i
Analysis of different reasons for pending
of invoices of Chevrons Contractors
ii
Analysis of different reasons for pending of
invoices of Chevrons Contractors
Submitted By
Sadia Haque Lucky
ID: 08104147
Department: BBS
Submitted To
Husain Salilul Akareem
Jr. Lecturer
Brac Business School
Brac University
Dhaka.
December 26, 2011
iii
December 26, 2011
Husain Salilul Akareem
Jr. Lecturer
Brac Business School
Brac University
Dhaka.
Subject: Submission of Internship Report on Analysis of reasons behind
Contractors pending invoices of Chevron Bangladesh.
Dear Sir,
Here is internship report on Analysis of reasons behind Contractors pending invoices of Chevron Bangladesh which is requisite of four credit hours internship
program of BBA curriculum.
I have tried my best to gather all necessary information relevant to the area of study. I
hope, with my limited knowledge this report provides a detailed picture about the
relevant field. I submit this report only for my academic purpose. I would appreciate any
suggestion or recommendation for further improvement to this report.
Sincerely Yours
Sadia Haque Lucky
ID: 08104147
Department: BBS
iv
ACKNOWLEDGEMENT
During my internship period in Chevron Bangladesh, I was wondered by the deep support
and respect of the Chevron Bangladesh team. Especially the Contract Analyst Masaidul
Islam helped me to choose the topic of the report and to select the respondents, as he
knows that who are related with the topic.
I am extremely grateful to my onside supervisor Kwanjit Porntaewakul for granting the
permission to do survey of the internal employees of Chevron Bangladesh and for
granting the research topic.
I am indebted to my project supervisor Husain Salilul Akareem for his continuous
guidance and support. I am extremely thankful to my parents, family members for
extending their whole hearted support though encouragement and sacrifice during the
research.
I am also grateful to all the respondents (internal employees of Chevron Bangladesh) for
giving their responses and valuable time they have given to help me do my research
report.
I have enjoyed the entire time while doing the report, hope the findings of my research
report will help Chevron Bangladesh to solve its payment related problems, so that
Chevron Bangladesh can maintain good relationship with its Contractors.
v
EXECUTIVE SUMMARY
Chevron Bangladesh and its subsidiaries have been active in oil and gas exploration and
production in Bangladesh for a number of years, predominantly in Blocks 12, 13 and 14
in the greater Sylhet region, located in the northeastern part of the country. Chevron
supports Bangladesh's goal to reduce the nation's reliance on imported energy by actively
investing in projects that deliver more gas to Petrobangla. Chevron, having invested
about US$ 850 million, is one of the largest foreign investors in the energy sector of
Bangladesh. Chevron's vision is to work in partnership with the Government of
Bangladesh and Petrobangla, the state-owned oil and gas company, to develop the
country's energy resources in a safe, environmentally responsible and efficient manner for
the benefit of the people of Bangladesh. Roughly 3,000 people work directly or
indirectly for Chevron Bangladesh, of which approximately 96% are Bangladeshi
nationals. The objective of this report is to analyze the reasons for which most of the
invoices that are submitted by the Contractors are being delayed for payment and in
which stages Chevron should give more emphasis to make the payment procedure fast
and error free. 40% of the respondents (internal employees of Chevron) are between 30-
35 years old and 33.3% of them are 35-40 years old. 73.3% of the respondents are male
and only 26.7% are female. that 46.7% of the respondents have 3-5 years work
experience and 20% of the respondents have more than 7 years work experience in
Chevron. 73.3% of the respondents agreed that Need original supporting is creating problems for pending of invoices, so we can say that it is creating significant problem
regarding with the payment and if Chevron become able to solve these then most of the
problems should be solved. Charge code related problems are creating significant problem for creating pending of invoices because 86.7% respondents agreed with these
reason. If rounding problem, clarification of overcharge, invoice amount & WT amount
mismatch, wrongly claimed invoices, invoice currency & WT currency mismatch these
problems are solved then 34.885% problems regarding with pending of invoices can be
overcome. . And if Chevron becomes able to solve: contract termination & close, work
ticket-insufficient fund , need Work Ticket, charge code related problem, need for
original supporting, short payment, need to cancel & reissue WT these issues( these
reasons are created by Chevron itself) along with component 1 then Chevron will be able
to solve 77.408% of the problems regarding with pending of invoices. If Chevron
implement further development in the eProcurement System, training of the
eProcurement helpdesk personnel and the suppliers, employees then Chevron will bw
able to resolve the problems as soon as possible for smooth operation of its day to day
business, improved relationship with the suppliers and creating a sustainable position in
the Bangladesh market.
