Interview Presentation
Question 1
Value is defined by many terms. In this case, the value can be defined as the regard that something is held to deserve; the importance, worth, or usefulness of something or the estimate of the monetary worth of (something). If a used car had already been accounted for in the year it was produced and sold as new that does not mean that it cannot still have value. Business can be stated as identifying assets of low-value uses and developing ways to profitably transfer them to high value uses. In the case of the used car, the value is within the transaction itself. You sold the car that you no longer observed to have value to you and the buyer bought the car believing it would have value to them. In monetary terms, you also gained the ability to no longer pay car insurance or maintenance. The subject value is established in terms of the utility of the object based on individual interests. Valuating the firm does not always determine its price. The price is a good reference for the value only in case of efficient and perfect markets. One company can have different values depending on the possible future scenarios and the preferences of the person who evaluates.
Question 2
The challenges that businesses will face in the future is the application of technology. The future challenges in business are lack of understanding about demand forecasting, imprecise optimistic demand projections, incorrect production, catalog, and other commercial statistics, and deficiency of sufficient collaboration amongst marketing, manufacture, and portfolio management sectors. Therefore, there should be the improvement of operative SCM systems as it is a precise compound work. It is one of the very problematic solicitations of information technology to the operations of any business. There should be effective distribution and channel partnership and last but not least, responsiveness and accountability to its customers.
Making a continuous SCM framework is an overwhelming and progressing issue and regularly, a state of disappointment. As expressed in the content, one of the central reasons for the disappointment of SCM frameworks is that the arranging, choice, and execution of SCM arrangements is turning out to be much more intricate as the pace of innovative change quickens and the number of organization’s accomplice’s increments. All the entities or the businesses involved in the supply chains like suppliers as well as manufacturers and retailers should and collaborate effectively to establish a faster, well-organized, and low-cost network to improve the flow of materials and also information in a supply chain. Lack of collaborations will mean that every partner comes up with personal forecasting demand which leads to bullwhip effect as well as an increase in inventory in the system. Extraordinary speculation in inventory is disadvantageous to commerce in this age of short product life cycle. If the product becomes obsolete, all the inventory in the systems will be a pure loss for all the business partners. Hence, a coordinated effort is essential in this period of agility and digitalization and required for setting up a focused edge in the market. Difficulties to execute synergistic SCM There are different difficulties to actualize collective SCM. Most importantly, the greatest test is the attitude of the general population. Individuals are agreeable in the existing method for doings and in this manner impervious to more up to date methods for getting things done. Everybody is working in storehouses. There is also no coordination between the procurement team, the planning team, the marketing team.
Question 3
Internal audit quality control can not only promote management innovation but also help improve audit quality. For enterprises, if they implement corresponding control behaviors in all aspects of operation and management. It can find out the problems and deficiencies in each link in time, and then improve and perfect it so that the audit quality can be effectively improved. It is an important channel to establish an effective internal audit quality control system. The essence of establishing and perfecting the quality control system of enterprise internal audit is to carry out unified management on the quality of audit work at all levels, to realize that each relatively independent department can play its role to the greatest extent and achieve the pre-booked goal, to improve the quality of internal audit in the end.
Audits are essential in that they make a company understand its trends and changes within its line of production. It allows businesses to learn new ways to improve their current service provision to consumers. It assesses the company’s flaws as well as opportunities to gauge its strengths, weakness, and threats for a successful operation. Proper audits help any business to establish a critical understanding of its future and methods to take to win a big market share. Besides, a company understands consumers within its contexts and improvements to make to have value addition.
Audits also help a company to understand the relevant skills needed for the improvement of its services and product to the people. In the modern business world, organizations are continually changing their routines and employing new tricks to enhance their activities within the market. Services rendered by a company are determined by the workforce they have. A company must maintain high standards of employees’ execution of duties. Human resource managers are thus charged with the role of ensuring performance improvements in an organization. Effective auditing will enable a company to adopt the necessary approaches to meet the needs of the consumers. One major advantage is keeping background checks of its workforce and to come up with means of improving its major deficiencies in its operations.