...External/Internal Factors-Target Learning Team A MGT/330 June 11, 2012 William Roman External/Internal Factors-Target 2 External/Internal Factors-Target At Target, a well-known corporation that offers a variety of high-quality products to a broad range of consumers, there is much going on behind the scenes. Target’s mission statement, “Our mission is to make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and an exceptional guest experience by consistently fulfilling our Expect More. Pay Less. ® brand promise,” reflects the internal and external factors that affect the four functions of management, the impact of other factors on these functions, and delegation through management (Target Brands, Inc, 2012). Target is an organization that believes in embracing diversity, giving back to the community, and incorporating its positive morals, values, and ethics into its business, and these principles apply to the four functions of management within the organization- planning, organizing, leading, and controlling (Bateman & Snell, 2009, Chapter 4). Target uses these functions to determine which goals are accomplished and how the available resources strive to achieve these goals (Bateman & Snell, 2009, Chapter 4). The main internal and external factors that influence these functions of management at Target are human resources, marketing, operations, stakeholders, technologies, and industry...
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...Discuss the Need for Outsourcing the Internal Audit Function in A Company Traditional internal audit function is defined as an independent appraisal activity to review internal control activities in companies. Dezoort (2001) implies that with the extension of business activities, the internal audit function has evolved from the traditional supervision to value adding which includes a wider scale of audit-related work so as to maximize the value of a business company. This focus on adding value to the corporation through a variety of internal audit services has raised concerns about the ability of in-house auditors to perform the wider-scale audit function in a more professional and cost-saving manner (Chapman and Anderson, 2002). Due to fierce market competitions and overcapacities, company managements set out to downsize company staff and put the focus on its profit-producing business, tending to outsource (referred to the practice that one accounting firm provides audit-related services for a business organization) internal audit function to engage external specialists to present a highly cost-saving and professional performance. Although some evidence suggests that there are many limitations of outsourced activities, this essay asserts that outsourced internal audit function plays an essential role in the development process of a corporation and there is a need to outsource that function. In consequence, these positive effects on companies will be described principally...
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...RELATIONSHIP BETWEEN INTERNAL AND EXTERNAL AUDIT Professor PhD Atanasiu Pop, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: apop@econ.ubblcuj.ro PhD Student Cristina Boţa-Avram, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: botaavram@gmail.com PhD Student Florin Boţa-Avram, „Babeş Bolyai” University of Cluj-Napoca, e-mail: botaavramflorin@yahoo.com ABSTRACT: Analyzing the evolution process of internal audit, from its beginnings and so far, we can easily notice that internal audit function was born through detaching of some activities from external audit, the result being that there some situations when these two functions could be easily confused. The reality is that internal audit and external audit are two distinctive functions; net differenced, but which are also characterized through some complementary relationships. In this paper, we try to give our contribution at the clarification of the similarities and differences between these two functions, making a literature review that allowed us to identify some very interesting studies that permitted us to emphasize the main criterions that influenced the relationship between internal audit and external audit. Keywords: internal audit, external audit, objectivity, competence JEL Codes: M42 1. Introduction The coordination of internal audit activity with external audit activity is very important from both points of view: from external audit’s point of view is important because, in this way, external auditors...
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...Internal and External Factors Paper Avon Banks MGT/230 September 29, 2015 Zina Hampton Introduction It is so important that managers understand how to manage. This word manage is not just getting employees to conform to a specific thing or a standard. As a leader being able to manage involves planning and leading, organizing and controlling. A good leader or manager may not be able to hone these four areas as an expert right away, but with mentoring, training, and time from upper and middle management the excellence will come. Management is the process of working with people and resources to accomplish organizational goals. Good managers do those things both well and proficiently. To be successful is to accomplish organizational goals. To be good at your job is to achieve goals with minimal waste of resources, to effectively make the best use of money, time, equipment, and people. Internal and external factors has a lot to do with how a leader is able to function in management. In 2006 a study was done in Korea to determine the internal and external environmental factors associated with home nursing care (HNC). The study was done on eighty nine hospitals and was conducted to understand the impact the corresponding factors would have on performance. The study found out that the passion and the love the nurses had for caring for the elderly was significant. Considering the limited market size of Korea, illustrated that the significant factor for the development...
