Managing the risk of material misstatement in the purchasing process is critical. Identify two different industries and analyze how these risks differ from one industry to the other. Also, identify internal controls that could help to keep these misstatements to a minimum.
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Managing the risk of material misstatement in the purchasing process is critical. Identify two different industries and analyze how these risks differ from one industry to the other. Also, identify internal controls that could help to keep these misstatements to a minimum.
Two different industries where the risk of material misstatement in the purchasing processmay differ are the manufacturing industry and the retail industry.
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- Discuss the major difference between cost-reduction and cost-avoidance measures. Why have some described the reported savings in cost-avoidance measures as “soft,” “funny money,” and “easy to manipulate”? When can purchasing take credit for a legitimate cost reduction or cost avoidance?Five years ago it cost Bernie’s Bikes Inc. about $52 dollars to build a single bike. Today, it only costs the company about $31 because they have automated the process and are able to purchase component parts in larger quantities.What allowed the company to reduce the price to build a bike? A. trade deficit B. product differentiation C. trade surplus D. economies of scaleFor the Stock Management process, describe the IT software that might be used by the Procurement Department (Purchasing) in order to determine which goods and what quantity of them are required by the shop. Explain the Business process and how the selected software can support it. What would be the advantages/disadvantages?
- Please briefly explain why the correct option is right and why the other options are incorrect. 1) Which of the following is the PRIMARY reason for institutionalizing continuous improvement in the supply chain? a)To help suppliers enhance capability in their processes, allowing both the buyer and supplier to reap the benefits b)To determine where the supplier is making errors without raising costs in the supply chain c)To enable suppliers to voice concerns about how the organization is managing contracts with the supplier d)To make the buying organization more receptive to supplier concerns, including any negative feedbackSuppose that a large discount retailer with a lot of purchasing power in a supply chain requires that all suppliers incorporate a new information system that will reduce the cost of placing orders between the retailer and its suppliers as well as between the suppliers and their suppliers. Suppose also that order quantities and lead times are related; the smaller the order quantity the shorter the lead time from suppliers. Assume that all members of the supply chain use a continuous review system and EOQ order quantities. Explain the implications of the new information system for the supply chain in general and the inventory systems of the supply chain members in particular.Which of the following statements about supply chain coordination contracts is TRUE? A A risk-averse business owner should enter a revenue-sharing rather than a buy-back contract. B The supplier faces increased overhead costs in a revenue-sharing contract. C Products with a short peak demand period should enter a buy-back contract rather than a revenue-sharing contract. D Buy-back contracts usually work more efficiently than revenue-sharing contracts.
- Why is it important to capture the transaction-level data associated with all purchasing processes?Hi, I am looking for the formula for calculating maximum acceptable purchase price in a make or buy situation. The amount of units being produced is unknown. What is known are the variable cost per unit and fixed cost per unit of existing manufacturer, as well as the price to obtain the product from another supplier. Thanks!HOW MANY SUPPLIERS ARE BEST FOR MANAGING RISK? Xiaotian Geng, president of Shanghai Manufacturing Corp., wants to create a portfolio of suppliersfor the motors used in her company’s products that will represent a reasonable balance between costsand risks. While she knows that the single-supplier approach has many potential benefits with respectto quality management and just-in-time production, she also worries about the risk of fires, natural disasters, or other catastrophes at supplier plants disrupting her firm’s performance. Based on histori-cal data and climate and geological forecasts, Xiaotian estimates the probability of a “super-event” that would negatively impact all suppliers simultaneously to be 0.5% (i.e., probability 5 0.005) during thesupply cycle. She further estimates the “unique-event” risk for any of the potential suppliers to be 4%(probability 5 .04). Assuming that the marginal cost of managing an additional supplier is $10,000, andthe financial loss incurred if a…
- Purchasing and supply management is an integrated part of an organisation. Select a corporate business/ organisation of your choice. Discuss any 2 elements or tasks of management involved in their business management with an example for each element or task.What is the purchasing procedure in e-commerce? Describe in detail using a diagram.