One of the most significant disadvantages of conducting a gap analysis or map is the loss of time and money. Typically, an organization will hire a consultant to conduct the assessment; however, participation takes valuable time away from project participants.
<h3>What is a gap analysis or map?</h3>
A gap analysis is a method of evaluating a business unit's performance to determine whether or not business requirements or targets are being met and, if not, what steps should be taken to meet them.
A gap analysis is also known as a needs analysis, a needs assessment or a need-gap analysis. Performing a skills gap analysis may increase your costs. This is due to the fact that employees frequently stop or interrupt their productivity while participating.
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Answer:
- Five internal controls
- Control procedures.
- Risk Assestment.
- Information and communication.
- Monitoring.
- Control environment.
Explanation:
1. <u>Five internal</u> control environment risk assessment control procedures monitoring information and communication.2. <u>Control procedures</u> provides reasonable assurance that business goals will be achieved.3. <u>Risk assessment</u> identify, analyze and assess likeliness of vulnerabilities.4. <u>Information and communication</u> used by management for guiding operations and ensuring compliance with requirements.5. <u>Monitoring</u> used to locate weaknesses and improve controls.6. <u>Control environment</u> overall attitude of management and employees
There are five internal control management that help in controling and managing overall work environment.
Answer:
a. The average age of the population in his community is high.
Explanation:
As the average age of the population in his community is high, it is an opportunity for an entrepreneur who wishes to open a business providing "Fitness for Life" physical conditioning services (strength, balance, and flexibility training) in a city of 100,000 people because people will be more interested in the physical conditioning services and they will be attracted towards it as when the age rises, people become more interested in the health related activities, therefore, chances are very high that this will pose a serious and profitable opportunity for the entrepreneur in that particular city. He or she can definitely capture this opportunity very handsomely and profitably.
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