Business Mangaement Chapter 15
Business 231 Homework #15
Go beyond the textbook and presentation definitions. Answer questions in an essay format. Document any sources of quoted or paraphrased material or outside information, including the textbook. Detailed responses are required.
1. Explain the four steps in the control process. Create a unique example taking it through
all 4 steps. (5 Points)
2. Explain the benefits of using a balanced scorecard to track the performance and control
of the organization. (5 Points)
3. Explain the benefits of open-book management. (5 Points)
4. Describe the concept of total quality management (TQM) and major TQM techniques,
including quality circles, benchmarking, Six Sigma principles, quality partnering, and
continuous improvement. (5 Points)
5. What types of analysis can managers perform to help them diagnose a company’s
financial condition? How can a review of financial statements help managers diagnose
other kinds of performance problems as well? (5 Points)
