What are the differences between tangible and intangible resources? Why is it important for decision makers to understand these differences?

Part 1:

1. Why is it important for a firm to study and understand its internal organization?

2. What is value? Why is it critical for the firm to create value? How does it do so?

3. What are the differences between tangible and intangible resources? Why is it important for decision makers to understand these differences? Are tangible resources more valuable for creating capabilities than are intangible resources, or is the reverse true? Why?

4. What are capabilities? How do firms create capabilities?

5. What four criteria must capabilities satisfy for them to become core competencies? Why is it important for firms to use these criteria to evaluate their capabilities value-creating potential?

6. What is value chain analysis? What does the firm gain by successfully using this tool?

7. What is outsourcing? Why do firms outsource? Will outsourcing’s importance grow in the future? If so why?

8. How do firms identify internal strengths and weaknesses? Why is it vital that managers have a clear understanding of their firms strengths and weaknesses?

9. What are core rigidities? What does it mean to say that each core competences could become a core rigidity?


 

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Identify and explain FIVE internal control STRENGTHS in Bronze Industries Co’s payroll system

Identify and explain FIVE internal control STRENGTHS in Bronze Industries Co’s payroll system

You are an audit senior of Scarlet & Co and are in the process of reviewing the systems testing completed on the
payroll cycle of Bronze Industries Co (Bronze), as well as preparing the audit programmes for the final audit.
Bronze operate several chemical processing factories across the country, it manufactures 24 hours a day, seven days
a week and employees work a standard shift of eight hours and are paid for hours worked at an hourly rate. Factory
employees are paid weekly, with approximately 80% being paid by bank transfer and 20% in cash; the different
payment methods are due to employee preferences and Bronze has no plans to change these methods. The
administration and sales teams are paid monthly by bank transfer.
Factory staff are each issued a sequentially numbered clock card which details their employee number and name.
Employees swipe their cards at the beginning and end of the eight-hour shift and this process is not supervised.
During the shift employees are entitled to a 30-minute paid break and employees do not need to clock out to access
the dining area. Clock card data links into the payroll system, which automatically calculates gross and net pay along
with any statutory deductions. The payroll supervisor for each payment run checks on a sample basis some of these
calculations to ensure the system is operating effectively.
Bronze has a human resources department which is responsible for setting up new permanent employees and leavers.
Appointments of temporary staff are made by factory production supervisors. Occasionally overtime is required of
factory staff, usually to fill gaps caused by staff holidays. Overtime reports which detail the amount of overtime worked
are sent out quarterly by the payroll department to production supervisors for their review.
To encourage staff to attend work on time for all shifts Bronze pays a discretionary bonus every six months to factory
staff; the production supervisors determine the amounts to be paid. This is communicated in writing by the production
supervisors to the payroll department and the bonus is input by a clerk into the system.
For employees paid by bank transfer, the payroll manager reviews the list of the payments and agrees to the payroll
records prior to authorising the bank payment. If any changes are required, the payroll manager amends the records.
For employees paid in cash, the pay packets are prepared in the payroll department and a clerk distributes them to
employees; as she knows most of these individuals she does not require proof of identity.
Required:
(a) Identify and explain FIVE internal control STRENGTHS in Bronze Industries Co’s payroll system. (5 marks)
(b) Identify and explain SIX internal control DEFICIENCIES in Bronze Industries Co’s payroll system and provide
a RECOMMENDATION to address each of these deficiencies. (12 marks)
(c) Describe substantive ANALYTICAL PROCEDURES you should perform to confirm Bronze Industries Co’s
payroll expense.


 

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consider the same function (0.4), and suppose now that the choice of the optimal x is constrained by x x, where x is an arbitrary number, satisfying 0 < x < b.

consider the same function (0.4), and suppose now that the choice of the optimal x is constrained by x x, where x is an arbitrary number, satisfying 0 < x < b. (0.5) 1. Graphically display the nature of the new constraint relative to the optimization problem and the function f. 2 2. Solve via the Lagrangian method for the optimal solution. 3. Lagrange multiplier. Suppose that we increase the bound x by dx. What is the marginal e§ect this has on the value of the function to be optimized in terms of a and b. How does it compare to the value of the Lagrangian multiplier which you just computed. 4. Interpretation of Lagrangian multiplier. Imagine now that we cannot insist that the decision maker respect the constraint but that we can ask a penalty, say , for every unit of x over and above x. What is the price that we would have to charge so that the decision maker would just be happy to exactly choose x = x and thus in fact respect the constraint even so did not face the constraint directly. In the process we have replaced the strict constraint with a price for the constraint (equal to the Lagrange multiplier). At the optimum the price is equal to the marginal value of the objective function. For this reason we refer to it as the shadow price of the constraint. It is the smallest price we can associate to the constraint so that the decision maker, facing this price would respect the constraint.


 

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If the outside air temperature is 500°R, what is the true velocity of the airplane?

1. A tube is mounted in the test section of a low-speed subsonic wind tunnel. The flow in the test section has a velocity, static pressure, and temperature of 150 rnilh, 1 atm, and 70°F, respectively. Calculate the pressure measured by the tube. 2. The altimeter on a low-speed Piper Aztec reads 8000 ft. A tube mounted on the wing tip measures a pressure of 1650 /ft2. If the outside air temperature is 500°R, what is the true velocity of the airplane? What is the equivalent airspeed?


 

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