Exam (elaborations)
MGMT 310 Exam 4 questions with correct answers
- Course
- Institution
MGMT 310 Exam 4 questions with correct answers
[Show more]
Content preview
MGMT 310 Exam 4control - correct answer ✔✔any process that directs the activities of individuals toward the achievement
of organizational goals
lax top management, absence of policies, lack of ethics in the culture - correct answer ✔✔what are
some signs that a company lacks control?
bureaucratic control - correct answer ✔✔the use of rules, standards, regulations, hierarchy, and
legitimate authority to guide performance
the control process - correct answer ✔✔
standard - correct answer ✔✔expected performance for a given goal or a target that establishes a
desired performance level, motivates performance, and serves as a benchmark against which actual
performance is assessed; Ex - production activities include volume of output
principle of exception - correct answer ✔✔a managerial principle stating that control is enhanced by
concentrating on the exceptions to or significant deviations from the expected result or standard; ex -
the feedback from customers who are upset or delighted with a service
feedforward control - correct answer ✔✔takes place before operations begin and includes policies,
procedures, and rules designed to ensure that planned activities are carried out properly;
Ex - inspection of raw materials and proper selection and training of employees.
concurrent control - correct answer ✔✔takes place while plans are being carried out
Ex - directing, monitoring, and fine-tuning activities as they occur
feedback control - correct answer ✔✔focuses on the use of information about results to correct
deviations from the acceptable standard after they arise
, the role of six sigma - correct answer ✔✔quality control tools; designed to reduce defects in all
organization processes and anything that may result in customer dissatisfaction, such as inadequate
service, delayed delivery, and excessively high prices due to high costs or inefficiency
management audit - correct answer ✔✔An evaluation of the effectiveness and efficiency of various
systems within an organization from social responsibility programs to accounting control.
external audit - correct answer ✔✔An external audit occurs when one organization evaluates another
organization.
internal audit - correct answer ✔✔Assesses what the company has done for itself and what it has done
for its customers or other recipients of its goods or services.
budgeting - correct answer ✔✔The process of investigating what is being done and comparing the
results with the corresponding budget data to verify accomplishments or remedy differences; Also called
budgetary controlling
sales budget, production budget, cost budget, cash budget, capital budget, master budget - correct
answer ✔✔What are some frequently Used Budget Types?
sales budget - correct answer ✔✔forecasts of sales by month, sales area, and product
production budget - correct answer ✔✔types and capacities of machines, economic quantities to
produce, and availability of materials
cost budget - correct answer ✔✔human resources and other support departments, fixed cost, variable
cost
cash budget - correct answer ✔✔shows the anticipated receipts and expenditures, the amount of
working capital available, the extent to which outside financing may be required, and the periods and
amounts of cash available; Working capital formula = current assets - current liabilities
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kirus27. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
