A potential cause of disaster, whether due to finance, production, or marketing, is, in most cases, known. The failure results from poor communication within the organization. If the right information reaches the decision makers in a manner that avoids political fallout, the risk can be assessed. Knowledge of the "unknown" risks related to current and planned projects exists in the collective knowledge of employees, vendors, and consultants.
Methods and tools exist today that can gather, rank, and assess the benefits, risks, and gaps of a given project by involving company employees in the planning process. Use of the tools results in faster planning, greater knowledge, and an organization that is prepared to meet risk and execute effectively. Failure to use what is available to gather the knowledge in your company compounds risk.
Alfred Blitzer
Partner and COO
Rogen International
New York
Stop the Stereotyping
While I understand Ms. Wilson's frustration and disappointment at the continued discrimination and belittlement by customer-service individuals from another culture (Letters to the Editor, August), one might think she would extend the same courtesy and respect that she expects to automobile service station operators. Not all operators treat their customers disrespectfully, nor do they plaster pictures of naked women on their shop walls, as it is unlikely that all foreign customer-service representatives enjoy belittling women.
Ms. Wilson also states, "Women have worked too long and too hard to be respected in our professions." So have automobile service station operators, some of whom might find it ironic and offensive that disrespectful, belittling, and stereotypical statements about them are being used to make a point about disrespectful, belittling, and stereotypical statements about women. I am surprised CFO did not find this ironic also.
Martin Lewis
Tulsa
Let's Hear It for CMAs
Your article "CPA Ascendant" (Your Move, June) discusses the growing number of executive recruiters who insist that CFO candidates have the CPA credential. However, the article failed to consider the CMA (certified management accountant), another certification recognized as a requisite credential among accounting professionals, particularly CFOs.
The CMA is a globally recognized certification for managerial accounting and finance professionals. The CMA program was established by the Institute of Management Accountants (IMA) — an association for financial management and management accounting professionals — in 1972, and is administered by the Institute of Certified Management Accountants. Corporations around the world seek the CMA designation when hiring managerial finance and accounting professionals, and many are integrating the CMA into their management-training programs.
Today, more than 700 CFOs hold the CMA credential, more than 3,000 professionals who have earned their MBA have also earned their CMA, and nearly 6,000 CPAs are also CMAs or certified financial managers (CFMs).
Larry R. White
Chair
Institute of Management Accountants
Via E-mail
Correction
As a result of a calculation error, the 2004 Working Capital Survey (September) incorrectly listed Delta Air Lines as third among the best working capital performers. In fact, Southwest should have been listed third. A corrected airline industry chart that includes working capital figures for Southwest is available with the online version of the article.
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