LSUS MBA 705 Chapter 12 Complete Solutions

LSUS MBA 705 Chapter 12 Complete Solutions Balanced Scorecard: An approach to measuring performance based on an array of quantitative and qualitative factors, such as ROA, market share, customer loyalty and satisfaction, speed, and innovation. Best Practices: Processes or activities that have been successful in other firms. Business Process Reengineering: The application of technology and creativity in an effort to eliminate unnecessary operations or drastically improve those that are not performing well. Competitive Benchmarking: Competitive Benchmarking: The process of measuring a firm's performance against that of the top performers— usually in the same industry. Crisis: Any substantial disruption in operations that physically affects an organization, its basic assumptions, or its core activities. Crisis Management: The process of planning for and implementing the response to a wide range of negative events that could severely affect an organization. Crisis Management Team: A cross-functional group of individuals within the organization who have been designated to develop and plan for worst-case scenarios and define standard operating procedures that should be implemented prior to any crisis event. Formal Organization: The official structure of relationships and procedures used to manage organizational activity. Informal Organization: Interpersonal norms, behaviors, and expectations that evolve when individuals and groups come into contact with one another. PIMS (Profit Impact of Market Strategy) Program: A database that contains quantitative and qualitative information on the performance of more than 5,000 business units. Strategic Control: The process of determining the extent to which an organization's strategies are successful in attaining its goals and objectives. How does strategic control help Executives? Strategic control enables executives to account for last minute changes during the implementation process What is the Strategic Control Proces? 1.Determine focus of control. 2.Identify standards or benchmarks. 3.Measure performance. 4.Compare standards to performance. 5.Institute changes as needed. What is step 1 of Strategic Control determine focus? 1.Determine focus of control. 2.Identify standards or benchmarks. 3.Measure performance. 4.Compare standards to performance. 5.Institute changes as needed. What is step 2 of Strategic Control Identify Standards? }Set standards for internal factors identified in the previous step. }If possible, standards should be based on competitive benchmarks, best