The 2008 Cumulative Supplement contains the following updates: *
Discussion of expected commercial value has been added to Chapter
22, since it is an integral part of the decision to expend funds on
a research and development project.* Given the large proportion of
service-related businesses in the economy, we have added a new
section to Chapter 23, in which we outline how to conduct
profitability analysis for services.* We have added substantially
to Chapter 25, where we prioritize a number of techniques for
improving the efficiency of the payroll process. These improvements
cover the areas of timekeeping, self-service portals, the reduction
of employee deductions, payroll payments, outsourcing, the use of a
captive insurance company to reduce the cost of benefits, and
management of the payroll department.* In Chapter 26, we have added
a discussion of the bullwhip effect on the cash forecast, as well
as how it can be mitigated to achieve more accurate cash
forecasts.* Chapter 27, which covers the planning and control of
receivables, has been substantially bolstered with new information
about credit policies and procedures, the review and processing of
credit applications, granting credit, credit insurance, creating
and delivering invoices, collecting cash, and managing the credit
and collections staff.* Chapter 28, which covers the planning and
control of inventory, has been enhanced in a similar manner. It now
includes in-depth discussions of the best ways to conduct inventory
purchasing, receiving, storage, picking, and shipping.
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