Production Cycle Threats and Controls

8 terms by erikrh

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poor product design

improved information about effects of product design changes on total costs; detailed data about warranty and repair costs

over- or under-production

accurate production planning system; proper approval of production orders

suboptimal investment in fixed assets

review and approval of fixed-asset transactions; budgetary controls

theft of inventories and fixed assets

restricted physical access to work-in-process and finished goods inventories and to fixed assets; documenting all materials movements; identification and tracking of all fixed assets; periodic counts of inventory and fixed assets; proper documentation and review of all transactions involving disposal of fixed assets; adequate insurance

disruption of operations

backup power supplies; disaster recovery plans; evaluation of suppliers' disaster preparedness

inaccurate cost data

data entry and processing controls; use of bar-code and RFID technology where feasible; periodic reconciliation of records with physical counts

loss, alteration or unauthorized disclosure of data

backup and disaster recovery plans; logical and physical access controls; configuration of ERP systems to enforce proper segregation of duties; data transmission controls

poor performance

development and periodic review of appropriate performance reports

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