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Final
Principals of Management Ch 13-16
| Question | Answer |
|---|---|
| Enterprise Resource Planning (ERP) | Software systems, information systems for integrating virtually all aspects of a business |
| Controlling | monitoring performance, comparing it with goals, and taking corrective action as needed |
| Control is needed to : | adapt to change and uncertainty, discover irregularities and errors, reduce costs, increase productivity, or add value, detect opportunites, deal with complexity, decentralize decision making and facilitate teamwork |
| steps in the control process | establish standards, measure performance, compare performance to standards, take corrective action if necessary |
| Control Standard | is the desired performance for a given goal |
| management by exception | a control principal that states that managers should be informed of a situation only if data show a significant deviation from standards |
| strategic control by top managers | monitoring performance to ensure that strategic plans are being implemented an taking corrective action as needed |
| tactical control by middle managers | monitoring performance to ensure that tactical plans - those at the divisional or departmental level - are being implemented and taking corrective action as needed |
| operational control by first level managers | monitoring performance to ensure that operational plans - day to day goals - are being implemented and taking corrective action as needed. |
| six areas of control | physical area, human resources area, informational area, financial area, structural area, cultural area |
| bureaucratic control | an approach to organizational control that is characterized by use of rules, regulations, and formal authority to guide performance |
| decentralized control | approach to organizational control that is characterized by informal and organic structural arrangements |
| balanced scorecard | gives top managers a fast but comprehensive view of the organization via four indicators: customer satisfaction, internal process, innovation and improvement, financial measurement |
| strategy map | visual representation of the four perspectives of the balanced scorecard that enables managers to communicate their goals so that everyone in the company can understand how their jobs are linked to the overall objectives of the organization |
| four mechanisms of success | top executives agree on strategy, communication is clear, there is better focus and alignments, the organizational culture emphasizes teamwork and allows taking risk |
Created by:
justinedurand
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