vi
TABLE OF CONTENT
Page No.
CHAPTER ONE: INTRODUCTION .. 1 - 7
1.1 Introduction .. 2
1.2 Background of the study .. 2
1.3 Literature Review .. 3 - 5
1.4 Purpose of the Study .. 5
1.5 Objectives .. 6
1.6 Scope of the Report ..... 7
1.7 Limitations of the Study .. 7
CHAPTER TWO: METHODOLOGY AND RESEARCH DESIGN 8-12
2.1 Methodology .. 9
2.2 Conceptual Framework .. 10 - 11
2.3 Research Design .. 12
CHAPTER THREE: OVERVIEW OF THE ORGANIZATION .. 13 - 19
3.1 Overview of Chevron Bangladesh . 14 - 16
3.1.1. History . 14
3.1.2. Founders . 14
3.1.3. Mission, Vision, Objectives and Strategies 14 - 15
3.1.4. Functional Departments . ... 16
3.2 Job Responsibilities 17 - 18
3.3 SWOT Analysis . 18 - 19
vii
CHAPTER FOUR: DATA ANALYSIS . 20 28
CHAPTER FIVE: RECOMMENDATIONS AND CONCLUSION . 29 -31
5.1 Recommendations . 30
5.2 Conclusion . 31
References ... . 32
viii
List of Figures
Page No
Figure 2.1: Data Sources ................... 9
Figure 2.2: Reasons for pending of invoices. ................... 10
ix
List of Tables
Page No
Table 2.1: Research Framework .......................... 12
Table 4.1: Frequency of independent variables .......................... 22
Table 4.2: Frequency of dependent variables .......................... 24
Table 4.3: Factor Loading ........................... 25
Table 4.4: Component Matrix .......................... 26
Table 4.5: Correlations between dependent variables ................. 27
1
CHAPTER ONE: INTRODUCTION
2
1.1 Introduction
Chevron Corporation is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is driven by the
ingenuity and commitment of approximately 62,000 employees who operate across the
energy spectrum. Chevron explores for, produces and transports crude oil and natural
gas; refines, markets and distributes transportation fuels and other energy products;
manufactures and sells petrochemical products; generates power and produces
geothermal energy; provides energy efficiency solutions; and develops the energy
resources of the future, including biofuels and other renewable. The Bibiyana Gas Field
in Northeast Bangladesh is one of the most significant natural gas field discoveries in
Bangladesh in terms of both quality and the size of the reserve. Chevron started
production from the field in March 2007 following a two-year development program,
which included a gas processing plant with capacity of 600 million cubic feet per day.
Prior to the development of Bibiyana, Chevron conducted a comprehensive 3D seismic
survey in the field which was the first of its kind in Bangladesh. This survey provided
valuable information about the shape of the structure and volume of gas that the field
could contain.
1.2 Background of the study
Chevron's Supplier Diversity/Local Content Program achieves greater competitive
advantage for Chevron by introducing diverse and local suppliers that add value to our
supply chain by collaborating with internal and external stakeholders and identifying
opportunities to participate in strategic sourcing initiatives. Currently Chevron
Bangladesh has 159 suppliers. They provide different services and products to Chevron
Bangladesh. Some of the suppliers are: Homebound Packers And Shippers Ltd., they
provide courier and shipping services to Chevron, Weatherford Products & Equipment
(Singapore) Pte. Ltd., Chevron buys and takes rental services of equipments from them.
