* What are the distinguishing elements of a customer-driven quality requirement? What elements are unique to a customer-driven quality requirement? Why is interfacing between the provider and the customer so critical in the successful implementation in customer-driven quality requirements? * How does one evaluate the characteristics of a quality tangible product? How important would reliability and dependability factor into your evaluation?
It is “outside –in” thinking, which could help company to catch up with the market trend and develop products and services that meet the needs of customers. As we can see from the case, ECCO followed the inside-out strategy. * ECCO has a corporate strategy process that relies on the core competencies of the company to drive change, product development and innovation as opposed to external influences such as market, competition and customer preferences. The assertion by inside-out strategists is that a company achieves greater efficiencies and adapt more quickly to changing circumstances. ECCO is following an inside-out strategy (resource base strategy), whereas all the competitors seem to follow an outside-in strategy.
In these situations we will need to think about who else may benefit and why this is important. A new procedure may take you longer; however, it could allow a better service to be given to our internal/external customers, which could result in better working relationships and/or customer loyalty. Responding negatively to a change will influence those around us creating a difficult environment to work in. A positive approach encourages a good working environment and good teamwork. b) Explain why you should respond positively to changes in products or services.
These indicators go beyond financial statement figures, such as sales and net income, to include measures tailored to the client and its objectives. Such key performance indicators may include market share, sales per employee, unit sales growth, unique visitors to a Web site, same-store sales, sales by country, and sales per square foot for a retailer. ASSESS CLIENT BUSINESS RISK The risk that the client will fail to achieve its objectives related to (1) reliability of financial reporting, (2) effectiveness and efficiency of operations, and (3) compliance with laws and regulations PERFORM PRELIMINARY ANALYTICAL PROCEDURES a. Auditors perform preliminary analytical procedures to better understand the client’s business and to assess client business risk. One such procedure compares client ratios to industry or competitor benchmarks to provide an indication of the company’s performance.
This process will include the preliminary review, assemble the audit documents, conducting the on-site audit, and then finish and follow up activities. The preliminary review helps to determine how effective the results of the audit will be. By formulating a detailed plan for the audit, this ensures that the timeline, scope of the actual audit procedures, and the audit location, will be met for optimal results. Forming a preliminary list for personnel interviews to be conducted during the on-site review is also a pertinent part of the preliminary review process. Assembling the audit documents is critical for observations and recording information.
Businesses require a tool to measure the execution of objectives. As far as the goals of objectives they are supposed to align with a stated vision and mission. Effective objectives ensure that daily activities align with the big picture or if there will be a need to adjust redirect focus. A balanced scorecard is a tool, generated by Robert S. Kaplan and David P. Norton. Authors Pearce and Robinson (2009) suggest, a balanced scorecard “Is a set of measures that are directly linked to the company’s strategy,” “Directs a company to link its own long-term strategy with tangible goals and actions,” and “Provides a framework to translate a strategy into operational terms” (p. 202).
The responsibilities of an audit partner in an accounting firm is to review the accounting actions performed by their client and notify them of any corrections that are required. The CFO of a large public company should oversee all of the company’s finances so that it is steered in the right direction. The audit partners role is weighted heavier in that their responsibility is to the public, not just one company. If the CFO is unable to do his/her duties, then the audit partner should find and report those inaccuracies. The stress of the audit partner is tremendous and choosing that profession is one that I would prefer not to undertake.
Section 1: A lean environment [LO1] This section will help you to evidence Learning Outcome 1: Understand the concept of a lean environment. Learning objective Place in Assessment 1.1 Explain the principles of lean organisation techniques Question 1 Page 1, 2 1.2 Explain the benefits of a lean environment Question 2 Page 2 1. What are the principles of lean organisation techniques? Name and describe the 5 main principles below. [1.1] Principle 1: Value for customers Value is what an end customer perceives as the quality of service/goods received.
The five main types of power in leadership roles are expert, reverent, reward, legitimate, and coercive. Each type has its advantages and disadvantages. A person whose power comes from being an expert at something is thought of as having authority and knowledge in a particular subject. An expert can guide subordinates in an efficient direction. If relying on one expert solely for facts and information, it is best to be sure the person is reliable so not to cause delays and embarrassment.