Chapter 15.3

Question 1

The Six Sigma process

Answer 1

-Define
-Measure

-Analyse
-Improve
-Control

Question 2

Just-in-time (JIT)

Answer 2

-An approach with the objective of producing the right part, in the right place, at the right time

-Its objective is to minimise waste time

Question 3

The four major principles of TQM

Answer 3

-Focusing on delivering customer value

-Continually improving processes and systems

-Focusing on managing process rather than people

-Using teams to improve continually.

Question 4

Corporate governance

Answer 4

the pattern of relations and controls between the shareholders, the board of directors, and the top management of an organisation.

Question 5

Successful business leaders of the future will be those who

Answer 5

-Align internal organisational controls with risk management.

-Understand the financial data and value of financial control techniques

-Determine the appropriate areas in the organisation where control should be focused.

Question 6

Internal control mechanisms

Answer 6

-They are controls used to monitor activities of the organisation and take corrective action if needed

Question 7

External control mechanisms

Answer 7

They are controls in control of those stakeholders outside the organisation