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BY,KOMAL MACHAIAH
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The term management control was given by RobertN. Anthony (1994).
DEFINITION: MCS is a system which gathers and uses
information to evaluate the performance of differentorganizational resources like human, physical,financial and also the organization as a wholeconsidering the organizational strategies(tool)
MCS might be formal or informal. Finally, MCS influences the behavior of organizational
resources to implement organizational strategies
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BALANCED SCORE CARD:
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TQM is an integrative philosophy ofmanagement forcontinuously improving the quality of products andprocesses
TQM capitalizes on the involvement of
management, workforce, suppliers, and evencustomers, in order to meet or exceed customerexpectations
identified the 9 common TQM practices->>cross-functional product design, processmanagement, supplier quality management,customer involvement, information and feedback,committed leadership, strategic planning, cross-
functional training, and employee involvement.
http://en.wikipedia.org/wiki/Qualityhttp://en.wikipedia.org/wiki/Managementhttp://en.wikipedia.org/wiki/Qualityhttp://en.wikipedia.org/wiki/Process_managementhttp://en.wikipedia.org/wiki/Process_managementhttp://en.wikipedia.org/wiki/Feedbackhttp://en.wikipedia.org/wiki/Leadershiphttp://en.wikipedia.org/wiki/Strategic_planninghttp://en.wikipedia.org/wiki/Strategic_planninghttp://en.wikipedia.org/wiki/Leadershiphttp://en.wikipedia.org/wiki/Feedbackhttp://en.wikipedia.org/wiki/Process_managementhttp://en.wikipedia.org/wiki/Process_managementhttp://en.wikipedia.org/wiki/Qualityhttp://en.wikipedia.org/wiki/Management -
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Kaizen (Japanese) means "improvement", or"change for the better" refers to philosophy orpractices that focus upon continuous
improvement of processes in manufacturing,engineering, game development, and businessmanagementThe
Toyota Production System is known for kaizen,
where all line personnel are expected to stoptheir moving production line in case of anyabnormality and, along with their supervisor,suggest an improvement to resolve the
abnormality which may initiate a kaizen.
http://en.wikipedia.org/wiki/Japanese_languagehttp://en.wikipedia.org/wiki/Toyota_Production_Systemhttp://en.wikipedia.org/wiki/Toyota_Production_Systemhttp://en.wikipedia.org/wiki/Toyota_Production_Systemhttp://en.wikipedia.org/wiki/Japanese_language -
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ABC is a special costing model that identifiesactivities in an organization and assigns thecost of each activity with resources to all
products and services according to the actualconsumption by each. This model assigns more indirect
costs (overhead) into direct costs compared to
conventional costing models. AIM OF THIS MODEL>>either identify and eliminate those productsand services that are unprofitable
>>process re-engineering
http://en.wikipedia.org/wiki/Indirect_costshttp://en.wikipedia.org/wiki/Indirect_costshttp://en.wikipedia.org/wiki/Overhead_(business)http://en.wikipedia.org/wiki/Direct_costshttp://en.wikipedia.org/wiki/Direct_costshttp://en.wikipedia.org/wiki/Overhead_(business)http://en.wikipedia.org/wiki/Indirect_costshttp://en.wikipedia.org/wiki/Indirect_costs -
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Benchmarking is the process ofcomparing one's business processes
and performance metrics to industry bestsand/or best practices from otherindustries.
http://en.wikipedia.org/wiki/Performance_metrichttp://en.wikipedia.org/wiki/Best_practicehttp://en.wikipedia.org/wiki/Best_practicehttp://en.wikipedia.org/wiki/Performance_metric -
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Just in time (JIT) is a production strategy thatstrives to improve a business return on
investment by reducing in-process inventory and associated carryingcosts
http://en.wikipedia.org/wiki/Return_on_investmenthttp://en.wikipedia.org/wiki/Return_on_investmenthttp://en.wikipedia.org/wiki/Inventoryhttp://en.wikipedia.org/wiki/Inventoryhttp://en.wikipedia.org/wiki/Return_on_investmenthttp://en.wikipedia.org/wiki/Return_on_investment -
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A budget (Frenchbougette, purse) is a list ofall planned expenses and revenues. It is a plan
for saving, borrowing and spending. the purpose of budgeting is to>>Provide a forecast of revenues andexpenditures>>Enable the actual financial operation of thebusiness to be measured against the forecast
http://en.wikipedia.org/wiki/French_languagehttp://en.wikipedia.org/wiki/French_language -
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FUTURE ORIENTED
CLEAR OBJECTIVE
MINIMUM CONTROL LOSSES
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Organization,
Planning and Budgeting, Accounting, Analysis, and Revisions/Access
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