Exam 17: Evidence-Based Decision Making

Which common source of information for measuring performance is obtrusive,time consuming,and most subject to personal biases?

Types of Control (Scenario) Sam has not been receiving the information that he needs from his current control system. By the time Sam receives his reports, the activity has been completed and mistakes have already been made. Direct supervision is used extensively on the production floor now, so some activities are corrected before they become costly mistakes. But Sam would like to do better. Ideally, he would like to fix mistakes before they happen and anticipate more of the problems before they occur. -Sam wants controls that provide information on how effective his planning efforts have been.He would also like controls that can enhance employee motivation.To accomplish both,the best choice is ________ controls.

Judy's job requires her to handle unexpected problems that always seem to require a quick decision.She seems to spend most of her "day putting out fires" by taking ________ corrective action.

The purpose of the board of directors is to look out for interests of the managers and employees of the organization.

An effective control system ensures that activities are completed in ways that ________.

One advantage of ________ control is that it can enhance employee motivation.

Employee Theft (Scenario) Barbara is the product manager of an energy company which operates in the Americas. She is concerned about the increased employee theft observed in the factory. A study has shown that $30,000 worth of merchandise was attributed to employee theft in the year 2010. -Barbara wants to take corrective measures to prevent future theft.Which of the following is a feedback control that Barbara could use to control theft?

If sales of "Cool Ranch"-flavoured Doritos chips are consistently higher than targets set by parent company Frito-Lay,which type of managerial action is most likely warranted?

Two areas in which corporate governance is being reformed are the role of boards of directors and ________.

Financial Ratios (Scenario) Jan was in a big hurry. She had just been given the assignment of reporting on the financial health of her company to the new divisional vice-president, Donna. Donna had asked Jan to provide several calculations to help her gain an understanding of the company's financial shape. Jan realized that this was a great career opportunity—one that could make or break her reputation with the new vice-president. She quickly pulled out her old financial management textbook and turned to the chapter on financial ratios to review the required calculations. -Donna asked Jan to provide her with an estimate of how efficiently the firm is using its assets.Therefore,Jan calculated a(n)________ ratio called total asset turnover.

At its most fundamental level,________ means learning from others.

In a short essay,describe the various tools organizations can use to control employee performance.

Managers need to provide their employees with ________ so that the employees know where they stand in terms of their work.

Financial Ratios (Scenario) Jan was in a big hurry. She had just been given the assignment of reporting on the financial health of her company to the new divisional vice-president, Donna. Donna had asked Jan to provide several calculations to help her gain an understanding of the company's financial shape. Jan realized that this was a great career opportunity—one that could make or break her reputation with the new vice-president. She quickly pulled out her old financial management textbook and turned to the chapter on financial ratios to review the required calculations. -Donna was also very interested in examining the organization's use of debt to finance its assets.Therefore,Jan needed to calculate a(n)________ ratio.

When information is analyzed and processed,it becomes data.

Michelle's Restaurant gives customers a questionnaire to rate the quality of their dining experience.They are using ________ control.

Instituting controls for ensuring employee safety and preventing workplace violence is an important consideration for organizations.Company policies that ________ can help ensure a safe workplace.

The differences seen in organizational control systems of global organizations are primarily in the ________ steps of the control process.

The key to ________ control is taking managerial action before a problem occurs.

Designing a Control System (Scenario) Gina realizes her department needs to make some changes in its control system. The department is one of five in her division, and she is not sure which approach will work best for the organization. She could base her department's performance on their distinct product, making it a profit centre and evaluating it against overall company results. She could also make better use of the policies, regulations, and procedures that are already in place. To date, Gina has not strictly enforced many of the regulations established by the head office because her department is self-regulating. The work groups set their goals and insure those goals are achieved. Everyone is well aware of the expected standards and work behaviours, and there is little tolerance for workers who do not meet the group norms. -In selecting the best control system,Gina understands that ________.