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It ensures rigidity within the organization as the standards and parameters of operation are fixed. However, after completion of the task, the condition may vary from the initial condition. The customs are essentially fixed, which doesn’t keep with the developing dynamics of the market. So, there is usually entry of bureaucracy and loss of revenue. Implementation of standards of practice requires cost for which both hardware, as well as software, are required and training of staff to make them adaptive to the new system.
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Here is one of the financial management assignment samples submitted to a student:
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