Day: June 1, 2017

How Wal-Mart Established Its Current International Presence

International Business ??“ 26329IntroductionWal-Mart, back to the year 1962, was just a small discount store that established by Sam Walton has now became one of the largest multinational retail corporation with more than 9,600 stores at 28countries around the world.
In the year 1989, as the developing of world trade organization and regulation, Wal-Mart started to realize that it was a right time and advantages to enter the international market with its advanced technology system, strong corporate culture, frontier management practice and supply chain system while its has opened the first store in Mexico at 1991. By that time, Wal-Mart started to accept the challenge in the international market by constantly enhancing and optimizing their business process, information system, supply chain and management practice in order to cope with the rapid changing environment and rival competition of the international market.
Moreover, it??™s current international scale and commercial success has to a greater and lesser extent influencing the business world??™s pace in terms of business process, logistic system, business innovation and management practices. Thus, it has become a valuable topic to investigate on what is the driving force and cornerstone that pushing Wal-Mart from a small store to a multinational corporation. Growth and innovation process of Wal-Mart???Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, services or processes, in order to advance, compete and differentiate themselves successfully in their marketplace.??? ( Sam Brook, 2009)
Wal-Mart as a multinational corporation has simultaneously moving its innovation and growth from many aspects in order to step up the pace of rapid changing environment. Thus, why and how Wal-Mart could have established its current international presence could be examined by it driving forces that support the growth and innovation process which will be discuss below.Wal-Mart??™s Culture and Policy
First of all, what are the basic belief and value that pushing Wal-Mart to its current international presence What are the intangible factors that making Wal-Mart so extraordinary successful In fact, the answer will definitely be the underlying culture and policies of Wal-Mart, which are actually one of most important pillars that support their growth and innovation by providing them a clear direction. Consequently, Wal-Mart culture and policy are strongly lies on Sam Walton beliefs and values which can be concluded as:
* Respecting every individual
* Exceeding customers expectation
* learning continuously, striving for excellence, and embracing changes
Moreover, Wal-Mart culture had strongly been disseminated and influencing every aspect of their business practice and operation while this could be examined by the underlying culture on their employees, customers and organization which will be discuss below. ???Family Organization Culture???
Firstly, Wal-Mart basic belief that based on ???respecting every individual??? had generated a ???family organization culture??? toward their employees globally. Based on this culture, they tend to give their employees a feeling of working as a family. For example, several policies that had been generated such the ???profit-sharing programme??™ in Mexico are allowing their employees to buy shares of the store they working at with a discount price. Another example is the ???Open door??? policy that implemented globally gives their employees the opportunity to share their suggestion, opinion, ideas and voice concern as well as the different version of ???Wal-Mart cheers??? that adjusting according to different country.
Lastly, those policies are actually helps to maximize their employee??™s commitment and are helping Wal-Mart to solve many internal business process problems as well as generating some greatest ideas for Wal-Mart to ensure the continuous growth in international market.???Customers first Culture???
Another basic belief of Wal-Mart is ???exceeding customer??™s expectation??? which had generated the ???Customers first Culture???. Based on this culture, Wal-Mart had also generated several policies towards their customer, for example, ???10 foot rule??? which employees are encouraged to ask if they need any help, greet them and look at their eye whenever customers come near within 10 feet, which are giving a sense of friendly to shop in Wal-Mart. Another most common and famous policy is the ???always commit to low price??? which has help Wal-Mart to keep up their effort to provide low price products and services to their customers.
Thus, these policies and culture are actually helping Wal-Mart in keeping their customers loyalty and attracting more customers globally. ???Company innovation Culture???
The third basic belief which is ???learning continuously, striving for excellence, and embracing changes??? are being one of the main roots that keeping Wal-Mart continuously growth. By adhering to this culture, Wal-Mart had continuously looking for a breakthrough in terms of their business practices. For example, Wal-Mart future plan included opening a new bank and providing several more store concept. This could actually help to formulate a new direction for their growth and a better way to do things in order to serve their global customers better as well as being more competitive. Technological Business Practices
Secondly, (Troot, 2005), a management expertise also had mentioned that ???one of the most essential factors nowadays that facilitating the innovation process of the multinational organization is the commitment to technology.??™ In the early stage, Wal-Mart are realizing that as being an ???aggressive??? retailing company, it??™s essential to enhance the efficiency of their entire business process which would ease their expansion national and internationally as well as cutting down their operation cost in order to provide low cost products to their customers. Thus, most of their early capital had been invested on technology in terms of their logistic and information system.Supply Chain System:
Specifically, Wal-Mart had link its logistic system closely to their information system in order to enhance the efficiency in their supply chain and communication system. In this way, their satellites and pull system is a good example of their innovation results. Those sophisticated computer and satellites systems allow them to share and process massive of customers purchasing and inventory data among their distribution center, headquarters and suppliers which enable Wal-Mart to ship the right products to the right stores at the right time and correct quantity with the lowest cost.Organization Vigilance System:
Additionally, apart from supply chain system, their strong information system is also acting as the vigilance system that helping Wal-Mart to keep aware on their external environment which could also enables them to collect valuable information from it. By using that valuable information, Wal-Mart could then make a critical decision on their business process. For example, the information system that called ???pull system??? allows them to track their customers purchasing pattern. By understanding the customers??™ purchasing pattern, their manufacturers could get a clearer command on what products are Wal-Mart selling daily which enable them to avoid twin dangerous of producing surplus products that are not selling or too little products in heavy demand. Another example is their satellites system that enables their top management to monitor their external environment while controlling over their entire business process globally by just sitting in the control room. Thus, most valuable information such as their customers purchasing pattern and population data that collected from their external environment could then being analyze by their sophisticated information system in order to ease their global expansion by knowing what model of store is suitable and which best product and services is best to be provided.
