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2 years ago

Week 1: Roles and Responsibilities in the Procurement Cycle

1 answer:

6 0

The project's procurement cycle (plan, conduct and control) according to the PMBOK Guide has as its central objective that external procurement for the execution of the project effectively meets your needs.

<h3>Planning</h3>

Planning corresponds to the stage where the purchasing requirements for the project are identified. A working document is developed with a detailed and specific request for proposal and invitation to bid.

It is in the planning phase where potential suppliers and vendors for hiring are identified.

<h3>Conduction</h3>

During the conduction phase, the acquisition agreements are signed and a plan for project management is carried out, with information regarding the cost, budget and schedule of the chosen supplier.

<h3>Control</h3>

In the control phase, it is up to the project manager to review the agreements, monitor the flow of work, progress and team performance to meet the budget and schedule.

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Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable wit

WARRIOR [948]

Answer:

Jesse's Investment

<em>Journal Entries to record in the Partnership accounts </em>

Account Titles Debit Credit

Accounts Receivable $46,500

($50,000 - $3,500)

Equipment(Agreed Price) $58,000

Allowance for Doubtful Debts $2,000

Jesse Capital Account $102,500

(Balancing Figure)

Tim's Investment

<em>Journal Entries to record in the Partnership accounts </em>

Account Name Debit Credit

Cash $21,000

Inventory (At Agreed price) $48,000

Tim Capital $69,000

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2 years ago

A shopkeeper explains to you that she keeps down the cost of running her business because her husband works in the shop for free

True [87]

Answer:

explicit cost is kept down, but not the implicit

Explanation:

As we know that there is two cost i.e. explicit cost and the other one is implict cost. The explicit cost is the cost that are spent like out of pocket expenses i.e. salaries & wages, etc. On the other hand the implicit cost is the cost that are spent on diversifying the business

Now as per the given situation, the above is the answer and also the explicit costs are classified into fixed and variable costs while doing the business

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2 years ago

You and a friend are designing and selling artisan smartphone covers. The covers are decorated with tiny manufactured rhinestone

IgorC [24]

In a manufacturing business or any type of business, one must start with capital that can upstart the business and then must be sustained through revenue. This is important to maintain the cycle of the business. In the manufaturing business, rhinestones is a term to describe the capital.

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3 years ago

Adam and Bob are identical twins who attended grammar school through high school together. Adam got a job after high school, and

Alexxandr [17]

Answer: Option A

Explanation: In simple words, human capital refers to the economic value of an individual employee to the organisation in which he or she works as based on the skill sets and experience that he she possess.

The economic value can be created using various tools like education, training, good health or loyalty etc. Human capital is considered as an intangible asset but is not recorded in the balance sheet of the company as it cannot be quantified.

However, it is considered as the most important asset because the effective use of other resources depends on the human capital of an organisation.

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3 years ago

Other things remaining the same, if the average aggregate inventory value goes down, then?

mixas84 [53]

Other things remain the same if the average aggregate inventory value goes down, then the inventory turnover ratio will go up, but weeks of supply will go down.

An inventory valuation allows a company to provide a monetary value for items that make up its inventory. Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements.

An inventory valuation is a monetary amount associated with the goods in the inventory at the end of an accounting period.

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9 months ago