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Which risk management principle recognizes that risk management cannot eliminate all uncertainty nor be reasonably expected to identify all risks and their likelihood and consequences?
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∙ 9y ago
Practicality in lesson 2
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∙ 9y ago
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Definition of management in a condominium?
A condominium association is a business. The business charter can be found in the covenants, conditions, restrictions and rules -- and other governing documents. The association collects monthly assessments and pays the bills to operate the association, including saving money each month to replace expensive assets that all owners -- members of the association -- own in common. As well, the public spaces in the buildings must be cleaned, monitored and maintained. Landscape and amenities must also be taken care of. The condominium's management then, runs the business of the association. Sometimes this is completed by a vendor. More reasonably, however, the management of the association is conducted by its board of directors, who establish the annual goals for the business and monitor its operations. The management vendor, then, works for the board.
How difficult is the project management professional exam?
It can be either reasonably easy or very difficult, it's all subjective (but most agree that it's not an easy exam). Note that even if someone is a Project Manager for years, he or she can easily fail the exam if they only rely on their experience. The PMP is about studying, hard. Memorize the PBMOK, try to solve as many questions as possible, and you'll do fine.
List three factors which are to be balanced against the benefits of a risk control when reducing risks 'so far as is reasonably practicable'?
Cost, time and safety are the three factors that can be balanced against the benefits of a risk control when reducing the risks.
What are the Advantages of span of control in the organization?
"Span of control" refers to the number of workers a manager can reasonably supervise. A lot depends on the willingness and dedication of the workers (dedicated workers might not need as much supervision as prison inmates) and a lot might depend on the changes in technology of an industry ( a blacksmith not needing as much supervision as a currency trader) and a lot might depend on the damage the employees can do to the business if they screw up (currency traders versus blacksmiths again, unless the blacksmith is shoeing Kentucky derby value horses.
What are functions of inventory management?
Inventory is a stock or storage of goods.Different types of Inventory:Raw materials and purchased partswork in process (WIP)finished goods inventories or merchandisemaintenance and repairs (MRO) inventorygoods-in-transit to warehouses or customers (pipeline inventory)Nature and Importance of InventoryInventories are necessary for a firm to operate efficiently and almost all business transactions involve the delivery of a product or service in exchange for currency. For this reason, inventory management is a very important part of core operations activities. Most retail businesses and wholesale organizations acquire most of their revenue through the sale of merchandise (inventory). In order for business and supply chains to run effectively, and efficiently they must meet all the listed requirements for effective inventory management. Some of the main concerns are the level of customer service and the cost of ordering, storing, and carrying inventory. Therefore, in order to be a successful and profitable company, inventory management must be managed wisely.There are certain requirements that must be taken into consideration during the inventory management process. These requirements are: keep track of the inventory, have a reliable forecast of demand, knowledge of lead times and lead time variability, reliable estimates of inventory holding costs, ordering costs, and shortage costs, and have a classification system for inventory items.Some important Functions of inventories include -1. to meet anticipated customer demand (to meet the anticipation stocks, average demand)2. to smooth production requirements (create seasonal inventories to meet seasonal demand)3. to decouple operations (eliminate sources of disruptions)4. to protect against stock-outs (hold safety stocks to prevent the risk of shortages)5. to take advantage of order cycles (buys more quantities than immediate requirements - cycle stock, periodic orders, or order cycles)6. to hedge against price increases (purchase large order to hedge future price increase or implement volumn discount)7. to permit operations (Little's Law: the average amount of inventory in a system is equal to the product of the average demand rate and the average time a unit is in the system)8. to take advantage of quantity discounts (supplies may give discount on large orders)For company's management, the most important reasons for having an inventory management system is to:1. track existing inventory2. know what quantity will be needed3. know when these items will be needed4. know how much items will costThere are two types of inventory control used- Perpetual and Periodic. In a perpetual inventory system (usually used in supermarkets or department stores), a continuous flow of inventory count is tracked using a point of sale (POS) check out system. This system is perfect for companies to manage what is sold and reorder when a reorder point is reached. Another advantage of this system is its ability to account for shrinkage (theft) and inventory turnover. The periodic system (used in smaller retailers) is used to take a physical count of inventory at periodic intervals to replenish the inventory. This system would be most beneficial for companies that do