Lastly, Wal-Mart that had emphasized more in term of technology than its competitors is making them having more competitive advantage through its speed, scale and simplicity on the international market. Global Market Adaptability
The third issue to be examined is the adaptability of Wal-Mart. In this way, adaptability of an organization can be simply explained as the ability of an organization to fit into their business environment. In order to understand why and how Wal-Mart had established its current international presence, it??™s essential to examine how Wal-Mart had adapted to their global market. Furthermore, how Wal-Mart had adapted to global market could be examined through four basic elements which are their entry mode, business practices, expansion strategic and the adaptability to worldwide economics.Adaptability to worldwide economics:
As largest retailing companies in the world, Wal-Mart realized that in order to be competitive, they must understand the way to lower down their products cost. Back to the latter of 20 Century, with the developing of many Asian country such China with its fast developing in manufacturing country had made Wal-Mart realized that they could take this advantages to optimize their product cost. Hence, Wal-Mart is taking their products from their suppliers that located globally with more than 18 countries in recent years. By understanding well the worldwide economics, they could know that which country having best resources to produce which particular products with high quality and a lower price.
Lastly, by adapted to worldwide economic, Wal-Mart could also build up a strong network with their suppliers and manufacturers around the world with the capability to imports and provide different range of products to different countries with a lowest price and better quality.Expansion strategic:
Another issue to examine how Wal-Mart has adapted to its current international position will be lying on its expansion strategic. In this way, Wal-Mart and its competitors are actually using the different approaches to enter market.
Consequently, Wal-Mart is exploited the economics of density as their expansion strategic. Unlike their competitors which is Carrefour and Tesco, Wal-Mart normally started their expansion in the rural places before entering the high population, by doing so, Wal-Mart are actually gaining an opportunity to build up their strength and refine skills before they entering higher population and more competitive market. They will then opening stores close to each other while slowly moving from less population area to the high density area like big cities. However, this expansion strategic is actually more systematically and strategically and at the meantime easing Wal-Mart distribution, cutting cost in advertisement and facilitating their training due to the density of their stores.
Thus, their expansion strategic are actually making them more adaptable to the global market while this might be one of the reasons why Wal-Mart owing more branches internationally than its competitors because they are being well-prepared in terms of more understanding in the customers purchasing pattern and preferences comparing to Tesco and Carrefour expansion strategic which they will typically chosen to open their store firstly on high population area. Entry Mode:
Moreover, Wal-Mart also aware that chosen the appropriate entry mode is essential for their expansion in the global market because they are adapting a strange market and culture.
Admittedly, the entry mode that mainly be used by Wal-Mart based on acquisition and merger and partly on FDI and joint venture due to the different countries policies and culture. The main reason why Wal-Mart takes acquisition and merger as their main entry mode is firstly due to their strong financial power to buy the stake of others company. Secondly, acquisition and merger is actually allowing Wal-Mart avoiding the barrier to entry the market with faster assesses into one other culture and customers buying pattern which will ease and fasten their expansion. For example, the acquisition of Seiyu in Japan; the merger of Wal-Mart with Asda which are the third largest retailing company in UK in year 1999, and had currently became the second largest retailing company in UK with its growth from 46stores to 542 stores today.
Another example is Wal-Mart in Mexico which they had to choose joint venture other than acquisition due to the protection of Nation Corporation by their government, Wal-Mart had joint venture with Citra, one of the leading retailing companies in Mexico and had now successful to open 1,932 stores there.
Lastly, we can see that Wal-Mart had chosen a faster way to be adapted to the global market by acquisition and merger because they realized that speed of expansion is a competitive advantages in the international market rather than other types of entry mode such as foreign direct investment which will be slowing down their adaptability to the market since they have to start everything from zero.

Business Practices:
In order to be adapted to the certain market and business environment, Wal-Mart also understood that it??™s essential to provide different range of products and services as well as their business model in order to suit the different demand and size of the market.
Consequently, in order to suit the market size, Wal-Mart has continuously developed different stores concept such as Wal-Mart supermarket, Sam Walton Club and Wal-Mart Express. For example, Sam Walton Club had open up a niche market for Wal-Mart which it is a combination of discount store and supplier. This store normally opens in the area that is surrounded by many small businesses because they are selling large quantities of goods and is good to act as a supplier to small business. Another example is Wal-Mart express which is a small discount store that providing a range of products from simple grocery shopping to even gasoline service while this store concept is focusing on the smaller towns that are unable to support a larger store.
In terms of services, Wal-Mart had also provided different range of services according to the customer purchasing pattern and market. For example, in certain area, Wal-Mart had launch a range of services such as their MoneyCenters, Wal-Mart Credit Card, Pharmacy service centers and e-buying to convenient customers from buying their products as well as helping their customer to save money.
In terms of products, Wal-Mart had provided different range of products to suit their business environment and customers??™ preference. For example, in the business environment that surrounded by agriculture industries, Wal-Mart will set up a department in their store that specifically selling some agriculture products while in the environment with high population, Wal-Mart will then set up lots of department to sell different range of products such as groceries, books to medicines products.
