Exam 6: Controls and Control Systems

__________ control is essentially the influence of market competition on the behavior of organizations and their members.

A(n)__________ is a measure of performance results in terms of quantity,quality,cost,or time.

__________ is the process of ensuring that inventory is only big enough to meet immediate needs.

The two types of cost used to determine total costs are __________ and __________.

Focusing on substantial differences between actual and desired performance is called management by ___________.

A manager stopping by before a shift to see if everything is ready to go for the day is an example of a(n)__________ control.

To improve workflow and reduce costs,__________ scheduling seeks to arrange for materials to arrive right as they are needed.

The point at which total revenues equal total costs and profits begin is called the __________.

Control equation: Need for action = __________ - __________.

The advantage to feedforward controls is the opportunity to intervene immediately when problems are detected.

Managers need to know that the control process can only begin one way,by

Informal standards like "we did our best" or "everyone seemed to like it" are very effective as a basis for control adjustments.

MBO requires the managers to give employees a list of objectives.

The calculation of the point where sales revenues equal total costs is called __________ analysis.

Which of the following is controlled by feedback controls?

Discuss breakeven analysis.What is its intent? How is it calculated?

Which of the following financial ratios is the correct formula for the current ratio?

MBO has been effectively utilized for a long time because it is one of the few management techniques with no observable downsides.

The function of EOQ is to hold down both order costs and inventory costs.

Define and discuss the components of TQM (total quality management).