Week5KnowledgeCheckStudyGuide

Topics: Management, Financial ratio, Balanced scorecard, Strategic management, Control theory, Business terms / Pages: 12 (1548 words) / Published: Jul 16th, 2015
Week 5 Knowledge Check
Concepts

Mastery

Score: 15/17
Questions

75%

1

2

3

Feedforward/Concurre nt/Feedback Controls

100%

4

5

6

Financial Controls

100%

7

8

9

Balanced Scorecard

100%

10

11

12

67%

14

15

16

Control Process

Benchmarking

17

13

Concept: Control Process
Concepts

Mastery

Control Process

75%

Questions
1

2

3

17

1.The control process assumes that ________.
A. employees require clear directions from management B. employees are underqualified and require training C. specific goals for performance were already created during the planning process D. employee monitoring costs are part and parcel of doing business
Correct!
The correct answer is: C. Because the control process measures actual performance against standards, these

standards should already be in place when the control process begins. If standards are not created during the planning process, the control process will not have a goal against which to measure actual performance.
2.An example of control criteria that can be used in any situation is
________.
A. number of calls taken per day
B. employee satisfaction
C. average time to process paperwork
D. client requests completed per hour

Correct!
The correct answer is: B. Because all managers have employees, control criteria such as employee satisfaction, turnover, or absenteeism can be used in most situations.
3.In reviewing the result of the control process, managers could choose to avoid taking action when ________.
A. an employee fails to attain the standard because of internal problems
B. the variance between actual performance and the standard is acceptable
C. performance standards are acceptable, though the employees have not attained it
D. the variance observed from the expected performance is caused due to unrealistic standards Correct!
The correct answer is: B. Even if a variance between actual performance and the standard exists, if it is acceptable given the range of variation, a manager can avoid taking

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