"width": "800" Are facilities,

2021/05/21

"width": "800" Are facilities, equipment, machinery, and offices in good condition? "width": "800" Quality assurance. Are employee turnover and absenteeism low? "@type": "ImageObject", "name": "Internal Audit Parallels process of external audit", Improving product quality. "width": "800" Process. supplier management audit performance practices practice relationships chain business relationship plan into use technology six discover learn logistics supply insight Management Audit ChecklistDoes the firm use strategic-management concepts? Does the firm have technological competencies? "name": "Support all business functions", "@type": "ImageObject", "width": "800" 8 - 1 2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder Audit Planning and Analytical Procedures Chapter 8. ", "@context": "http://schema.org", "description": "Financing as many projects as possible. Line balancing. Are dividend payout policies reasonable? Job specialization. Facility layout. "@type": "ImageObject", Communication is a major component. Minimal comps provided. Are company objectives and goals measurable and well communicated? Culture can inhibit strategic management: Miss changes in external environment because they are blinded by strongly held beliefs, When a culture has been effective in the past, natural tendency to stick with it in future, even during times of major strategic change, Increases likelihood of achieving desired results, Defining task and authority relationships, Influencing people to accomplish specific objectives, Ensure actual operations conform to planned operations. "@context": "http://schema.org", }, 33 Laughlin properties Family reputation, not high rollers.

"description": "Marketing Process of defining, anticipating, creating, and fulfilling customers\u2019 needs and wants for products and services. ", Leverage ratios. Interviewing.

"width": "800" Process flow analysis. objectives ", Personnel management. "name": "Integrating Strategy and Culture", Firm\u2019s current strategies response to the factor. Organizational design. Are strategists of the firm familiar with the information systems of rival firms? "contentUrl": "https://slideplayer.com/slide/6629208/23/images/27/Marketing+Audit+Are+markets+segmented+effectively.jpg", Production/OperationsForecasting Facilities planning Aggregate planning Scheduling Capacity planning Queuing analysis Capacity "contentUrl": "https://slideplayer.com/slide/6629208/23/images/41/Production%2FOperations.jpg", "name": "Internal Analysis (IFE)", We think you have liked this presentation. "description": "Purpose \u2013 Improve performance of an enterprise by improving the quality of managerial decisions. Controlling. Are management information and computer systems adequate? "name": "Marketing Process of defining, anticipating, creating, and fulfilling customers\u2019 needs and wants for products and services. "@type": "ImageObject", "@context": "http://schema.org", "width": "800" { Are strategists of the firm familiar with the information systems of rival firms? (continued)", Rating. Academia.edu no longer supports Internet Explorer. Key to organizational success: Coordination and understanding among managers from all functional areas. CIO\/CTO. }, 21 Management Information SystemsPurpose Improve performance of an enterprise by improving the quality of managerial decisions. Clear statement of mission. "contentUrl": "https://slideplayer.com/slide/6629208/23/images/47/Internal+Analysis+%28IFE%29.jpg", Management development Discipline proceduresStaffing Wage & salary admin Employee benefits Interviewing Hiring Firing Training Management development Safety Affirmative action Labor relations Career development Discipline procedures Management Staffing Planning. Weight. ",

}, 50 "description": "Design of facility. }, 19 Are quality-control policies and procedures effective? Copyright 2005 Prentice Hall1 Bus 411 Day 8. ", }, 49 Does the firm have sufficient working capital? Modified over 6 years ago, 1 Strategy Formulation. Management.

"description": "Quality control. Functions of ManagementStaffing Personnel management Human resources management "description": "Firm\u2019s ability to maintain economic position. "name": "Internal Analysis (IFE)", Job analysis. "width": "800" }, 22 }, 36 ", Selling Products\/services. "name": "Functions of Management",

{ Sales. Nature of an Internal AuditAll organizations Strengths Weaknesses Basis for objectives & strategies: Internal strengths/weaknesses External opportunities/threats Clear statement of mission Key to organizational success: Coordination and understanding among managers from all functional areas Are they adequate? Materials handling. "width": "800" Support all business functionsMarketing Data collection Data input Data analysis Support all business functions Marketing research ", "width": "800" "contentUrl": "https://slideplayer.com/slide/6629208/23/images/42/Production%2FOperations+Audit.jpg", "description": "Process. Production/OperationsRaw material Work in process Finished goods Materials handling Inventory Are the firm's products/services priced appropriately? Internal Analysis (IFE).15 3 .05 Financial ratios Reputation as family-friendly .20 4 Long-range planning Minimal comps provided Buffets at most facilities Strong management team .60 Owns 1 mile on Las Vegas strip Increasing free cash flows .40 .10 Room occupancy rates over 95% Largest casino company in world Weighted score Rating Weight Mandalay Bay Internal Strengths Are product quality and customer service good?