Lastly, the high adaptability in business practice from Wal-Mart could actually fulfill the different demand and preferences of their global customer which will be vary due to the different culture and living standard. Unlike K-Mart, which is one of the main competitors of Wal-Mart in the early stage has now facing the bankruptcy due to the low adaptability to the rapid change environment.
Conclusion
Wal-Mart today is still being energetic in its current international presence with its continuous growth which could be seen from its current corporate image and annual sales. After the discussion and examination above, we could conclude that Wal-Mart is actually gaining their international position through its culture, technological business practice and strong adaptability. Firstly, with its culture that acting as an intangible value of Wal-Mart is making them being able to formulate a clearer direction for its growth and innovation. Secondly, with their technological business practice, Wal-Mart is capable to expand strategically and systematically on their scale while at the meantime reducing the entry barriers and streamline the complicated issues in their business process globally. Lastly, with their strong adaptability, Wal-Mart is being able to continuously tailor their business practices and management system to suit the rapid changing environment of the international market. Consequently, those three values are also acting as the characteristics why Wal-Mart being so competitive in their current international presence while overcoming the threats of their competitors.
Last but not least, those three values will definitely sustaining Wal-Mart current international presence while driving Wal-Mart to a breakthrough point in terms of their innovation and growth. References
1. Angela da Rocha and Luis Antonio Dib (2002), ???The entry of Wal-Mart in Brazil and the competitive responses of multinational and domestic firms??™, International Journal of Retail & Distribution Management, Vol.30, No.1, pp.61-73 2. Charles fishman peguin (2007), The Wal-Mart Effect- How an out-of-town superstore became a superpower, England, Clays Ltd, St.Ives plc 3. Carl H. Tong and Lee-Ing Tong (2006), ???Exploring the cornerstones of Wal-Mart success and competitiveness??™, Vol.16, No.2 4. Enrico Colla and Marc Dupuis (2002), ???Research and managerialissues on global retail competition: Carrefour/ Wal-Mart??™, International Journal of Retail & Distribution Management, Vol.30, No.2, pp.103-111 5. Enrico Colla and Marc Dupuis (2002), ???Research and managerialissues on global retail competition: Carrefour/ Wal-Mart??™, International Journal of Retail & Distribution Management, Vol.30, No.2, pp.103-111 6. Emek Basker (2007), ???The Causes and Consequences of Wal-Mart??™s Growth??™, Journal of Economic Perspectives, Vol.21, No.3, pp.177-198 7. Lichtenstein, NelsonView (2005), ???WAL-MART AND THE NEW WORLD ORDER; A Template for Twenty-First Century Capitalism??™, The City University of New York on behalf of the Murphy Institute for Worker Education and Labor Studies, Vol. 14, pp.21 8. Management practices of Wal-Mart [Online], Available: http://ivythesis.typepad.com/term_paper_topics/2007/10/management-part.html 9. Richard B. Freeman and Alice O. (2011), ???Wal-Mart innovation and productivity: a viewpoint, Canadian Journal of Economics, Vol.44, No.2, May, pp.468-508. 10. Stanley D. Brunn (2006), Wal-Mart World, London, Taylor & Francis Group 11. Tim Hannagan (2008), Management Concepts & Practices- Fifth edition, Edinburgh, Pearson Education Limited. 12. Wal-Mart Homepage [Online], Available: http://walmartstores.com/aboutus/297.aspx 13. ???Wal-Mart, Tesco and Carrefour do battle in the East??™, Emerald Group Publishing Limited, Vol.24, No.2, pp.5-7. 14. Wal-Mart self branding [Online], Available: http://www.brandingstrategyinsider.com/2009/03/a-walmart-brand-for-the-ages.html 15. Wal-Mart future investment [Online], Available: http://investors.walmartstores.com/phoenix.zhtmlc=112761&p=irol-newsArticle&ID=1345359&highlight 16. Wal-Mart stores concept [Online], Available: http://en.wikipedia.org/wiki/Walmart#Walmart_Supercenter 17. Wal-Mart in Japan [Online], Available: http://www.businessweek.com/magazine/content/05_09/b3922073.htm 18. Wal-Mart failure in Japan [Online], Available: http://money.cnn.com/magazines/fortune/fortune_archive/2007/08/06/100141311/index.htm

Cost and Revenue Curves

The Cost and revenue Curve simulation suggest that John maximizes Farm Fresh Orange Juice Company??™s profit by using the knowledge he has acquired over the years about cost, revenues, and their interrelationship. After being appointed Chief Operating Officers (COO) John??™s operating team considered moving production to one of following states California, Texas, or Florida. Before, he made a selection he and his team weighed there opportunity cost by comparing and contrasting the citrus industry in the three states.
Marginal and average cost curve are very similar in California, Texas and Florida, but in other southern subtropical states costs is lower. Initially, the COO thought that the optimal production site for Farm Fresh was in California, he believed that the state was primed for citrus production. However, when he and his team began researching the area, there were some-things that concerned them. Producing delicious tasting orange juice and distributing it to the masses is how F.F.O.J. makes it money, and California has some issues that may hinder production. The current state of the citrus industry, weather, and commerce, played a valuable part in the COO decision.