Ideal Tailors & Fabrics, they provide tailoring services to Chevron Bangladesh. The
schedule of compensation must be clearly defined by the Department Sponsor, including
a detailed Work Breakdown Structure (WBS) tables for fixed lump sum bids or detailed
rate schedules for unit rate or reimbursable based bids. The schedule of compensation
should also clearly spell out what reimbursable items (e.g. travel, accommodation, meals
etc.) are to be provided by Contractor and Company and for whose account. The
Contractor has to raise electronic invoice and then hard copy of invoices must be
submitted to the finance department for payment. After 30 days of submission of invoices
payments will be paid. The electronic invoices are saved in the ERP (Enterprise Resource
Process) system. There are two key steps involved with getting a Contractors invoice paid:
1) The group overseeing the contractors work must verify the service has been performed as invoiced. The person with delegated invoice approval authority will
approve the invoice for payment processing. This must be someone other than the
person verifying the goods and/or services have been supplied. Payment authority
is distinguished from an "OK to Pay" notation on an invoice which generally
corresponds to acknowledgment of receipt of goods or services.
3
2) The Finance Accounts Payable group will review requests for the disbursement of
Company funds to ensure:
Expenditure approval authority has been exercised within delegated authority limits;
Amounts conform to a contract, purchase order, service order, etc., or have special approval to pay without a commitment document authorizing the expenditure;
The request contains evidence that all goods and/or services were received;
The request is for business expenditure within Company policy;
The currency and place of payment specified on Contractor's invoice agree with contract terms.
The exercise of payment approval is generally the final action that occurs prior to the
generation of a cash disbursement.
But in some cases Chevron cant pay its suppliers payments due to some reasons. Some reasons are created by Chevron itself and some problems are created by the suppliers.
Some of the main reasons for pending of invoices are: for work ticket-Insufficient fund,
need clarification of overcharge, Invoice amount & WT amount not matched. So for
these reasons chevron cant pay to the invoices that are claimed for payment. The relationship with Contractor may demolish for these reason and Contractors may not get
their payments on time, so that the Contractor may face cash/liquidity shortage and may
face serious problems running its business. In these situations, the Accounts Payable
group will find out the reason behind it and will take necessary steps to solve it. The
responsible department will solve the problem and if the Contractor is responsible then
the Contractor has to resubmit the correct invoice.
1.3 Literature Review
Electronic invoicing is a service that allows for the abandonment of tangible matter paper. The core of the value proposition is to save time and money by fully or partly
automating these purchase-to-pay or order-to-cash processes. Furthermore, it has been
generally accepted among researchers that a criteria study is required for each industry,
some even advocating different studies between product classes (Choffray & Lilien
1978).
The Oxford English dictionary defines the invoice as A list of the particular items of goods shipped or sent to a factor, consignee, or purchaser, with their value or prices, and
charges. However, an invoice is frequently more than only a list of goods and values. According to EBA & Innopay (2010) it can be generally described as a commercial
document used by buyers and sellers of goods or services. The custom of invoicing has
grown through time and practice. In addition to the general usefulness of an invoice, there
are frequently legal requirements imposed on it. For example in Europe, there are
numerous tax requirements, the most important of those being value added tax. The
4
mandatory information encompasses more than only tax details, however. As a result, the
invoice conveys an abundance of useful information. It must be noted that the invoice is
not an isolated document but linked to trade processes: the purchase -to- pay process
from the buyers point of view and order-to-payment process from the sellers point of view. These processes, in addition to invoicing, include contracting, ordering, delivering,
payment and taxation in the financial supply chain. On the physical supply chain side
related processes involve ordering, fulfillment and delivery. The invoice can be seen as a
crucial link between the physical and financial supply chains. (EBA and Innopay 2010)
An electronic invoice is the electronic equivalent of a paper invoice. According to
Suomen Yrittjt (2010) an electronic invoice is an invoice that flows from seller to
buyer electronically and can be processed automatically, without manual labor, in
financial management software. The invoice must therefore be in structured format, as
opposed to free format, to render it machine readable. In this thesis invoices that have
been exchanged electronically but are in unstructured format, such as Portable Document
Format (PDF), are not considered electronic invoices. It is frequently possible, however,
to display an electronic invoice that is in structured form as an image resembling a
traditional paper invoice. IOS for data transfer have been in use since the end of the
1960s. The first standards were developed in the 1970s. David and Greenstein (1990) define a standard as a set of technical specifications adhered to by a producer, either
tacitly or as a result of a formal agreement.
