Management Skills - Controlling

Flashcards for reviewing management skills and control.

What is controlling in management?

A management activity that measures how well an organization achieves its goals and objectives.

What are the steps in the management activity of controlling?

Set the standard, measure performance, compare performance with the standard, and take corrective action.

Name the types of management control.

Stock control, quality control, credit control, financial budget and track control.

What does stock control aim to do?

To keep optimum stock levels so that the organization doesn't have too much or too little stock.

List the four main types of stock.

Raw materials, work in progress, finished goods, merchandise.

What are 'raw materials'?

Materials used to make products.

What is 'work in progress'?

Partially completed goods.

What is 'finished goods'?

Completed goods ready for sale.

What is 'merchandise'?

Goods bought by the firm to be sold.

What is manual stock take?

Comparing what you brought in vs. what you have.

What does EDI stand for and what does it allow for?

Electronic Data Interchange; allows for ordering automatically.

What is Just in Time (JIT)?

Holding a minimum amount of stock and ordering regularly from suppliers, ensuring no lack of stock.