California is nationally known for possessing a good citrus industry that produces over 1.6 billion dollars a year. San Diego leads the state in orange juice production, and houses the largest concentration of organic farmers in the state. However, their citrus industry is being affected by the Asian citrus psyllid (ACP), which has ravaged orchards in Southern California. ACP is a pest that acts as a carrier or vector spreading “huanglongbing” (HLB), a devastating disease of citrus trees. This bacterial disease is transmitted to healthy trees by the psyllid after it feeds on infected plant tissue (CDFA, 2010). This particular pest, which comes from neighboring Tijuana, Mexico, is a hazard to all California citrus growers.
Weather also played a major factor in the COO??™s decision. Although he believes that the optimum state may be California. Research showed most citrus companies in the state must divest there interests into other states, and regions to ensure that they are not utterly affected by a pessimistic growing seasons. Successful companies in the state do a great job of balancing past and future weather patterns, enabling them to make provisions without effecting production.
While balancing weather and a troubled industry the COO also noticed that California taxes are very high, and commerce in the state was greatly affected by the recession. Conversely, Texas and Florida are major business states that provide an abundance of tax cuts to companies aiding commerce in their states. John and his staff understood the importance of the above factors for they are key in deciding how and where they should do business.
Commercial citrus production in Texas has been fairly good, but future production is in limbo. It recently has been limited to the Lower Rio Grand Valle. Production in Beeville, Beaumont, Carrizo Springs, Falfurrias, Houston, and Orange County have become wane because of the economy and reoccurring freezes. In addition the company worried about the possible spread ACP. Texas and Mexico are relatively close and the risk was far greater than what the company wished to chance.
Knowing that citrus trees are subtropical to tropical in nature; the COO and his team decided to move production to Florida. Although the market is extremely competitive and has a low barrier of entry, Florida was the most attractive after weighing the opportunity cost. In January 2005, Farm Fresh Orange Juice maximized there profits when marginal cost (MC) equaled marginal revenue (MR) producing 100,000 tons of orange juice at an average cost (ATC) of 25.29 a ton averaging 4.71 a unit. However, the COO pushed his company to produce an additional 10,000 tons at an ATC of 26.19 a unit resulting in a profit of 3.81 a unit totaling 4.19. Despite the .9% hike in total cost from 100,000 to 110,000 the COO and his operating team where pleased with their projections.
Shortly thereafter, they witnessed a drop in orange prices during the month of July. The drop in pricing impacted their decision by boosting their confidence, and instantly maximizing their profits. After pushing his team to produce an extra 10,000 tons the COO looks like an economic genius. The ATC of orange juice dropped to 22.39 a unit resulting in 7.61 profit totaling 8.37. The drop in pricing is projected to linger throughout the fiscal year. Farm Fresh should continue to see a substantial profit throughout the year. In an effort to repeat their latest success Farm Fresh Orange Juice produced another 10,000 tons totaling 120,000. The ATC was set 23.48, giving the company 6.51 per unit equally 782 in total profits. The drop in orange prices forced the company to have new cost structures, and they were fortunate to capitalize on them.
In 2008 production began to take a turn for the worse. Heavy competition over the past few years from South American manufactures has brought down the market price of orange juice because these manufacturers enjoy a cost advantage due to there production outside of this country (Cost and Revenue Curves Simulation, 2010). 2008 proved to be the year that competition loomed high. The COO decided to place Fresh Farm Orange Juice in a short term shut down there marginal cost began exceeding there marginal revenue. The company recorded a total profit of negative 323.
However, entities like Fresh Farm Orange Juice can shut down in the short term, until the market price is high enough to cover its average variable cost (AVC). In competitive markets like the citrus industry, the short term shut down could last a few months. Yet the firm the COO was persistent in shortening this time by examining all the factors that make up marginal costs. He and his team explored cost cutting, by temporarily cutting pay, reevaluating their maintenance schedules, and avidly discussing lower prices with farmers to minimize the cost of production per unit. The COO also discussed branding their product to gin customer value in an effort to increase price, and raise revenue to or above marginal costs. They also explored lowering the average cost per unit of production by seeking technological improvements. They even ponder about manufacturing and distributing other types of juices like apples, pineapples, grapes, and other fruits people enjoy.
Nevertheless, Florida showed why the COO elected to do business in the state. They offered a tax cut that decreased manufacturing cost. The tax cut was deemed as good, but it was not enough to get the company rolling again.
By the year of 2011 orange juice lost some of its popularity as other fruit juices like apples, pineapples, and grapes satisfied the masses. The anti dumping legislation forced South American competition out of the market due to disclosed violations, giving Farm Fresh Orange Juice an opportunity to reinvent there product. They immediately reopened production and produce a quantity of 100,000. Averaging 21.73 in total cost and 23.00 in total revenue the company maximized their profits at 127.
In conclusion, the COO Fresh Farm Orange Juice went against the optimal choice of the simulation, and did an exceptional job. During the first half of 2005 Fresh farm produced more than the optimal choice, even though FFOJ maximized their profit they were outgained by 52 points. The second half of 2005 virtually mirrored the first half of 2005. In 2008 both shutdown production in the first half of the year, but the optimal choice continued production in the second half of the year and FFOJ did not. In 2011 both sides maximized profits by producing 100,000 tons of juice recording profits 127.
To resolve future challenges Fresh Farm may face, they should continue production in the short ??“ run. This perhaps may the best way to reduce labor cost, and keep a handle on other variable resources. Furthermore, they must seek alternative uses for their production equipment. Producing other fruit juices will expand their market and increase revenue. Fresh Farm Orange Juice should reanalyze their demand and supply curves; consider broader revenue concepts and consider various profit possibilities for their organization.