Eliminating the need for manual opening of mail, registering the invoices by hand, floor
circulation of invoices in envelopes, as well as scanning and controlling for right content
in case of semi-automated processing, is ascribed with substantial savings and immaterial
benefits. As Penttinen (2008) and Capgemini (2007) recap, these come from reduced
manual work requirements, greater number of payments made on time, decreased costs of
paper consumption, increased accounting transparency, more meaningful work for
employees, and pro-environmental image of the company.
Besides the above, Dolman (2005) and Penttinen (2008) speak about a significant
reduction in errors, as opposed to manual processing, real-time tracking, status
notification, and instant delivery. These system features may result in reduction of costs
and labour required for e.g. dispute resolution, reconciling overpayments when errors
occur, follow-up phone calls, and increased return on cash as a company may receive
discounts from early settlements. Dolman (2005) asserts further that electronic storage
option creates savings as well thanks to elimination of warehousing and security fees,
availability and easy retrievability of invoice data, and potentially lower overhead costs.
Most of the above benefits is equally accredited to outgoing invoice handling, however,
due to longer processing time, savings of working time and employee costs are more
conservative. On the other hand, growing customer satisfaction associated with less error
in invoices should overwhelm modest numbers in a long run (Penttinen 2008). There is a
reduction of almost 93% in time and 87% in costs of fully automated procedure over
manual processing in case of incoming invoices. For an outgoing invoice the savings of
automated handling are 43% in time and 42% in costs.
5
Taking into account the perceived or expected benefits, most of which are discussed
above, Lempinen & Penttinen (2009) develop the metrics for assessing the value of
electronic invoice handling technology at a company level. For example, they speak
about value added per employee that comes in form of more meaningful work thanks to
automated routines, such as electronic handling of invoices. Another effect is that the
image of an employer may improve which in turn may result in and can be assessed by
e.g. higher user satisfaction and increased interest from younger recruits. Other variables,
such as e.g. faster cycling time and less error in invoice processing, may be expressed
through improved customer satisfaction, reduced number of disputes, less overdue
payments and so on.
Mcafee (2002), in his empirical investigation of ERP1 adoption at one of U.S. high-tech
manufactures, observed that after initial drop in lead times and on-time delivery these
parameters significantly improved in months after the ERP implementation and soon
surpassed the pre-adoption levels. He claims the observed performance pattern cannot be
explained by rival causal factors, such as production and inventory volumes, headcounts
and new product introductions, but presents an evidence of the timescale over which the
benefits of IT appear. Lags in value realization are also confirmed in Byrd et al. (2006),
where the results suggest that the effects of IT investment may be optimized over a
period of a few years, rather than at a single point in time in close proximity to the actual
implementation of a technology.
1.4 Purpose of the Study
To claim for payment the Contractor has to raise electronic invoice and then has to
submit hard copy of invoices to the finance department for payment. Finance Accounts
Payable group will review requests for the disbursement of Company funds. But
sometimes they face some errors in the payment process. Some problems arise from the
Contractors and some are raised by the internal employees of Chevron and different
department may responsible for these. Generally Chevron pays its Contractors claimed invoices after 30 days, but if any problem arises it will take long time to end the process.
