FMgtch20
Terms
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- control
- the regulation of organizational activities in such a way as to facilitate goal attainment
- operations control
- focuses on the processes the organization uses to transform resources into products or services
- financial control
- concerned with the organization's financial resources
- structural control
- concerned with how the elements of the organization's structure are serving their intended purpose
- strategic control
- focuses on how effectively the organization's strategies are succeeding in helping the organization meet its goals
- controller
- a position in organizations that helps line managers with their control activities
- control standard
- a target against which subsequent performance will be compared
- prelininary control
- attempts to monitor the quality or quantity of financial, physical, human, and information resources before they actually become part of the system
- screening control
- relies heavily on feedback processes during the transformaition process
- postaction control
- monitors the outputs or results of the organization after the transformation process is complete
- budget
- a plan expressed in numerical terms
- financial statement
- a profile of some aspect of an organization's financial circumstances
- balance sheet
- list of assets and liablilities of an organization at a specific point in time
- income statement
- a summary of financial performance over a period of time
- ratio analysis
- the calculation of one or more financial ratios to assess some aspect of the organization's financial health
- audit
- an independent apparisal of an organization's accounting, financial, and operational systems
- bureaucratic control
- a form of organizational control characterized by formal anbd mechanisitic structural arrangements
- decentralized control
- an approach to organizational control based on informal and organic structural arrangement