NICET Soils level 1 questions with correct answers Latest version.
Terms in this set (168)
consists of monitoring performance, comparing it with goals,
Control
and taking corrective action as needed
1. adapt to change and uncertainty
2. discover irregularities and errors
3. reduce cost, increase productivity, or add value
Control helps an organization by
4. detect opportunities
5. provide performance feedback
6. decentralize decision making and facilitate teamwork
1. Establish standards
2. Measure performance
4 steps of control process
3. compare performance to standards
4. take corrective action, if necessary
Control Standard is the desired performance level of a given goal
1. Employee behavior and deliverables (are employees achieving their
objectives?)
Sources of performance data 2. Peer input or observations
3. Customer feedback
4. Managerial observations
5. Output from a production process
Control Charts are a visual statistical tool used for quality control purposes
is a control principle that states that managers should be
Management By Exception
informed of a situation only if data show a significant
deviation from standards
After comparing performance to 1. Make no changes
standards, there are three 2. Recognize and reinforce positive performance
possible courses of action: 3. Take action to correct negative performance
entails collecting performance information in real-time.
Concurrent Control
- Helps managers to determine if employees and processes
conform to standards and regulations
, amounts to collecting performance information after a task or project is
done.
Feedback Control
- Example: customer feedback after they have purchased a
product is used to improve the product
is a form of control; it provides top managers with a fast but
comprehensive view of the organization via four indicators:
Balance Scorecard 1. Financial metrics. - Examples: revenue or profit growth, return on
equity (ROE)
2. Customer metrics. - How do customers see us?
3. Internal business process metrics.
4. Innovation and learning metrics.
is a projection in which resources are allocated on a single estimate of
costs
Fixed budget
- Does not allow for adjustment over time
- If you are allocated $50,000 for buying equipment in a
given year, that is your budget limit even if revenues are
much higher than expected
allocates resources in proportion with various levels of activity.
Variable Budget
- The budget can be adjusted over time (the standards change) to
accommodate relevant changes in the environment
Financial Statement summary of some aspect of an organization's financial status
summarizes an organization's overall financial worth - that is,
Balance Sheet
assets and liabilities - at a specific point in time
Terms in this set (168)
consists of monitoring performance, comparing it with goals,
Control
and taking corrective action as needed
1. adapt to change and uncertainty
2. discover irregularities and errors
3. reduce cost, increase productivity, or add value
Control helps an organization by
4. detect opportunities
5. provide performance feedback
6. decentralize decision making and facilitate teamwork
1. Establish standards
2. Measure performance
4 steps of control process
3. compare performance to standards
4. take corrective action, if necessary
Control Standard is the desired performance level of a given goal
1. Employee behavior and deliverables (are employees achieving their
objectives?)
Sources of performance data 2. Peer input or observations
3. Customer feedback
4. Managerial observations
5. Output from a production process
Control Charts are a visual statistical tool used for quality control purposes
is a control principle that states that managers should be
Management By Exception
informed of a situation only if data show a significant
deviation from standards
After comparing performance to 1. Make no changes
standards, there are three 2. Recognize and reinforce positive performance
possible courses of action: 3. Take action to correct negative performance
entails collecting performance information in real-time.
Concurrent Control
- Helps managers to determine if employees and processes
conform to standards and regulations
, amounts to collecting performance information after a task or project is
done.
Feedback Control
- Example: customer feedback after they have purchased a
product is used to improve the product
is a form of control; it provides top managers with a fast but
comprehensive view of the organization via four indicators:
Balance Scorecard 1. Financial metrics. - Examples: revenue or profit growth, return on
equity (ROE)
2. Customer metrics. - How do customers see us?
3. Internal business process metrics.
4. Innovation and learning metrics.
is a projection in which resources are allocated on a single estimate of
costs
Fixed budget
- Does not allow for adjustment over time
- If you are allocated $50,000 for buying equipment in a
given year, that is your budget limit even if revenues are
much higher than expected
allocates resources in proportion with various levels of activity.
Variable Budget
- The budget can be adjusted over time (the standards change) to
accommodate relevant changes in the environment
Financial Statement summary of some aspect of an organization's financial status
summarizes an organization's overall financial worth - that is,
Balance Sheet
assets and liabilities - at a specific point in time
