Term
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Definition
| regulatory process of establishing standards to achieve organizational goals,comparing actual performance to the standards, and taking corrective action when necessary to restore performance to those standards |
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Term
| When is control achieved? |
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Definition
| when behavior and work procedures conform to standards and when company goals are accomplished. |
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Term
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Definition
| basis of comparison for measuring the extent to which organizational performance is satisfactory or unsatisfactory. |
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Term
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Definition
| process of determining how well other companies perform business functions or tasks. |
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Term
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Definition
| encourages managers to look beyond such traditional financial measures to four different perspectives on company performance. |
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Term
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Definition
How do customers see us?
(customer perspective)
At what we must excel?
(internal perspective)
can we continue to improve and create value?
(innovation and learning perspective)
How do we look to shareholders?
(financial perspective) |
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Term
| advantage of balanced scorecard |
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Definition
forces managers at each level of the company to set specific goals and measure
minimizes the chances of suboptimization |
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Term
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Definition
| predicts how changes in a business will affect its ability to take more cash than it pays out |
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Term
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Definition
| provide a snapshot of a company's financial position |
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Term
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Definition
not the same as profits
amount by which profits exceed the cost of capital in a given year |
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