Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/37

Click to flip

37 Cards in this Set

  • Front
  • Back
Managers monitor and regulate how efficiently and effectively an organization and its members are performing the activities necessary to achieve organizational goals
Organizational Control
Formal target-setting, monitoring, evaluation, and feedback systems that provide managers with information about whether the organization's strategy and structure are working efficiently and effectively.
Control Systems
At the input stage, managers use _______ control to anticipate problems before they arise so that problems do not occur later, during the conversion process.
Feedforward Control
At the conversion stage, ________ control gives managers immediate feedback on how efficiently inputs are being transformed into outputs so that managers can correct problems as they arise.
Concurrent Control
At the output stage, managers use ______ control to provide information about customers' reactions to goods and services so that corrective action can be taken if necessary.
Feedback Control
The Control Process can be broken down into _____steps.
Four
Establishing standards of performance, goals, and targets to which performance is to be measured is what step of the control process?
The First Step
Measuring Actual Performance is what step of the control process?
The Second Step
Comparing actual performance against chosen standards of performance is what step of the control process?
The Third Step
Evaluating the result and initiating corrective action and making changes if the standard is not achieved is what step of the control process?
The Fourth Step
These measure how efficiently managers are using the organization's resources to generate profits?
Profit Ratios
An organization's net income before taxes divided by its total assets. (The most commonly used financial performance measure).
Return on Investment (ROI)
_____ allows organization's to assess an organization's competitive advantage.
Return on Investment (ROI).
This is calculated by dividing a company's operating profit (the amount it has left after all the costs of making the product and running the business have been deducted by sales revenues.
Operating Margin
This measures how well managers have protected organizational resources to be able to meet short term obligations.
Liquidity Ratios
This tells managers whether they have the resources available to meet the claims of short-term creditors.
The Current Ratio (Current Assets/ Current Liabilities).
This tells whether they can pay these claims without selling inventory.
Quick Ratio
These measure the degree to which managers use debt (borrow money) or equity (issue new shares) to finance ongoing operations.
Leverage Ratios
These provide measures of how well managers are creating value from organizational assets.
Activity Ratios
This measures how efficiently managers are turning inventory over so that excess inventory is not carried.
Inventory Turnover
This provides information on how efficiently managers are collecting revenue from customers to pay expenses.
Days Sales Outstanding
Research suggests that the best goals are difficult and specific goals. Goals that challenge and stretch a manager's ability but are not out of reach. These are called what?
Stretch Goals
A formal system of evaluating subordinates on their ability to achieve specific organizational goals or performance standards and to meet operating budgets.
Management by Objectives (MBO)
Specific goals and objectives are established at each level of the organization is what step of MBO?
The first step
Managers and their subordinates together determine the subordinate's goals is what step of MBO?
The second step
Managers and their subordinates periodically review the subordinates' progress toward meeting goals. Is what step of the MBO process?
The third step?
How many steps are there in the total MBO process?
Three Steps
Control by means of a comprehensive system of rules and standard operating procedures (SOPs) that shapes and regulates the behavior of divisions, functions, and individuals.
Bureaucratic
Control by means of a comprehensive system of rules and standard operating procedures (SOPs) that shapes and regulates the behavior of divisions, functions, and individuals.
Bureaucratic Control
Standardized behavior leads to ______ which means that goods and services will have uniform quality.
Standardized Outputs
______ takes advantage of the power of internalized values and norms to guide and constrain employee attitudes and behavior in ways that increase organizational performance.
Clan Control
The control exerted on individuals and groups in an organization by shared values, norms, standards of behavior, and expectations.
Clan Control
The movement of an organization away from its present state and toward some future state to increase its efficiency and effectiveness.
Organizational Change
A gradual, incremental, and narrowly focused change. This is not sudden or drastic but rather a constant attempt to improve, or adapt.
Evolutionary Change
A rapid, dramatic, and broadly focused change. These involve a bold attempt to quickly find new ways to be effective. Causes radical shifts in organizational structure.
Revolutionary Change
A _______ change is a fast, revolutionary approach to change in which top managers identify what needs to be changed and then move quickly to implement the changes throughout the organization.
Top-Down Change
This is more gradual or evolutionary. This is also an approach in which all managers at all levels work together on to develop a detailed plan for change.
Bottom-Up Change