not have products with UPC or bar codes, such as nuts and bolts and are purchased in large quantities at a time. In this case, someone on a line would monitor the level of the bin and notify a manager when an order would need to be placed.Economic Order Quantity Models- the order size that minimizes annual costs ( 3 types)1)Basic economic order quantity model (EOQ)used to identify a fixed order size that will minimize the sum of the annual costs of holding inventory and ordering inventoryAssumptions: 1. Only one product involved2. Annual demand requirements are known3. Demand is spread evenly throughout the year so that the demand rate is reasonably constant4. Lead time does not vary5. Each order is received in a single delivery6. There are no quantity discounts2)Economic production quantity model (EPQ)the batch mode of production is widely used in production; the reason for this is that capacity to produce a part exceeds the part's usage or demand rate ( the larger the run size, the fewer the number of runs needed and, hence, the lower the annual setup cost; as long as production continues, inventory will continue to grow; (see formulas below)Assumptions:1. Only one item is involved2. Annual demand is known3. Has a constant usage rate4. Usage occurs continually, but production occurs periodically5. The production rate is constant6. Lead time does not vary7. There are no quantity discounts3)Quantity discount modelPrice reductions for large orders offered to customers to induce them to buy in large quantities; If quantity discounts are offered, the buyer must weigh the potential benefits of reduced purchase price and fewer orders that will result from buying in large quantities against the increase in carrying costs caused by higher average inventories; The buyers goal is to select the order quantity that will minimize total cost (see total cost formula below);Equations to know:Annual carrying cost = (Q/2)*H [Q = Order quantity in units, H = Holding (carrying) cost per unit]Annual ordering cost = (D/Q)*S [ D = Demand, S = Ordering cost]Total cost (TC) =(Q/2)*H + (D/Q)*STotal cost curve is U-ShapeLength of order cycle = Q/DEPQ= square root[(2DS)/H]*square root[p/(p-u)]p=production or delivery rateu=usage rateReorder Point: ROP=d*LTd=demand rate(units per period/day/week)LT=lead time(same units as d)EOQ=square root of (2DS)/HInventory point-of-sale (POS) systems, which record items at time of sale electronically, can help make forecasting more accurate. Knowing the lead time of a product, which is the time interval between ordering and receiving the order, is crucial to the success of a business. Long lead times impair the ability of a supply chain to quickly respond to changing conditions, such as changes in the quantity demanded, product or service design, and logistics.
What are generally recorded as liabilities on the balance sheet?
2.Reasonably possible likelihood liabilities.
What available types of auto fleet management tracking solutions are there?
This website, http://www.managerplus.com, offers a great software that can help you. They are easy to use and reasonably priced.
What are the benefits of a website content management system?
A website content management system is a very useful tool for people with little or no experience in coding or HTML. With these software tools, anyone who is reasonably skilled with a computer can easily create and manage a website.
What is the superlative form of the word reasonably?
most reasonably.
When does and incurred loss occur?
An incurred loss occurs when there is objective evidence that a loss event has occurred before the financial statements are issued and the amount of the loss can be reasonably estimated. In other words, it happens when a company has experienced a loss or is aware of the likelihood of a loss and can reasonably estimate the amount of that loss.
What are the seven principles of Just Cause?
Was the employee forewarned of the consequences of his or her actions? Are the employer's rules reasonably related to business efficiency and performance the employer might reasonably expect from the employee? Was an effort made before discharge to determine whether the employee was guilty as charged? Was the investigation conducted fairly and objectively? Did the employer obtain substantial evidence of the employee's guilt? Were the rules applied fairly and without discrimination? Was the degree of discipline reasonably related to the seriousness of the employee's offense and the employee's past record?
What does alara stand is contamination?
ALARA stands for "As Low As Reasonably Achievable." This is an acronym that is used in reference to contamination to show that they want levels as low as possible to avoid possible contamination. This is speaking of the Environmental Management team.
What can the reader reasonably infer from this about the narrator?
The reader can reasonably infer that the narrator is observant, analytical, and detail-oriented.
What do auditors refer to situations in which the outcome of a matter cannot be reasonably estimated at the time of the financial statements are issued as?
Auditors refer to situations where the outcome of a matter cannot be reasonably estimated at the time of issuing the financial statements as an uncertainty. Uncertainties are disclosed in the financial statements to notify users that there is a potential for a significant impact on the financial statement values. Auditors evaluate the nature and extent of uncertainties to determine if appropriate disclosures have been made.
How do you use reasonably in a sentence?
I can give you several sentences.His reasoning is faulty.Reasoning logically helps you make better decisions.Provide me with the reasoning behind your actions.
Are White's metal detectors reasonably priced?
Yes they are. The products are easy to use and seem to be very reasonably priced.
Is Brooklyn a popular name?
Reasonably
