Exam 19: Managing Quality and Performance

Silver n' Gold Inc. recently introduced a new control philosophy where all employees have access to the same information that owners have, such as what money is coming in and where it is going. This is an example of which control philosophy?

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(Multiple Choice)

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Question 1

Correct Answer:

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Discuss open-book management and the balanced scorecard.

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(Essay)

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Question 2

Correct Answer:

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Open-book management allows employees to see for themselves the financial condition of the company, how each individual's job fits into the big picture and the company's financial future, and it ties employee rewards to the company's overall success. The balanced scorecard is a comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors. It contains four perspectives: financial performance, customer service, internal business processes, and the organization's capacity for learning and growth.

Customer service, external business processes, financial performances, and the organization's capacity for learning and growth are the four major perspectives of the balanced scorecard.

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(True/False)

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Question 3

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False

Focusing on how well resources and human capital are being managed for the company's future refers to which component of the balanced scorecard?

(Multiple Choice)

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Question 4

What is the key to successful benchmarking?

(Multiple Choice)

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Question 5

Brad is a department manager at Home Theater, Inc. His sole role in the budget process is to implement the budget that is developed for him. This is an example of:

(Multiple Choice)

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Question 6

The manager can use a variety of approaches when seeking to measure and control performance. Write a short essay in which you contrast and compare the hierarchical and the decentralized control processes, and explain the factors that help determine which method is used.

(Essay)

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Question 7

All of the following are key steps of setting up feedback control systems EXCEPT:

(Multiple Choice)

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Question 8

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

(Multiple Choice)

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Question 9

A control system that identifies the various activities needed to provide a product and determines the cost of those activities is called _____.

(Short Answer)

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Question 10

Liabilities are the firm's debts, both current and long-term.

(True/False)

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Question 11

_____ control uses cultural values, traditions, shared beliefs, and trust to generate compliance with organizational goals.

(Short Answer)

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Question 12

_____ refer(s) to the difference between assets and liabilities and is the company's net worth in stock and retained earnings.

(Multiple Choice)

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Question 13

Managers focus on the various elements of the scorecard to set targets, evaluate performance, and guide discussion about what further actions need to be taken.

(True/False)

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Question 14

An organization wide commitment to infusing quality into every activity through continuous improvement is called _____.

(Short Answer)

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Question 15

The firm's financial performance for a given time period is shown on the _____.

(Short Answer)

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Question 16

_____ indicators focus on production and operating statistics.

(Multiple Choice)

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Question 17

Under hierarchical control, employees are actively engaged and committed to their work.

(True/False)

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Question 18

The balance sheet shows the firm's financial position with respect to expenses and credits at a specific point in time.

(True/False)

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Question 19

It seems that once a year the managers of Stone Construction, Inc. attempt a major organization intervention, such as management-by-objectives. They never seem to be satisfied with the performance of Stone Construction and, sure enough, 12 months later, along comes another major intervention. By implementing organizational change in this way, Stone Construction's management may well be violating the principle of:

(Multiple Choice)

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Question 20

Showing 1 - 20 of 170

Silver n' Gold Inc. recently introduced a new control philosophy where all employees have access to the same information that owners have, such as what money is coming in and where it is going. This is an example of which control philosophy?

Discuss open-book management and the balanced scorecard.

Customer service, external business processes, financial performances, and the organization's capacity for learning and growth are the four major perspectives of the balanced scorecard.

Focusing on how well resources and human capital are being managed for the company's future refers to which component of the balanced scorecard?

What is the key to successful benchmarking?

Brad is a department manager at Home Theater, Inc. His sole role in the budget process is to implement the budget that is developed for him. This is an example of:

The manager can use a variety of approaches when seeking to measure and control performance. Write a short essay in which you contrast and compare the hierarchical and the decentralized control processes, and explain the factors that help determine which method is used.

All of the following are key steps of setting up feedback control systems EXCEPT:

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

A control system that identifies the various activities needed to provide a product and determines the cost of those activities is called _____.

Liabilities are the firm's debts, both current and long-term.

_____ control uses cultural values, traditions, shared beliefs, and trust to generate compliance with organizational goals.

_____ refer(s) to the difference between assets and liabilities and is the company's net worth in stock and retained earnings.

Managers focus on the various elements of the scorecard to set targets, evaluate performance, and guide discussion about what further actions need to be taken.

An organization wide commitment to infusing quality into every activity through continuous improvement is called _____.

The firm's financial performance for a given time period is shown on the _____.

_____ indicators focus on production and operating statistics.

Under hierarchical control, employees are actively engaged and committed to their work.

The balance sheet shows the firm's financial position with respect to expenses and credits at a specific point in time.

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