Cost control refers to the techniques used by various levels of management within an organization to ensure that costs incurred fall within acceptable levels. It involves the provision of financial information to management by the accountant and the use of various techniques such as budgetary control and standard costing to highlight and analyze any variances.
A management technique in which all levels of management are encouraged to specify quantitative and/or qualitative objectives to be achieved within a set period. Managers must then answer to higher levels of management for the actual performance achieved against these objectives.
Management by Walking Around (MBWA) is an innovative management technique that emphasizes informal communication, direct engagement, and real-time observation in the workplace. The objective of MBWA is to foster a harmonious organizational culture, ensuring effective collaboration between management and employees while keeping management informed of the latest operational developments.
The management cycle refers to the established periods in which specific management operations occur, typically including processes such as planning, executing, monitoring, and closing projects or tasks.
MBO is an abbreviation that can refer to either 'Management Buy-Out' or 'Management by Objectives.' The term's meaning depends on the context in which it is used, encompassing significant concepts in corporate finance and management techniques respectively.
A structured method to elicit, gather, and implement worker suggestions aimed at improving organizational processes, efficiencies, and morale.