{ "contentUrl": "https://slideplayer.com/slide/6629208/23/images/25/Support+all+business+functions.jpg", "contentUrl": "https://slideplayer.com/slide/6629208/23/images/21/Marketing+Customer+analysis+Selling+products%2Fservices.jpg", "description": "Marketing. "description": "Functions of Management. "description": "Motivating. User-friendly. { "width": "800" Opportunity Analysis. To learn more, view ourPrivacy Policy. ", Enter the email address you signed up with and we'll email you a reset link. Increasing free cash flows Room occupancy rates over 95% Largest casino company in world. "@context": "http://schema.org", "@type": "ImageObject", Does the firm have an effective promotion, advertising, and publicity strategy? ",

"description": "Marketing. "width": "800" Advertising. ", Strategy Evaluation. { "name": "Market segmentation strategies", "contentUrl": "https://slideplayer.com/slide/6629208/23/images/22/Market+segmentation+strategies.jpg", Morale. "name": "Controlling Quality control Financial control Sales control", Product style.

Publicity. Liquidity ratios. Weight. }, 28 "@type": "ImageObject", Management information systems.

Are facilities, resources, and markets strategically located? Function. Current ratio. "@context": "http://schema.org", Information Systems CIO/CTO Security User-friendly E-commerce "@context": "http://schema.org",

Return on total assets (ROA) Profitability ratios. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. Does the firm have an effective promotion, advertising, and publicity strategy? Budgeting relative to competitors. Lecture 3 The Nature of an Internal AuditIntegrating Strategy and Culture Management Marketing Finance/Accounting Production/Operations Research and Development Management Information Systems The Internal Factor Evaluation Matrix (IFE) { "contentUrl": "https://slideplayer.com/slide/6629208/23/images/43/Research+and+Development.jpg", { { }, 31 Motivating. }, 23 "name": "Production\/Operations", "width": "800" Is communication between R&D and other organizational units effective? "@context": "http://schema.org", "description": "Forecasting. Workforce. Management. }, 8 "@type": "ImageObject", ", "description": "Staffing. Integrating Strategy and CultureCulture can inhibit strategic management: Miss changes in external environment because they are blinded by strongly held beliefs When a culture has been effective in the past, natural tendency to stick with it in future, even during times of major strategic change }, 35 Total assets turnover. "@context": "http://schema.org", "contentUrl": "https://slideplayer.com/slide/6629208/23/images/24/Product+features%2Foptions+Product%2Fservice+planning.jpg", "contentUrl": "https://slideplayer.com/slide/6629208/23/images/44/Research+and+Development+Audit.jpg",

Assign 1-4 rating to each factor. "width": "800" Marketing Audit Are markets segmented effectively?Is the organization positioned well among competitors? Organizational changeMotivating Leadership Communication Work groups Job enrichment Job satisfaction Needs fulfillment Organizational change Morale Motivating Packaging. Little diversification. Research & development. Coordination. "name": "Cost\/benefit\/risk analysis", "description": "Basic Financial Ratios. { Functions of ManagementOrganizing Achieve coordinated effort Defining task and authority relationships Departmentalization Delegation of authority ", Support all business functions.

"contentUrl": "https://slideplayer.com/slide/6629208/23/images/45/Management+Information+Systems.jpg", "@type": "ImageObject",

"contentUrl": "https://slideplayer.com/slide/6629208/23/images/6/Integrating+Strategy+and+Culture.jpg",

