Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
b) Explain why you should respond positively to changes in products or services. It is important to respond positively to changes in products or services because it is likely it will increase your business turnover. A company will want to review its services and products so that it keeps up to date with the expectations of its customers. This will ensure the company can stay competitive and meet its targets and objectives. c) Identify ways of responding positively to
This will generate profits due to its cost effective nature.This will also ensures that the public health care organization grows by showing its viability. | How do the philosophy and culture of the risk-management and quality-management policies influences organizational performance? | It ensures that the patients and employees are always safe.It also helps in money saving thereby ensuring that there are no job cuts.It enhances the overall reputation of the company and also Insurance cost are kept at aMinimal. | It enables organization to manage its resources. Initiates any changes that will translate into positive patient outcomes.
The strategic plan will help provide better, more targeted service to its clients and will be more specific on how the company will go about achieving company goals. The strategic plan will help Riordan’s executives understand the company’s direction by reviewing past progress and making changes to improve and grow. The strategic plan is an organizational tool that will help keep Riordan on track to meet growth and financial objectives. Need for a Strategic Plan Successful businesses are effective at identifying opportunities for growth and ensuring every manager has the same goals. For Riordan to further strengthen their strategic plan, they can develop a financial model based on their income and cost assumptions they would anticipate under the plan (Mikrut, 2010).
Staff members must be able to troubleshoot equipment, keep materials in stock and deal with idiosyncrasies such as the quirks of different machines and materials. Develop Efficient Processes: The more efficient your manufacturing processes, the more products you will able to produce and the better you will able to meet customer demand. Efficiency also involves the capacity to work carefully and pay attention to details to avoid costly
It is vital for Kudler to continue reviewing and improving its information system to ensure its appropriateness to the changing characteristics and needs of its customers. More focus should be placed on forecasting techniques to ensure that there would be a match between what the company offers and what the customers need. The best decision may be to use a combination of methods to forecast sales rather than just one (Payne, 2012). Once the manager accepts the process, they must see to it that it is logical, it fits the needs of the organization, and it can adapt to changes in the environment. Threats and
It will give the management of any company the benefit of seeing how well the company is meeting the goals of their mission statement. The common characteristics of a balanced scorecard are the same for each and every company that uses one; however each company will obtain different results. This is because each company will perform differently and the balanced scorecard will help the company to determine what is working for the company and what needs improvement. The balanced scorecard will help to make the employees perform better, which at the same time will help to improve customer satisfaction, thus the cause and effect sequence. If the employees are performing their job better, they will deliver better quality products, in a timelier manner, thus raising the customer satisfaction.
A successful business creates a SWOTT analysis to improve business decision making and identify high-level performance areas as well as any other area needing improvement. A SWOTT analysis looks at the positive and negative in the business and helps to overcome any problem areas. Strengths and weaknesses are internal forces within the business that can be controlled and changed in most circumstances. Strategy is one internal force that can be changed when necessary. In this instance the business focuses on customers in a one-on-one setting or in small groups to allow them to feel special and treated with high priority.
Tracking indicators allows an organization to identify the potential for risk and provides more time to act upon the risk. Leveraging existing resources will save the company money. In addition, these resources know the organization, are closer to the data, and understand the vision and direction the company wants to take. Adopting the structure the COSO provides would be useful for an organization. The structure provides the basic framework and guidance for a successful ERM.
1.1) The purpose is to become a better all rounded employee for the company thus benefiting the company with better output from yourself. The benefits of improving own performance is not only do you become a creditable asset to the company but you also become a better credit to yourself. Another benefit is that with continuously improving own performance the skills you learn will make every day to day work easier and result in getting work done quicker with less stress. If you’re always learning new skills it makes it easier to adapt to an ever changing business environment. 1.2) Feedback comes in all different way but are almost always positive in some way.