Service Management - Assignment Example

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Traditionally, risk has been defined as likelihood of an event taking place along with the unfavourable or negative consequences of the event occurring (Conrow, 2003,…
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Service Management
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Download file to see previous pages In the inventory management, the risks comprise of the absence of inventory management system, inventory theft and unauthorised dispatch. In the purchasing, the risks include unbudgeted purchases and unauthorised purchases.
Verification has been defined as confirmation of the system along with the data accuracy (Matthews and Shilling, 2008, p. 12).Numerous organizations prefer to put in place a strong sales verification process. In which, sale is cross checked and verified by someone other than the salesperson. Verifying and inspecting sales on a routine basis ensures that sales is appropriately recorded and is properly reflected by the accounts. However, LomaxLenses has not put in place this very important sales verification process. The company has been performing well and healthy sales forecast has been made but in the absence of any strong checks on the sales, the company faces strong sales risks and may be experiencing unhealthy business continuity.
Actual monthly and annual sale information will not be available. In which, it would be considerably difficult to ascertain number of units sold during a particular month or year. Subsequently, this would create a situation in which annual financial statements would not be correctly developed and announced. Even if, the financial statements are prepared, the auditing firm may raise many questions about the accuracy of the sales figures and the number of units sold in the particular period of time. Hence, the company would be heavily affected by the severe effects of the absence of sales verification process.
The risk score of absence of verification is eight out of ten, which is eighty percent. The rationale behind suggesting the risk score is that the company has not put in place the sales verification process in the company. Although it is using e-business structure, the chances of accurate and representative data remain marginal.
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