How to

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8/8/2007 |Table of Contents
Using this Manual 10
Disclaimer 10
Table of Contents 10
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Print 10
Microsoft Office Word 2007 11
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AutoFormat 80Using this Manual
Please read the Disclaimer before using the information in this manual.
Disclaimer
While every reasonable precaution has been taken in the preparation of this document, neither the author nor Allen University assumes responsibility for damages resulting from the use of the information contained herein.The information contained in this document is believed to be accurate. However, no guarantee is provided.Use the information provided in this manual at your own risk.
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* Footer
* Page numberText
Features:
*
* Text box
* Quick parts
* WordArt
* Drop cap
* Signature line
* Date & time
* ObjectSymbols
Features:
*
* Equation
* SymbolPage Layout Tab
Features:
*
* Themes
* Page setup
* Page background
* Paragraph
* ArrangeThemes
Features:
*
* Themes
* Colors
* Fonts
* EffectsPage Setup
Features:
*
* Margins
* Orientation
* Size
* Columns
* Breaks
* Line numbers
* Hyphenation
* Paper size
* Paper source
* Section
* Headers and footers
* PagePage Background
Features:
*
* Watermark
* Page color
* Page bordersParagraph
Features:
*
* Indentation
* Spacing
* Pagination
* Textbox optionArrange
Features: * Position
* Bring to front
* Send to back
* Text wrapping
* Align
* Group
* RotateReferences Tab
Features:
*
* Table of contents
* Footnotes
* Citations & bibliography
* Captions
* Index
* Table of authoritiesTable of Contents
Features:
*
* Table of Contents
* Add text
* Update tableFootnotes
Features:
*
* Insert footnote
* Insert endnote
* Next footnote
* Show notes
* FormatCitations & Bibliography
Features:
*
* Insert citation
* Manage sources
* Style
* BibliographyCaptions
Features:
*
* Insert caption
* Insert Table of Figures
* Update table
* Cross-referenceIndex
Features:
*
* Mark entry
* Insert index
* Update indexTable of Authorities
Features:
*
* Mark citation
* Insert Table of Authorities
* Update tableMailings Tab
Features:
*
* Create
* Start mail merge
* Write & insert fields
* Preview results
* FinishCreate
Features:
*
* Envelopes
* LabelsStart Mail Merge
Features:
*
* Start mail merge
* Select recipients
* Edit recipient listWrite & Insert Fields
Features:
*
* Highlight merge fields
* Address block
* Greeting line
* Insert merge field
* Rules
* Match fields
* Update labelsPreview Results
Features:
*
* Preview results
* Find recipient
* Auto check for errorsFinish
Features:
*
* Finish & mergeReview Tab
Features:
*
* Proofing
* Comments
* Tracking
* Changing
* Compare
* ProtectProofing
Features:
*
* Spelling & grammar
* Research
* Thesaurus
* Translate
* Translation ScreenTip
* Set language
* Word countComments
Features:
*
* New comment
* Delete
* Previous
* NextTracking
Features:
*
* Track changes
* Balloons
* Final showing markup
* Show markup
* Reviewing paneChanges
Features:
*
* Accept
* Reject
* Previous
* NextCompare
Features:
*
* Compare
* Show source documentsProtect
Features:
*
* Protect documentView Tab
Features:
*
* Document views
* Show/Hide
* Zoom
* Window
* MacrosDocument Views
Features:
*
* Print layout
* Full screen reading
* Web layout
* Outline
* DraftShow/Hide
Features:
*
* Ruler
* Gridlines
* Message bar
* Document map
* ThumbnailsZoom
Features:
*
* Zoom
* 100%
* One page
* Two pages
* Page widthWindow
Features:
*
* New window
* Arrange all
* Split
* View side by side
* Synchronous scrolling
* Reset window position
* Switch windowsMacros
Features:
*
* MacrosAdd-Ins Tab
Features:
*
* Menu commandMenu Commands
Features:
*
* BluetoothPictures
Accessing the Format Tab
* Single-click on the picture
* The Picture Tools menu will display on the toolbar
* Single-click on FormatFormat Tab
Features:
*
* Adjust
* Picture styles
* Arrange
* SizeAdjust
Features:
*
* Brightness
* Contrast
* Recolor
* Compress pictures
* Change picture
* Reset picturePicture Styles
Features:
*
* Picture shape
* Picture border
* Picture effects
* Fill
* Line color
* Line style
* ShadowArrange
Features:
*
* Position
* Bring to front
* Send to back
* Text wrapping
* Align
* Group
* RotateSize
Features:
*
* Crop
* Height
* Width
* Scale
* Alternative textMicrosoft Office Excel 2007
Help
To access Help, click the in the top right-hand corner of the Microsoft Office Excel 2007 screen.The Excel Help box will open. Enter the search criteria.Toolbars
File Toolbar
The File menu allows you to create a new workbook, open an existing workbook, save a workbook, print a workbook, prepare a workbook, send a workbook, publish a workbook, or close a workbook. A list of your recent documents will be displayed. Also, you can set Excel Options and Exit Excel.
To see a list of File menu options, click Quick Access Toolbar
The Quick Access Toolbar gives you quick access to different functions.Add Items to Quick Access Toolbar
* Click the next to the Quick Access Toolbar * Single-click on the item you want to add to the Quick Access Toolbar
* If an item is not listed, single-click on More Commands * In the left pane, single-click on the items you want to add to the Quick Access Toolbar
* Click Add
* The items selected will appear in the right pane
* Click OK
* The box will close and the items selected will appear on the Quick Access Toolbar
Tabs
In some cases, it may be necessary to click the or the to open up additional menu items.