", { Basic Financial RatiosFirms ability to meet its short-term obligations Ratios Current ratio Quick (or acid-test) ratio Liquidity ratios Determines the total weighted score for the organization. Quality. Motivating. Improving manufacturing processes to reduce costs. ", ", "contentUrl": "https://slideplayer.com/slide/6629208/23/images/10/Establishing+objectives.jpg", "contentUrl": "https://slideplayer.com/slide/6629208/23/images/35/Finance%2FAccounting+Audit.jpg", "name": "Functions of Management", Internal Strengths. "contentUrl": "https://slideplayer.com/slide/6629208/23/images/26/Cost%2Fbenefit%2Frisk+analysis.jpg", ", Do managers from all functional areas of the firm contribute input to the information system? }, 41 To use this website, you must agree to our, The Internal Factor Evaluation Matrix (IFE), Coordination and understanding among managers from all functional areas, A firms strengths that cannot be easily matched or imitated by competitors, Building competitive advantage involves taking advantage of distinctive competencies, Strategies designed in part to improve on a firms weaknesses and turn to strengths, Pattern of behavior developed by an organization as it learns to cope with its problem of external adaptation and internal integrationis considered valid and taught to new members, May represent a strength or weakness of the firm. Management development. Internal Audit Parallels process of external auditGather & assimilate information from: Management Marketing Finance/accounting Production/operations Research & development Management information systems "description": "Where is the firm strong and weak as indicated by financial ratio analysis Can the firm raise needed short-term capital Can the firm raise needed long-term capital through debt and\/or equity Does the firm have sufficient working capital Are capital budgeting procedures effective Are dividend payout policies reasonable Does the firm have good relations with its investors and stockholders Are the firm\u2019s financial managers experienced and well trained", "@type": "ImageObject", Finance/Accounting Determining financial strengths and weaknesses key to strategy formulation Investment decision (Capital budgeting) Financing decision Dividend decision "@type": "ImageObject", Use percentage-of-sales method. Research and Development. Human resources management. "description": "All organizations \u2013 Strengths.

Strategy Implementation. Organizing Organizational design Job specialization Job descriptionsJob specifications Span of control Unity of command Coordination Job design Job analysis Organizational design Job specialization Job descriptions Job specifications Span of control Unity of command Coordination Job design Job analysis Organizational design Job specialization Job descriptions Job specifications Span of control Unity of command Coordination Job design Job analysis Organizing Organizing Organizing "@type": "ImageObject",

Is communication between R&D and other organizational units effective? Communication. "width": "800" Weighted. Production\/Operations. "contentUrl": "https://slideplayer.com/slide/6629208/23/images/4/Internal+Audit+Parallels+process+of+external+audit.jpg",

}, 38 Production/OperationsQuality control Sampling Testing Quality assurance Cost control Quality Strong management team Owns 1 mile on Las Vegas strip. { "name": "Basic Financial Ratios", Job specifications. "name": "Research and Development", Brand positioning. Work groups. "@type": "ImageObject", "description": "Firm\u2019s ability to meet its short-term obligations. Copyright 2007 Prentice Hall Ch 4 -1 Chapter 4 The Internal Assessment Strategic Management: Concepts & Cases 11 th Edition Fred David. Is the firms system being improved? Customer analysis. }, 10 "@context": "http://schema.org", Do all managers in the firm use the information system to make decisions? "width": "800" Are the firms financial managers experienced and well trained? }, 20 { "contentUrl": "https://slideplayer.com/slide/6629208/23/images/48/Internal+Analysis+%28IFE%29.jpg", { "name": "Nature of an Internal Audit", "width": "800" Are present channels of distribution reliable and cost effective? }, 37 Staffing. Product features/options Product/service planningMarketing Test marketing Brand positioning Devising warrantees Packaging Product features/options Product style Quality Product/service planning "contentUrl": "https://slideplayer.com/slide/6629208/23/images/38/Production%2FOperations.jpg", "name": "Organizational change", "@type": "ImageObject", Coordination. Facilities planning. Improve performance of an enterprise by improving the quality of managerial decisions. "description": "Planning. Establishing objectivesPlanning Forecasting Establishing objectives Devising strategies Developing policies Setting goals Planning Span of control.

"name": "Establishing objectives", Are facilities, equipment, machinery, and offices in good condition? }, 25 Affirmative action. Job design. }, 18 Job satisfaction. Do the firms marketing mangers have adequate experience and training? }, 13 "@context": "http://schema.org", Net income. "name": "Lecture 3 The Nature of an Internal Audit", Symbols. ", ", "@context": "http://schema.org", Delegation of authority. Organizational design. }, 46 "description": "Mandalay Bay (in the previous example), has a total weighted score of 2.75 indicating that the firm is above average in its overall internal strength. Average = 2.5. Functions of ManagementMotivating Influencing people to accomplish specific objectives Communication is a major component "@type": "ImageObject", Marketing research. { "contentUrl": "https://slideplayer.com/slide/6629208/23/images/13/Functions+of+Management.jpg", Does the firm have an effective sales force? "description": "Five-Step Process: List key internal factors (10-20) Strengths & weaknesses. E-commerce. "description": "Organizing. Are company objectives and goals measurable and well communicated? Key Internal Forces Distinctive CompetenciesA firms strengths that cannot be easily matched or imitated by competitors Building competitive advantage involves taking advantage of distinctive competencies Strategies designed in part to improve on a firms weaknesses and turn to strengths