Which type of control would have been most helpful to BP in averting the oil spill in the Gulf of Mexico? Why?
What will be an ideal response?
The feedforward control would have been most helpful to BP in averting the oil spill in the Gulf of Mexico. It is designed to prevent problems before they occur. Once the pipeline is ruptured and oil has escaped into the ocean, it is a matter of "correcting" an already dangerous situation. Feedforward control would minimize the likelihood of a pipeline breaking in the first place.
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The balancing equation is expressed as:
a. Assets + Liabilities = Stockholders' Equity. b. Revenues – Expenses = Net Income. c. Sales – Costs = Net Profit. d. Assets = Liabilities + Stockholders' Equity.
Which one of the following would be the most effective procedure for discovering material Type II subsequent events?
a. Updating the search for unrecorded liabilities. b. Resending all bank confirmations returned. c. Reading of the minutes of board of directors' meetings d. Surprise cash count at random locations.