Home Tab
Features:
*
* Clipboard
* Font
* Alignment
* Number
* Styles
* Cells
* EditingClipboard
Features:
*
* Paste
* Cut
* Copy
* Format painterFont
Features:
*
* Font
* Font style (bold, italics, underline)
* Font size
* Font color
* Underline style
* Effects (subscript, superscript, strikethrough)
* Border
* Fill colorAlignment
Features:
*
* Text alignment
* Orientation
* Text control
* Right-to-left
* Increase/decrease indent
* Wrap text
* Merge & centerNumber
Features:
*
* Number format
* Accounting number format
* Percent style
* Comma style
* Increase/decrease decimalStyles
Features:
*
* Conditional formatting
* Format as table
* Normal, good, bad, and neutral
* Data and model
* Titles and headings
* Themed cell stylesCells
Features:
*
* Insert cells
* Delete cells
* FormatEditing
Features:
*
* AutoSum
* Fill
* Clear
* Sort & filter
* Find & selectInsert Tab
Features:
*
* Tables
* Illustrations
* Charts
* Links
* TextTables
Features:
*
* Insert PivotTable
* TableIllustrations
Features:
*
* Insert picture from file
* Clip Art
* Shapes
* Insert SmartArt graphicCharts
Features:
*
* Column
* Line
* Pie
* Bar
* Area
* Scatter
* Stock
* Surface
* Doughnut
* Other chartsLinks
Features:
*
* Insert hyperlinkText
Features:
*
* Text box
* Header & footer
* WordArt
* Signature line
* Insert object
* SymbolPage Layout Tab
Features:
*
* Themes
* Page setup
* Scale to fit
* Sheet options
* ArrangeThemes
Features:
*
* Themes
* Theme colors
* Theme fonts
* Theme effectsPage Setup
Features:
*
* Margins
* Page orientation
* Page size
* Print area
* Breaks
* Background
* Print titlesScale to Fit
Features:
*
* Width
* Height
* ScaleSheet Options
Features:
*
* View gridlines
* Print gridlines
* View headings
* Print headingsArrange
Features:
*
* Bring to front
* Send to back
* Selection pane
* Align
* Group
*
* RotateFormulas Tab
Features:
*
* Function library
* Defined names
* Formula auditing
* CalculationFunction Library
Features:
*
* Insert function
* AutoSum
* Recently used
* Financial
* Logical
* Text function
* Date & time
* Lookup & reference
* Math & trig
* Average
* Count numbers
* More functionsDefined Names
Features:
*
* Name manager
* Define name
* Use in formula
* Create from selectionFormula Auditing
Features:
*
* Trace precedents
* Trace dependents
* Remove all errors
* Show formulas
* Error checking
* Evaluate formula
* Watch windowCalculation
Features:
*
* Calculation options
* Calculate now
* Calculate sheetData Tab
Features:
*
* Get external data
* Connections
* Sort & filter
* Data tools
* OutlineGet External Data
Features:
*
* Get external data from Access
* Get external data from web
* Get external data from text
* Get external data from other sources
* Get external data using an existing connectionConnections
Features:
*
* Refresh all
* Connections
* Data range properties
* Edit linksSort & Filter
Features:
*
* Sort
* Filter
* Clear
* Reapply
* AdvancedData Tools
Features:
*
* Text to columns
* Remove duplicates
* Data validation
* Consolidate
* What-if analysisOutline
Features:
*
* Group
* Ungroup
* Subtotal
* Show detail
* Hide detailReview Tab
Features:
*
* Proofing
* Comments
* ChangesProofing
Features:
*
* Spelling
* Research
* Thesaurus
* TranslateComments
Features:
*
* New comment
* Delete comment
* Previous
* Next
* Show/hide comment
* Show all comments
* Show inkChanges
Features:
*
* Protect sheet
* Protect workbook
* Share workbook
* Protect and share workbook
* Allow users to edit ranges
* Track changesView Tab
Features:
*
* Workbook views
* Show/hide
* Zoom
* Window
* MacrosWorkbook Views
Features:
*
* Normal view
* Page layout view
* Page break preview
* Custom view
* Toggle full screen viewShow/Hide
Features:
*
* Ruler
* View gridlines
* Message bar
* Formula bar
* View headingsZoom
Features:
*
* Zoom
* 100%
* Zoom to selectionWindow
Features:
*
* New window
* Arrange all
* Freeze panes
* Split
* Hide window
* Unhide window
* View side by side
* Synchronous scrolling
* Reset window positionMacros
Features:
*
* View macrosAdd-Ins Tab
Features:
*
* Menu commandsMenu Commands
Features:
*
* BluetoothMicrosoft Office PowerPoint 2007
Help
To access Help, click the in the top right-hand corner of the Microsoft Office PowerPoint 2007 screen.The PowerPoint Help box will open. Enter the search criteria.ToolbarsFile Toolbar
The File menu allows you to create a new slideshow, open an existing slideshow, save a slideshow, print a slideshow, prepare a slideshow, send a slideshow, publish a slideshow, or close a slideshow. A list of your recent documents will be displayed. Also, you can set PowerPoint Options and Exit PowerPoint.
