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Financial Management, Data Analysis, and Decision-making

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The discussion topic is financial scandals. At the most basic level, Enron, Worldcom, and other scandals were the result of the manipulation of financial reporting. What can be done to prevent these problems from happening again? Have you ever heard of or experienced any of these problems in your own career? What would you do if you did, and your manager told you to look the other way?

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There have been several steps implemented post-2000s scandals that have been somewhat successful. The Sarbanes-Oxley Act (SOX) has been implemented, and with any regulations, there are certain costs. In this case, the cost of compliance to SOX has been so extreme that many companies have actually taken their stock off the market to become private companies. While many things can be done, this illustrates the fact that there are typically costs associated with any form of compliance. The line then must be drawn over the level of protection for investors and the public ...

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This solution thoroughly discusses financial scandals. Professional examples are also included.

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At the monthly meeting, one of your coworkers stated that "Using the right analysis tool will compensate for inexperienced managers." How would you reply to your coworker?

Address the following:

Do the tools help only in certain situations such as routine, daily, or rather mundane decisions, like cost controls, quality controls, or staffing questions (in terms of number of people needed)?

Do tools help the finance or accounting arms of a company more so than operations managers?

What happens if the data entered are wrong? Analytical tools suffer from the GIGO (garbage in, garbage out) weaknesses, and thus an analysis based on these numbers can be flawed.

Can the software and tools replace experienced and seasoned managers? Do computers really think? Do they learn from their mistakes? Can they manipulate or change their environment?

Be sure to reference all sources using APA style.

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