IASSC Exam ICYB Topic 1 Question 67 Discussion

Actual exam question for IASSC's ICYB exam

Question #: 67
Topic #: 1

[All ICYB Questions]

A Belt has determined that the insurance claim form needn't be reviewed by accounting thereby improving the number of claims a processer can handle. According to Cost of Poor Quality (COPQ) definitions RTY improvement would be considered _______________.

ADownsizing savings

BMedian savings

CSoft savings

DHard savings

Show Suggested Answer

Suggested Answer: A

by Chau at May 23, 2024, 04:50 AM

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Lisbeth

3 months ago

I'm going to have to disagree with my fellow candidates. This is clearly a case of A) Downsizing savings. By eliminating the accounting review, they're essentially downsizing that department. Boom, mic drop.

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Tula

1 months ago

Interesting perspectives, but I think it aligns more with B) Median savings. It's a middle ground between hard and soft savings, reflecting a moderate improvement in efficiency.

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Loreta

2 months ago

I agree with the initial assessment of A) Downsizing savings. Removing the need for accounting review is definitely a form of downsizing in terms of resources and time.

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Brandon

2 months ago

I see your point, but I still believe it falls under D) Hard savings. Any direct cost reduction or efficiency improvement would be classified as hard savings.

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Graciela

2 months ago

I think it's actually C) Soft savings. By streamlining the process, they are saving time and resources which can be considered soft savings.

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Armando

3 months ago

I'm going to have to go with C) Soft savings. Anything that's not a direct reduction in labor or materials is usually considered a soft saving. Although, I guess you could argue it's a hard saving since it's reducing the workload. I'm just going to go with my gut on this one.

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Charolette

1 months ago

Yeah, it's more about improving efficiency rather than cutting costs directly.

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Leontine

2 months ago

I agree, it's not a direct reduction in labor or materials.

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Cecilia

2 months ago

I think C) Soft savings makes sense in this case.

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Gennie

3 months ago

As an accountant, I'd have to go with D) Hard savings. Anything that improves the efficiency of a process and reduces costs should be considered a hard saving, not just a fluffy 'soft' one.

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Brunilda

2 months ago

I think focusing on D) Hard savings is the best way to show real improvement in the Cost of Poor Quality.

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Raina

2 months ago

Definitely, C) Soft savings just doesn't have the same impact as hard savings when it comes to improving processes.

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Ben

2 months ago

I agree, D) Hard savings is the way to go. It's all about reducing costs and improving efficiency.

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Blair

4 months ago

Hmm, I'm not so sure. Couldn't this also be considered D) Hard savings since it's reducing the overall cost of processing claims? I'll have to think this one through a bit more.

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Rodney

3 months ago

Let's look into it further to make sure we understand the concept correctly.

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Amber

3 months ago

Maybe it's a combination of both Hard savings and Soft savings.

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Tamera

3 months ago

I agree, it seems like it would fall under the category of Hard savings.

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Refugia

3 months ago

I see your point, but I still think D) Hard savings makes more sense.

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Audra

3 months ago

I think it could be D) Hard savings because it's reducing costs.

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Zena

3 months ago

But wouldn't it also be C) Soft savings since it's improving efficiency?

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Ronnie

3 months ago

I think it could be D) Hard savings because it's reducing costs.

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Valda

4 months ago

I think the answer is C) Soft savings. Streamlining the insurance claim review process sounds like a process improvement that would reduce costs without directly adding to the bottom line.

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