To see a list of File menu options, click Quick Access Toolbar
The Quick Access Toolbar gives you quick access to different functions.Add Items to Quick Access Toolbar
* Click the next to the Quick Access Toolbar * Single-click on the item you want to add to the Quick Access Toolbar
* If an item is not listed, single-click on More Commands * In the left pane, single-click on the items you want to add to the Quick Access Toolbar
* Click Add
* The items selected will appear in the right pane
* Click OK
* The box will close and the items selected will appear on the Quick Access Toolbar
Tabs
In some cases, it may be necessary to click the or the to open up additional menu items.
Home Tab
Features:
*
* Clipboard
* Slides
* Font
* Paragraph
* Drawing
* EditingClipboard
Features:
*
* Paste
* Cut
* Copy
* Format painterSlides
Features:
*
* New slide
* Layout
* Reset
* Delete slideFont
Features:
*
* Font
* Font size
* Increase/decrease font size
* Clear all formatting
* Font style
* Effects
* Character spacingParagraph
Features:
*
* Bullets
* Increase/decrease list level
* Alignment
* Line spacing
* Text direction
* Align text
* Convert to SmartArt graphicDrawing
Features:
*
* Shapes
* Arrange
* Shape quick style
* Shape fill
* Shape outline
* Shape effects
* Line color
* Line style
* PictureEditing
Features:
*
* Find
* Replace
* SelectInsert Tab
Features:
*
* Tables
* Illustrations
* Links
* Text
* Media clipsTables
Features:
*
* TableIllustrations
Features:
*
* Insert picture from file
* Clip art
* New photo album
* Shapes
* Insert SmartArt graphic
* Insert chartLinks
Features:
*
* Insert hyperlink
* ActionText
Features:
*
* Text box
* Header & footer
* WordArt
* Date & time
* Insert slide number
* Symbol
* Insert objectMedia Clips
Features:
*
* Movie from file
* Sound from fileDesign Tab
Features:
*
* Page setup
* Themes
* BackgroundPage Setup
Features:
*
* Page setup
* Slide orientationThemes
Features:
*
* Themes
* Theme colors
* Theme fonts
* Theme effectsBackground
Features:
*
* Background styles
* Hide background graphicsAnimations Tab
Features: *
* Preview
* Animation
* Transition to this slidePreview
Features:
*
* Preview animationsAnimation
Features:
*
* Animate
* Custom animationTransition to this Slide
Features:
*
* Transitions
* Transition sound
* Transition speed
* Apply to allSlide Show Tab
Features:
*
* Start slide show
* Set up
* MonitorsStart Slide Show
Features:
*
* Slide show from beginning
* From current slide
* Custom slide showSet Up
Features:
*
* Set up show
* Hide slide
* Record narration
* Rehearse timings
* Use rehearsed timingsMonitors
Features:
*
* Resolution
* Show presentation on
* Use presenter viewReview Tab
Features:
*
* Proofing
* Comments
* ProtectProofing
Features:
*
* Spelling
* Research
* Thesaurus
* Translate
* LanguageComments
Features:
*
* Show markup
* Insert comment
* Edit comment
* Delete comment
* Previous comment
* Next commentProtect
Features:
*
* Protect presentationView Tab
Features:
*
* Presentation views
* Show/hide
* Zoom
* Color/grayscale
* Window
* MacrosPresentation Views
Features:
*
* Normal view
* Slide sorter view
* Notes page view
* Slide show
* Slide master view
* Handout master view
* View notes masterShow/Hide
Features:
*
* Ruler
* Gridlines
* Message barZoom
Features:
*
* Zoom
* Fit to windowColor/Grayscale
Features:
*
* Color
* Grayscale
* Pure black and whiteWindow
Features:
*
* New window
* Arrange all
* Cascade windows
* Move split
* Switch windowsMacros
Features:
*
* View macrosAdd-Ins Tab
Features:
*
* Menu commandsMenu Commands
Features:
*
* BluetoothMicrosoft Office Access 2007
Help
To access Help, click the in the top right-hand corner of the Microsoft Office Word 2007 screen.The Word Help box will open. Enter the search criteria.ToolbarsFile Toolbar
The File menu allows you to create a new database, open an existing database, save a database, print a database, manage a database, email a database, or publish a document. A list of your recent documents will be displayed. Also, you can set Access Options and Exit Access.
To see a list of File menu options, click Quick Access Toolbar
The Quick Access Toolbar gives you quick access to different functions.Add Items to Quick Access Toolbar
* Click the next to the Quick Access Toolbar * Single-click on the item you want to add to the Quick Access Toolbar
* If an item is not listed, single-click on More Commands * In the left pane, single-click on the items you want to add to the Quick Access Toolbar
* Click Add
* The items selected will appear in the right pane
* Click OK
* The box will close and the items selected will appear on the Quick Access Toolbar
Tabs
In some cases, it may be necessary to click the or the to open up additional menu items.
