16 - control systems and quality management
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25 Terms
what is the controlling step
monitoring performance, comparing it with goals, and taking corrective action as needed
what is the first step in the control process
establish standards
what is the second step in the control process
measure performance
what is the third step in the control process
comparing performance to standards
what is the fourth step in the control process
taking corrective action if needed
what are the types of control
feedforward, concurrent, and feedback
what is feedforward control
predicting & preventing future problems
what is concurrent control
collecting information & making changes in real time
what is feedback control
collecting information and implementing changes after a task is completed
what should managers control
balanced scorecard, financial perspective, customer perspective, internal business perspective, innovation and learning perspective, and strategy mapping
what is the balanced scorecard
a brief summmary of goals & measures for each perspective
what does the financial perspective focus on
how success looks to shareholders (budgets, financial statements, and financial ratios)
what are the basic financial ratios
leverage, liguidity, profitability, and efficiency
what is the leverage ratio
ability to earn more in returns than cost of debt
do you want the leverage ratio to be lower or higher
lower
what is the liquidity ratio
ability to generate cash to pay bills
do you want the liquidity ratio to be lower or higher
higher
what is the profitability ratio
the ability to earn revenues greater than costs
do you want the profitability ratio to be lower or higher
higher
what is the efficiency ratio
ability to use resources efficiently and operate at minimum costs
do you want the efficiency ratio to be lower or higher
higher
what is the customer perspective
appearance to customers: satisfaction & retention
what is the internal business perspective
productivity, efficiency, quality, and safety
what is the innovation and learning perspective
are you equipped for improvement: employee attitudes & turnover, resource capabilities, and organizational culture
what is a strategy map
visual representation of a company’s objectives and relationships