The fact that computers have been advancing at the Moore Law rate of doubling the speed every 18 months has given companies the ability to use computers as analytical tools. Today there are many software…
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This knowledge can be applied to keep track of current business affairs and to forecast future business activity.
Problems arise in everyday life, thus it is not rare that businesses also face problems. The professionals in charge of being the problem solvers in the business world are the managerial staff. Managers have to have good quantitative reasoning in order to be able to take advantage of mathematical techniques to find solutions to different types of business problems. Managers can utilize statistical models to apply monitor quality control. A manager that does not understand the utility of math is an incompetent worker. An analytical technique that is very useful for managers is breakeven analysis. The breakeven analysis helps determine the amount of sales needed in order to achieve zero profits.
The sequence used in the trivia includes several variables that are recurrent events. These variables included time, year, and date. As far as the trivia the sequence seems to be a precise event that already occurred, thus I do not believe that the event is going to repeat itself.
You are completely right math is something that must be taken seriously by managers due to the large amount of applications in management that are derived from math. As employees we must have basic comprehension of math since it affects our payroll every week. There are numerous deductions that are subtracted from the gross amount in our paychecks. For example every person working in the United States has to pay a 7.65% tax to the social security system. This amount must be matched by the employer. The amount of state and federal tax people pay is varies depending on the amount of income the person generates. People in higher income brackets pay more taxes.
I don’t know much about medicine, but when the doctor has order different types of lab tests the results usually have different numbers that have significance. Medical plans use math formulas
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In an internal audit article published by the Kansas State University, the discourse on internal controls has clearly indicated that there are four purposes of internal control systems, to wit: “(1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3) securing compliance with the policies of the organization; and (4) evaluating the level of performance in all organizational units of the organization” (Kansas State University par.
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How can risk be mitigated?
A process improvement opportunity within my organization is in the transportation department where I work. Right now there are two people who route the trucks and schedule the appointments for all trucks leaving Cargill
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The products sold by the competition are all similar. During team meetings the employees discuss ways improving the profits of the firm. Market forces in our marketplace controls price. The law of supply and demand forces equilibrium prices in the marketplace.
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