Projectweek311.13.docx

1

Memorandum

Valery Salazar

Keiser University

Data Analysis for Accounting

Dr. Wendy Achiilles

November 11, 2022

Memorandum

From: Valery Salazar

To: Manager

Date: November 11, 2022

Comprehensive Risk Assessment and Mitigation

Risks that are there for a University Bookstore in sourcing books for their students include the challenge of miscommunication among the stakeholders. There are professors, tutors, and students that know about the books that are needed to facilitate learning, and the key details of concern include the book title, ISBN, publisher, and copyright date. The risks occur when the books ordered are different from the required books based on title and publisher, and this becomes a disadvantage to the institution and the learner because some information will be missing. The reason why the books undergo regular updates and publishing is critical for adding the missing information and limitation in previous versions making it better for the students to learn. There is a huge gap in the education sector where student feedback is given limited consideration making it challenging to curb the problem of having the wrong books in the store. There is a huge challenge in the process of communicating about the right books that are needed since there is an updated version annually, and the school store manager has to understand this (Landoll, 2021). I found out that the problem is experienced in the ordering system where there needs to be a gap in terms of communicating the right information that facilitates knowing the right costs, sale price, accurate taxes, and the type of the book. The manager is responsible for ensuring that the bookstore is subjected to an annual update that ensures the students' needs are addressed accordingly. The stakeholders are not involved as needed since the student understands what they are learning and the gaps that are there. The educators and professors are responsible for developing lesson plans and understanding the best book versions. Sourcing the information from different departments is challenging because there is limited understanding of what is needed since the process is not harmonized. The mitigation strategies towards the risks of having wrong books in the University store include adopting the classification analysis that plays the role of finding and assigning categories reducing errors and mistakes. Classification analysis makes it possible that when the bookshop has issues makes, it is possible that can trace where the problem originated by looking into the sales order ID, the date entered and approved, and the amount spent on the local sales order. There is a need to strengthen systems of book orders and the information is extracted, making it possible that the manager can adapt the predictive analytics software that helps in the prediction of future risks and opportunities. The stakeholder involvement is another intervention that would work well in reducing the possible risks because sharing the book's requirement information makes it possible for the customer needs to be known to the bookstore and makes it possible that they are targeted. Understanding customer needs is an essential strategy towards increasing sales, and this would work for the bookstore where the student needs need to be addressed, making it possible that regular book update version is brought to the store annually. The improvement of the existing order system ensures that all books required are evaluated and ensured that it fits the required needs of the students and within the lesson plan for the students to pass their courses. The manager is responsible for ensuring this happens by coordinating with the necessary stakeholders and communicating effectively to serve the students' needs. Analysis of internal control is important, where the organization should have procedures and guidelines that assist in ordering and getting the right books.

References

Landoll, D. (2021). Security risk mitigation. The Security Risk Assessment Handbook, 421–433. https://doi.org/10.1201/9781003090441-11