Home Tab
Features:
*
* Views
* Clipboard
* Font
* Rich text
* Records
* Sort & filter
* FindViews
Features:
*
* ViewClipboard
Features:
*
* Cut
* Copy
* Paste
* Format painterFont
Features:
*
* Font
* Font size
* Font color
* Cell effect
* Gridlines
* Background color
* Gridline color
* Border and line styles
* DirectionRich Text
Features:
*
* Increase/decrease list level
* Left-to-right text direction
* Bullets
* Text highlight colorRecords
Features:
*
* Refresh all
* New
* Save
* Delete
* Totals
* Spelling
* Row height
* Column widthSort & Filter
Features:
*
* Ascending
* Descending
* Clear all sorts
* Filter
* Selection
* Advanced filter options
* Toggle filterFind
Features:
*
* Find
* Replace
* Go to
* SelectCreate Tab
Features:
*
* Tables
* Forms
* Reports
* OtherTables
Features:
*
* Table
* Table templates
* SharePoint lists
* Table designForms
Features:
*
* Form
* Split form
* Multiple items
* PivotChart
* Blank form
* Form wizard
* Datasheet
* PivotTable
* Form designReports
Features:
*
* Report
* Labels
* Blank report
* Report wizard
* Report designOther
Features:
*
* Query wizard
* Query design
* MacroExternal Data Tab
Features:
*
* Import
* Export
* Collect data
* SharePoint listsImport
Features:
*
* Saved imports
* Import Access database
* Import Excel spreadsheet
* Import SharePoint list
* Import text file
* Import XML file
* ODBC database
* HTML document
* Outlook folderExport
Features:
*
* Saved exports
* Export to Excel spreadsheet
* Export to SharePoint list
* Export to RTF file
* Export to text file
* Export to Access database
* Export to HTML documentCollect Data
Features:
*
* Create e-mail
* Manage repliesSharePoint Lists
Features:
*
* Work online
* Synchronize
* Discard changes
* Cache list data
* Relink lists
* Move to SharePointDatabase Tools Tab
Features:
*
* Macros
* Show/hide
* Analyze
* More data
* Database toolsMacro
Features:
*
* Visual Basic
* Run macro
* Create shortcut menu from macro
* Convert form??™s macros to Visual BasicShow/Hide
Features:
*
* Relationships
* Property sheet
* Object dependencies
* Message barAnalyze
Features:
*
* Database documenter
* Analyze performance
* Analyze tableMove Data
Features:
*
* SQL server
* Access databaseDatabase Tools
Features:
*
* Linked table manager
* Switchboard manager
* Encrypt password
* Add-ins
* Make ACCDEAdd-Ins Tab
Features:
*
* Menu commandsMenu Commands
Features:
*
* BluetoothForm Layout Tools
Format Tab
Features:
*
* Views
* Font
* Formatting
* Gridlines
* Controls
* AutoFormatViews
Features:
*
* Form view
* Layout view
* Design viewFont
Features:
*
* Font
* Font size
* Font style
* Font color
* Fill/back color
* Alternate fill/back color
* ConditionalFormatting
Features:
*
* Format
* Apply currency format
* Apply percent format
* Apply comma number format
* Increase/decrease decimalsGridlines
Features:
*
* Gridlines
* Width
* Style
* ColorControls
Features:
*
* Logo
* Title
* Insert page numbers
* Date & time
* Line thickness
* Line type
* Line color
* Add existing fieldsAutoFormat
Features:
*
* AutoFormat

Coso Plan Adoption

COSO Plan Adoption
The most powerful recommendation from the readings and research is every company should have Enterprise Risk Management (ERM). The Committee of Sponsoring Organizations of the Treadway Commission (COSO) provides instructions for startup of ERM. It gives guidance; however, it does not provide steps for implementation. These three steps have been successful: 1) keys to success, 2) initial action steps, and 3) continuing ERM implementation (Steinbeg, 2011, pg. 36).
According to COSO, ???enterprise risk management is a process, affected by an entity??™s board of directors, management, and other personnel. It is designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite. Also it provides reasonable assurance regarding the achievement of entity objectives??? (Beasley, Branson, & Hancock, 2010, pg. III). Companies need to embrace ERM to help avoid business risks and determine how much risk it can handle.
Risk oversight of an organization is highly important. It could make or break the organization. Risk oversight involves the organization??™s board of directors overseeing management to ensure they have a process of monitoring risks and updating that process. Management along with the board of directors must have an understanding of the amount of risk the organization will pursue to have an effective process. Two steps to avoid risk oversight are reporting regularly on its process and agreeing with management on the type of risks recognized as high priority.
A COSO ERM Framework survey was conducted with 460 people responding. It was found that most companies??™ ERM process still needs some or much work, and he or she was dissatisfied with their risk oversight system. Although top level of management is communicating, there is lack of structure and road maps for implementation (Beasley, Branson, & Hancock, 2010). The respondents stated that they needed more instructions on implementing ERM. Their organization knew how to follow the steps to begin the process; however, it needed the steps to implement ERM.
ERM is a process that organizations may need. After reading the different discussions on ERM from COSO, it is determined that following the three steps to get the organization on the right path to implement ERM, is well worth any organization??™s success. According to COSO, ???The three steps, keys to success, initial action steps, and continuing ERM implementation include making sure top management is in agreement, choosing someone to be a good leader to start the process, and making sure risk management is updated on a periodic base.??? ERM is the foundation of a successful organization.

References
Beasley, M. S., Branson, B.C., Hancock, B. V. (2010). COSO??™s 2010 Report on ERM. Retrieved
from http://coso.org.
Beasley, M. S., Branson, B.C., Hancock, B. V. (2010). Developing Key Risk Indicators to
Strengthen Enterprise Risk Management. Retrieved from http://coso.org.
Steinberg, R. M. (2011). Using the New COSO Risk-Management Guidance. Compliance Week,
8(86), 36-37. Retrieved from the University of Phoenix, LAW531 ??“ Business Law course website.