Which of the following statements best describes economic value added (EVA)?
It is the amount by which profits exceed the cost of capital in a given year.
_____ is the extent to which it is possible to implement each step in the control process.
_____ costs are the costs associated with implementing or monitoring control.
_____ is a performance assessment in which companies identify which customers are leaving and the rate at which customers are leaving
Which of the following is NOT a component of the cybernetic control process?
Set corporate objectives
In many companies, bureaucratic control has evolved into _____ which is the use of perceivable measures of employee behavior or output to assess performance and influence behavior.
NutriStar bakery has decided to downsize its staff to cut its overhead costs. This has been financially beneficial for the bakery. However, the reduction in the number of staff has adversely impact efficiency in the customer service section. Which of the following concepts is illustrated in the scenario?
_____ is a method of gathering information about performance deficiencies after they occur.
Which of the following is NOT one of the four perspectives measured in the balanced scorecard approach to control?
The bureaucratic perspective
Which of the following is NOT a control method?
_____ control is top-down control in which managers try to influence employee behavior by rewarding or punishing employees for compliance or noncompliance with organizational policies, rules, and procedures.
The basic control process of business begins with _____.
the establishment of clear standards of performance
In the context of control measures, which of the following approaches to control monitors inputs rather than outputs?
The _____ is the measurement of organizational performance in four equally important areas: finances, customers, internal operations, and innovation and learning.
_____ occurs when performance improvement is attained in one part of an organization but only at the expense of decreased performance in another part.
Process modification, material/product substitution, and good housekeeping are the three strategies used for _____.
waste prevention and reduction
_____ is the process of determining how well other companies (though not just competitors) perform business functions or tasks.
An accident at the Millwood oil refinery severely injured two workers. The company is conducting an investigation to understand what went wrong. After analyzing the information, the company intends to bring in new safety processes to prevent such accidents. The company used _____control.
_____ involves the regulation of workers’ behavior and decisions through work group values and beliefs.
_____ is the regulatory process of establishing standards to achieve organizational goals, comparing actual performance to those standards, and then, if necessary, taking corrective action to restore performance to those standards.
Everlast Motors Inc. recently returned a shipment of faulty locking devices to its supply partner, Maxwell Safe LLC. Upon hearing about the flawed equipment, a team at Maxwell starts gathering information about what went wrong. Maxwell Safe’s initiative is an example of _____.
The managers at Malar Inc. place a great amount of emphasis on the organizational rules and policies; adherence to these is of utmost importance to them. Employees who deviate from these rigid rules are often punished. The managers at Malar are most likely exercising _____.
Normative controls are created by:
screening potential applicants based on their beliefs and attitudes.
A regulatory body has recently reprimanded the Simston Company for not setting clear guidelines on factory emissions. In this case, the regulatory body wants the Simston Company to establish emission control _____.
_____ is the situation in which behavior and work procedures do not conform to standards.
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