Exam 15: Managing Quality and Performance

The continuous process of measuring products, services, and practices against major competitors or industry leaders is called .

In most companies, managers rely exclusively on qualitative measures to measure actual performance.

Contingency factors that can influence the success of a TQM program in a negative way include all of the following EXCEPT:

_______control is the process of setting targets for an organizations expenditures.

The lists planned investments in major assets such as buildings, trucks, and heavy machinery, often involving expenditures over more than a year.

Frequently calculated ratios typically pertain to activity, passivity, and profitability.

An organization-wide commitment to infusing quality into every activity through continuous improvement defines Six Sigma.

The provides three types of information: assets, liabilities, and owners' equity.

Net income divided by sales is the correct formula for calculating:

Which of the following is a ratio that measures the firm's internal performance with respect to key activities defined by management?

Which of the following is a comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors?

Tammy is a production manager at Eagle's Nest, Inc.. She is concerned that too much money is being wasted on inventory that is sitting in the warehouse too long. She should calculate an:

An expense budget lists forecasted and actual revenues of the organization.

Madison has been assigned to work on the development of a budget that plans future investments in major assets such as buildings and heavy machinery. Madison is working on an budget.

The_______ plans future investments in major assets to be depreciated over several years.

An_______ includes anticipated and actual expenses for each responsibility center and for the total organization.

Charlie, a manager at a textile company, is bothered by a lack in quality of products manufactured by his company. Charlie hopes to infuse quality into the company through continuous improvement by involving everyone who works there. This describes which control philosophy?

The Six Sigma approach is a comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors.

The implementation of total quality management involves the use of many techniques such as quality circles, benchmarking, Six Sigma principles, reduced cycle time, and continuous improvement.

Very high expectations from senior management and a desire to share authority by middle managers are two of the positive factors leading to success of TQM.