When _______________________, managers oversee day-to-day activities and keep the organization functioning smoothly.

7. A detailed report to management comparing budgeted data to actual report for a specific time period is called a _________________________.

8. ________________________ consist of set of processes that transform resources into products or services that have value for the clients or customers of an organization.

9. Each of the following statements describes a responsibility of management. Match each state to the management responsibility being fulfilled.

a.

choosing among them.

b.

Running the company on a day-to-day-basis

Statement

Management Responsibility

a. Planning

b. Decision making c. Directing

c. Controlling

Identifying alternative courses of action and

c.

operating according to plan

Determining whether the company's units are

d.

determining strategies to achieve them

Setting goals and objectives for the company and

8

10. A production system in which units are produced and materials are purchased only as need to meet actual customer demand is called ____________________________.

11. What are the major benefits of Just-in-time?