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...RELATIONSHIP BETWEEN INTERNAL AND EXTERNAL AUDIT Professor PhD Atanasiu Pop, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: apop@econ.ubblcuj.ro PhD Student Cristina Boţa-Avram, „Babeş-Bolyai” University of Cluj-Napoca, e-mail: botaavram@gmail.com PhD Student Florin Boţa-Avram, „Babeş Bolyai” University of Cluj-Napoca, e-mail: botaavramflorin@yahoo.com ABSTRACT: Analyzing the evolution process of internal audit, from its beginnings and so far, we can easily notice that internal audit function was born through detaching of some activities from external audit, the result being that there some situations when these two functions could be easily confused. The reality is that internal audit and external audit are two distinctive functions; net differenced, but which are also characterized through some complementary relationships. In this paper, we try to give our contribution at the clarification of the similarities and differences between these two functions, making a literature review that allowed us to identify some very interesting studies that permitted us to emphasize the main criterions that influenced the relationship between internal audit and external audit. Keywords: internal audit, external audit, objectivity, competence JEL Codes: M42 1. Introduction The coordination of internal audit activity with external audit activity is very important from both points of view: from external audit’s point of view is important because, in this way, external auditors...
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...External/Internal Factors MGT/330 March 26, 2012 Jack Adamchik Abstract In this paper we will analyze the functions of management at Facebook. Examining the four management functions (planning, organizing, leading, and controlling) and in what way the functions are shaped by internal and external factors. How do technology, innovation, globalization, ethics, and diversity impact each of the functions of management? Finally an explanation of how delegation is used by individuals in the managerial position in the function of management. These are the questions that are going to be answered in this paper. External/Internal Factors Every business follows the four functions of management. These four functions in conjunction with internal and external factors can cause a business to be successful or cause a business to be a failure. There are a variety of internal and external factors that a business considers in its daily operations. These factors are extremely useful when considering the future projections of a business. Facebook is an organization that uses the SWOT analysis once the internal and external factors are determined. This type of analysis will help executives formulate strategy for the organization and aid in future projections of the organization. Internal and external factors shape the four functions of management in the SWOT Analysis in Facebook. This plan is a strategic planning implemented so that an evaluation can be made of the assets...
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...Internal and External Factors in Management Lorenita Borrero, Darlene See, Irene Malta, James Ortega MGT/230 June 14, 2012 Devin Daugherty Internal and External Factors in Management British Petroleum is a major world-wide company with a focus on finding energy sources to meet the needs of people everywhere. BP, like its many competitors, operates within the bounds of the four functions of management; planning, organizing, leading, and controlling. Management within the BP also has to deal with different business landscapes to make sure their company stays competitive. These landscapes would be globalization, technology, innovation, diversity, and ethics. BP has internal factors that can be corrected within these categories that can lead to its success; however they also come with external factors that the company has little control over. However not a rule, an organization is can have a factor that affects both the internal and external factors that affect the four functions of management. Globalization is described as “allowing a company to maximize its profits by trying to become the best in the world (Bateman, 2011).” British Petroleum saw the advantage in globalizing because of the world demand for natural resources. This was an internal factor that leads to the globalization of the company. One of the internal factors that helped BP in its globalization efforts was the company becoming public in 1995. This allowed it to become 12th largest producer of crude...
