BY, KOMAL MACHAIAH

The term management control was given by Robert N. Anthony (1994). DEFINITION: MCS is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole considering the organizational strategies(tool) MCS might be formal or informal. Finally, MCS influences the behavior of organizational resources to implement organizational strategies

BALANCED SCORE CARD:

TQM is an integrative philosophy of management for continuously improving the quality of products and processes TQM capitalizes on the involvement of management, workforce, suppliers, and even customers, in order to meet or exceed customer expectations

identified the 9 common TQM practices>>cross-functional product design, process management, supplier quality management, customer involvement, information and feedback, committed leadership, strategic planning, crossfunctional training, and employee involvement.

Kaizen (Japanese) means "improvement", or "change for the better" refers to philosophy or practices that focus upon continuous improvement of processes in manufacturing, engineering, game development, and business managementThe Toyota Production System is known for kaizen, where all line personnel are expected to stop their moving production line in case of any abnormality and, along with their supervisor, suggest an improvement to resolve the abnormality which may initiate a kaizen.

ABC is a special costing model that identifies activities in an organization and assigns the cost of each activity with resources to all products and services according to the actual consumption 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 products and services that are unprofitable >>process re-engineering

Benchmarking is the process of comparing one's business processes and performance metrics to industry bests and/or best practices from other industries.

Just in time (JIT) is a production strategy that strives to improve a business return on investment by reducing inprocess inventory and associated carrying costs

A budget (French bougette, purse) is a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending. the purpose of budgeting is to >>Provide a forecast of revenues and expenditures >>Enable the actual financial operation of the business to be measured against the forecast

FUTURE ORIENTED
CLEAR OBJECTIVE MINIMUM CONTROL LOSSES

Organization, Planning and Budgeting, Accounting, Analysis, and Revisions/Access