Describe the process of root cause analysis and include in your description the tools that it uses
What will be an ideal response?
Answer: Root cause analysis is a process by which organizations brainstorm about possible causes of problems and then, through structured analysis and data-gathering efforts, gradually narrow the focus to a few root causes. The three phases of root cause analysis are the open, narrow and closed phases. The open phase is devoted to brainstorming, where all team members make suggestions, no matter how wild. Teams use a cause-and-effect diagram to organize their thoughts, often around the Five M categories of manpower, methods, materials, machines, measurements. The second phase of analysis is the narrow phase where the brainstormed list is reduced to a manageable number using the Five Whys. In the closed phase of analysis, the team validates the suspected root causes through the analysis of available data. The data might be collected using a check sheet and analyzed with simple graphical tools like a scatter plot, histogram, bar graph, Pareto chart, or a run chart.
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The practice of involving employees in the budgeting process is known as ___________.
Fill in the blank(s) with the appropriate word(s).
A &D Window cleaning performed $450 of services but has not yet billed customers for the month. If A&D fails to record the adjusting entry, what is the impact on the financial statements?
a. balance sheet: assets understated, equity overstated income statement: expense understated b. balance sheet: liabilities overstated, equity understatedincome statement: revenues understated c. balance sheet: assets overstated, equity understated income statement: expenses understated d. balance sheet: assets understated, equity understated income statement: revenues understated