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...organizations are involved in one form of e-businessor another such as e-procurement. The effect of e-business and in particular e- procurement on internal customer service is being addressed in this study because e- business and internal customer service are all important issues in today’s globalisedworld which is characterised by stiff competition among organisations.One of theResearch suggest that e-business activities bring three types of benefits to theorganization: value benefits (perceived by both buyers and sellers as a result of reducedsearch and costs), revenue benefits (allowing the organization to exploit newopportunities such as disintermediation, free service, etc.), and logistics benefits (finding the proper position in a supply chain).Procurement is an important part of the supply chain and does not only affect external stakeholders but also internal stakeholders. This entails that it has potential to add value not only to the external side of the supply chain but also to the internal supply chain. The electronic application of procurement (e-procurement) has had many benefits to organizations such as cost savings and profits. It thus makes it an important area of study and this particular study addresses how e-procurement is affecting internal customers in organizations and goes further to determine how external customers are affected by Internal Customer Service. Internal customers refer to department’s andindividuals who are supplied with goods and service by other departments and...
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...Internal and External Factors Trina C. Humphrey May 22, 2015. Management Theory and Practice XMGT/230 Craig Fowler In management there are four functions that managers must follow in order for the workforce too be able to produce products or services. The four functions are planning, organizing, leading and controlling. In the planning function management makes decisions about the goals and functions of an individual, a department, or a work unit. Organizing function coordinates human, financial, physical, information and other needed resources to obtain a common goal. Leading is motivating people to do the best job they can do. Leading helps to inspire the team to work towards organizational goals. Internal and external factors such as decision- making affects management are greatly influenced by the four management functions. The external and internal factors can be influenced by all four functions of the organization are required to make sure that they are properly addressing all functions in order to achieve its goals and meet targets for the success of the business. Competition is consist changing managers must take into account people and business around the world. Globalization, technology, innovation, diversity, and ethics require strategic planning in every aspect of management. Globalization is growth on a worldwide level. It is the process of integration and international influence. An example of this was when Airgas, opened...
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...Antoinette Bias MGT/230 Week 2 September 1, 2014 Erica Richmond Internal and External Factors Management is impacted by the external and internal factors of technology, globalization, ethics, diversity, and innovation. For the Walmart Corporation, the internal and external factors are applied towards maintaining their position as a leading retailer. A comprehensive strategic plan includes a situational analysis that considers internal strengths and weaknesses. Walmart’s current strengths and weaknesses provide a wealth of insight helpful in accomplishing internal goals and internal analyses can provide advantages for achieving external goals, as well. External opportunities include things such as gaps in the market that no company is currently serving, new markets and other clear growth opportunities. External threats include new product releases from competitors and new competitors arising in the market. Globalization Globalization is a process of interaction between companies, people and governments of different nations. Investments and international trade guide this process. Information technology is also an important part of this process. Environment, culture, economic development and political systems are all effected by globalization. Many think globalization is a new process but quite the contrary. For many, many years’ people have been buying and selling...
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...Internal and External Factors Learning Team Arib, Chuck, Caleb, Jeff MGT /230 July 14, 2013 NEO WILLAMS External and internal factors affecting any organization come in many forms and may cause major impacts to the organization in different areas. Assessing external and internal factors that organizations may face can be vital to the four functions of management. These four functions planning, organizing, leading and control are a continuous process that managers will need to adapt to ever changing environments. In this paper, the team will discuss the internal and external effects British Petroleum experiences caused by globalization, technology, innovation, diversity and ethics and how they affect the four functions of management. British Petroleum is truly a global organization with operations in Europe, Asia Pacific, the Americas, Middle East and Africa. Many internal factors since starting in 1908 have led to the company’s globalization including how the organization changes its practices to compete on a worldwide scale. British Petroleum production, product diversity, development, customer service and marketing strategies are just a few examples. Since British Petroleum inception and first drilling operation in Persia, many external factors have affected the company’s growth. Planning for such expansion does not happen overnight, but the organizational goals have remained the same. Finding the right people, gaining capital, management needed to become accustomed...
