What are the advantages of having the same person performing multiple activities in a particular process? What are the disadvantages?
When one individual is assigned to multiple activities in a process, it can be advantageous because the person is likely to know how to complete the tasks accurately and efficiently. Additionally, having one person who is performing multiple tasks can reduce costs for employees, as a company is able to train one person to do the job of many. However, there are several disadvantages to having one person performing multiple activities. Separation of duties is important so that one employee’s work is overlooked by another employee. This can cut down on employees who are trying to steal from the company.
Where would you draw the line between cost-benefit analysis and accuracy of records? Accuracy of records is one of the most important parts of record keeping. It is important to check the accuracy and reliability of accounting information. Cost-benefit analysis is the determination of different procedural ideas in to one beneficial idea that the company can implement. Accuracy of the data that is used when doing cost-benefit analysis is important to determine correct information. In the example of the Ramos Simulation, determining a current attendance system requires an educated guess on the costs lost for attendance records on the current system, as well as a cost-benefit analysis of future systems that are available. Cost-benefit analysis in this situation would be more accurate than using only information of records the company has kept.
How would prioritization affect Ramos International’s expected loss over the current year? By implementing prioritization at Ramos International, the company can decrease the amount of loss that is incurred. If the company makes their number one priority Cash, with a daily deposit of the cash