service,internal business processes and the organization’s capacity for learning and growth
Responsibility Center
is any organizational department or unit under the supervision of a single person who is responsible for its activity
Expense Budget
outlines the anticipated and actual expenses for a responsibility center
Revenue Budget
lists forecasted and actual revenues of the organization
Cash Budget
estimates receipts and expenditures of money on a daily or weekly basis to ensure that an organization has sufficient cash to meet its obligations
Capital Budget
A budget that plans and reports investments in major assets to be depreciated over several years
Top-down budgeting
which means that budgeted amounts for the coming year are literally imposed on middle-and lover level managers
Bottom-up-budgeting
involves lower level managers anticipating their department’s budget needs and passing them up to top management for approval
Balance Sheet
shows the firms financial position with respect to assets and liabilities at a specific point in time
Income Statement
summarizes the firm’s financial performance for a given time interval
Liquidity Ratio
indicates the organization’s ability to meet its current debt obligations
Activity Ratio
measures the organization internal performance with respect to key activities defined by management
Profitability Ratio
describes the firm’s profits relative to a source of profits such as sales or assets
Hierarchical Control
involves monitoring and influencing employee behavior through extensive use of rules,policies,hierarchy of authority,written documentation,reward systems,and other formal mechanisms
Decentralized Control
the organization fosters compliance with organizational goals through the use of organizational culture,group norms,and a focus on goals rather than rules and procedures
Open-book Management
Allows employees to see for themselves the financial condition of the organization and encourages them to think and act like business owners
Total Quality Management (TQM)
is an organization wide effort to infuse quality into every activity in a company through continuous improvement
Quality Circle
offer one technique for implementing total quality management and include a group of 6 to 12 volunteer employees who meet regularly to discuss and solve problems affecting the quality of their work
Benchmarking
tracking quality,the continuous process of measuring products,services, and practices against major competitors or industry leaders
Six Sigma
is a quality control approach that emphasizes a relentless pursuit of higher quality and lower costs
Cycle Time
the steps that are taken to complete a company process,improves overall company performance as well as quality
Continuous Improvement
or “kaizen”,is the implementation of a large number of small,incremental improvements in all areas of the organization on an ongoing basis
ISO 9000 Standards
universal benchmark for quality management practices,which represent an international consensus of what constitutes effective quality management as outlined by the International Organization of Standards
Economic value-added (EVA)
measurements systems gauge financial performance in terms of after-tax profits minus the cost of capital invested in tangible assets
Market Value-added (MVA)
A control system that monitors the stock markets estimate of the value of a company’s past and expected capital investment projects
Activity-Based costing (ABC)
is a control system that identifies the various activities needed to provide a product and allocates cost accordingly
Corporate governance
the framework of systems, rules and practices bu which an organization ensures accountability, fairness, and transparency in the firm’s relationship with stakeholders

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