a.Write a process narrative describing what is happening in this process. Provide your answer in FIVE steps. b. Identify TWO internal controls present in this process and the risks that they are designed to avert. c. Identify ONE risk that is likely to be experienced in this process. Outline the control/s that you would recommend be added to this process. d. Explain TWO reasons why diagramming is necessary. For each reason state ONE person who might use this information and outline what they would use it for.
a.Write a process narrative describing what is happening in this process. Provide your answer in FIVE steps. b. Identify TWO internal controls present in this process and the risks that they are designed to avert. c. Identify ONE risk that is likely to be experienced in this process. Outline the control/s that you would recommend be added to this process. d. Explain TWO reasons why diagramming is necessary. For each reason state ONE person who might use this information and outline what they would use it for.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
Transcribed Image Text:Yayy Online Revenue Process
Computer
Customers
Bank
Releases
product page at
midnight
Buy this
product?
Register & login
Saves customer
details
Enters product
and payment
option
Calculates and
displays order
totals
Inputs payment
data
Processing a sales order
Process
payment data
Receives
payment data
for verification
Transcribed Image Text:a.Write a process narrative describing what is happening in this process. Provide
your answer in FIVE steps.
b. Identify TWO internal controls present in this process and the risks that they
are designed to avert.
c. Identify ONE risk that is likely to be experienced in this process. Outline
the control/s that you would recommend be added to this process.
d. Explain TWO reasons why diagramming is necessary. For each reason state
ONE person who might use this information and outline what they would use it
for.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step 1: Explain risk management
VIEWStep 2: Explain process narrative the diagram
VIEWStep 3: Explain TWO internal Controls and Risks
VIEWStep 4: Explain the risk that is likely to be experienced in this process and its control strategy
VIEWStep 5: Explain two reasons for diagramming
VIEWSolution
VIEW
Step by step
Solved in 6 steps
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.