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...behavior is defined as a field of study that investigates the impact that individuals, groups, and structures have on behavior within the organization. Put differently organizational behavior is the study of human behavior in an organizational setting. It is the study of how individuals and groups behave within the organization as well as how members of the organization interact with the external environment. Gibson defines organizational behavior as a field of study that draws on theory, methods, and principles from various disciplines to learn about individuals perceptions, values , learning capacities, and actions while working in groups and within the organization and to analyze the external environment’s effect on the organization and its human resource, missions, objectives, and strategies. Organizational behavior is a still-emerging discipline which seeks to enable managers to understand people better to enhance them improves their management practices to increase productivity, customer satisfaction, and better competitive position. Due to the changing trends in the global or external environment, organizational structure, incentive systems, leadership styles, and organizational processes that worked in the past might not work well in today’s vibrant environment. Emphases have changed from autocratic to democratic. Organizations have been forced to redesign their processes and procedures. The basic framework for the field of organizational behavior is drawn from behavioral...
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...Internal and External Factors Paper Internal and External Factors Paper When becoming a manager of an organization, regardless of the type of organization, there is quite a bit of information that needs to be required by the manager. Taking a look at an organization that I believe everyone is familiar with, fast food chains such as McDonalds; this is a fast paced environment and requires quick thinking and previous management skills. If a manager is hired onto McDonald’s work team and has not had any previous training or does not have any management skills, say for instance there is a small disaster within the establishment, this person is not going to know how to act or handle the disaster which could potentially spiral into an even larger problem. This is an example of how well the internal factors are within an establishment. It is very important for an establishment to have all four functions of management in place. “The major four function of management involve planning, controlling, organizing and leading. These functions can be affected by the internal and external factors in a business environment ("External and Internal Factors", n.d.).” “The internal and external factors which have influenced organizational functions in a lot of ways are ethics, diversity, innovation, technology and globalization, which have significant impact on laying out organizational functions, and can have a great impact on the organization's well. The four functions of the organization...
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...Part: A Internal Audit: An assisting tool for external audit (5) (a) Theoretical background (b) Practical knowledge Part: B Disclosure of Audit Committee (5) (a) Theoretical background (b) Practical background Part: A (Theoretical Background) Internal Audit: An assisting tool for external auditor Internal auditors are employees of a company hired to assess and evaluate its system of internal control. To maintain independence, they present their reports directly to the board of directors or to top management. They provide functional operation to the concern. Internal auditors are employed by the organization they audit; their familiarity with the organization provides more insight into potential fraud and wrongdoing. External auditors are independent staff assigned by an audit firm to assess and evaluate financial statements of their clients or to perform other agreed-upon evaluations. Most external auditors are employed by accounting firms for annual engagements. They are called upon from outside the company. However, two sorts of auditor’s goal are not the same. The internal auditor is assigned by the management of the bank. They are assigned to find out whether everything is going properly or not. If any problem exists they have to bring it to the notice of the top management and then the concerned authorities take necessary action. But in case of external audit the auditors come...
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...involves the use or employment of independent parties to perform a function within an organization’s business activities. It has become a new way of obtaining services without the need to invest in a large capital investment of setting up a department to undertake those activities. Establishing and maintaining a department can be a challenging and daunting task for a company. Effective internal audit functions require a diversity of skills that many organizations find difficult to source and retain. Significant investment is required in recruiting, training, and developing professional internal auditors to be equipped with the latest methodology, technology, and time and resource management. By opting for outsourcing, management can hire fully dedicated internal audit professionals without the day-to-day managerial requirements that an in-house internal audit department would require. The outsourcing arrangements take many forms, from limited assistance to the internal auditors with assignment in which they lack expertise to providing all the internal audit work. WHY OUTSOURCING? Many organizations, particularly small organizations, are currently considering the outsourcing alternative as an appropriate measure where there is scarcity or unavailability of internal audit resources. The temporary or permanent outsourcing solution may be necessary to acquire timely, professional internal audit services and competent internal audit staff. Temporary staff shortage, the need for special...
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