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Exam 10: Performance Management

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Question 1

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 What is a balanced scorecard? Briefly describe its perspectives.

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Balanced scorecard is the method created...

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Question 2

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 Organizations that focus solely on performance without a focus on support tend to produce burnout contexts. 

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Question 3

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 Which of the following is the ultimate goal of Total Quality Management?

 ISO 9000 is a program that focuses on improving the firm's products but not the processes involved.

 The following selected data come from Celebration Company's balance sheets and income statements over three recent years. Based on the data, what is Celebration's return on assets for each of the three years, and do the ratios show deterioration or improvement in Celebration's profitability? Assume that the industry average is 0.075 or 7.5%. 

 Which of the following questions should the managers address as they design control systems?

 _____ is an international control mechanism that pursues high-quality products by ensuring high-quality processes.

 Discuss TQM, Six Sigma, and ISO 9000.

 Organizations that emphasize performance metrics with a focus on support and trust will tend to produce _____ contexts.

 Which of the following statements about the balanced scorecard is true?

 _____ refers to a four-stage process that provides the mechanisms and systems that monitor the transformation process, ensuring that outputs are produced to the desired quality, quantity, and specification of an organization and its customers.

 New Skin, a cosmetics company, is focused on innovation and new product introduction. New Skin will place heavy emphasis on which perspective of the balanced scorecard?

 The managers of Z-Cosmetics, after identifying key measurements, decided to set performance targets for their business. In order to fulfill the purpose, they adopted a process that required management to collect data from Color Cosmetics, a leading manufacturer in the industry. The managers of Z-Cosmetics believed that adopting the best practices across the industry would help them achieve their goals more effectively. Identify the process used by Z-Cosmetics to set performance targets.

 Which of the following refers to the quantitative and qualitative aspects of products or services that customers value most?

 Which of the following balanced scorecard perspectives is used by managers to identify the company's most important customers and how well the company is doing in meeting customers' needs?

 Describe benchmarking.

 _____ is defined as the process of evaluating behaviors and outputs to see whether standards have been met or objectives have been obtained.

 The factor that differentiates behavior and output is that

 The balanced scorecard promotes competition and reveals best practices so that they can be analyzed, adopted, and implemented throughout an industry.

 The following selected data come from Celebration Company's income statements over three recent years. Based on the data, what is Celebration's profit margin for each of the three years, and do the ratios show deterioration or improvement in Celebration's profitability? Assume the industry average is 0.065 or 6.5%.