By delaying the relationship with the Contractors may demolished and the Contractor
may face cash/liquidity shortage and may face serious problems running its business. It
will also slow down the overall workflow of the finance department and also other
departments (i.e. SCM department, IT) which are related with these concerns. So, the
purposes of the study are to find out the most problematic variables for which most of the
problems are occurring and which departments are related with that reason, so that from
the findings of these research, when making policies Chevron can focus on that
departments tasks more and can take necessary steps to reduce invoice pending problems.
6
1.5 Objectives
The objective of my study can be divided into two categories. They are given below-
General objective
The general objective of this report is to analyze the reasons for which most of the
invoices that are submitted by the Contractors are being delayed for payment and in
which stages Chevron should give more emphasis to make the payment procedure fast
and error free.
Specific Objectives
My specific objectives of this report are as follows:
To understand the different reasons for pending of payment of invoices of Contractors.
To find out which department is responsible for the most reasons
To find out which steps/processes should be modified/improved to decrease the errors
Describe a brief description about Chevrons payment procedure to Contractors in focus.
To identify out which reasons are creating the most problems for pending of invoices
To identify which reasons are more frequently occurring
To determine the level of importance of each reason
To identify which reasons are created by Chevron and which are created by the Contractor
To find out which issues should be focused to minimize the payment process to Contractors
To determine the ways to increase efficiency of the departments.
To identify which steps should be taken to decrease the errors and make the process smooth, short-term and error free to maintain good relation with its
Contractors.
7
1.6 Scope of the Report
Most of Chevron Bangladeshs daily operations involve interactions and dealings with the supplier. Almost all the activities and dealings with the suppliers require the use of
the eProcurement system. The finance department has to follow up with the
eProcurement support team under the SCM department on regular basis for issues like
purchase order and work ticket raising, credit memo building, invoice of payments to
suppliers, etc. All these activities are necessary for timely and accurate payment to the
suppliers.From this report I have tried to analyze the reasons for pending of invoices of
Contractors of Chevron Bangladesh and for which reasons most of the problems are
occurring. I hope that based on my survey report it will help Chevron Bangladesh to find
out in which stages of their payment module they should give more emphasis and effort
to minimize the errors and make the payment flow smooth.
1.7 Limitations of the Study
I have faced the following limitations while conducting the research:
Time Constraint: Time constraint was a big problem because an internship report requires in-depth analysis of each and every related matters and this
requires a lot of time. I havent got enough time in between and after the office works to conduct my research and analysis properly. Thus the time I got for
completing the internship report was not enough for me.
Company Confidentiality: Chevron Bangladesh has confidentiality issues regarding surveying the employees and disclosing various kinds of company
information. Choosing the topic and respondents for the report was a big
challenge.
Opinion Bias: Several departments are related with the issues (i.e. Supply Chain Management, finance) of the report and their might be opinion bias on their
responses to show that their own department is less responsible in occurring the
problem and to blame the other departments.
Respondent related problems: It is another important barrier that was faced during the conduct of this study. The topic of the research is related with the
Contractors and if they give their responses regarding with the problem then there
might be a clear picture come out from the research findings but Chevron doesnt give the permission do to survey involving the Contractors. So, we have to do the
survey with the internal employees of Chevron. Another problem is very few
employees (18 employees) are related with the topic/ the research problem so the
population size and the sample size are very small.
8
CHAPTER TWO: METHODOLOGY AND RESEARCH DESIGN
9
2.1 Methodology
As, I have worked in the SCM department and my tasks were creating Work-ticket, e-
catalogs and these tasks are related with the payment process to the Contractors and
during my internship period Chevron faces some problems regarding with payment to
Contractors so I was interested to do my report on Analysis of different reasons for pending of invoices of Chevrons Contractors. First of all I have chosen the topic of the report and made a questionnaire to take permission from my onside supervisor who is
Contract Manager of SCM. After her approval I have listed the names of the employees
of different department of Chevron who are related with the problems as many
departments are related with the issue with the help of the Contract Analyst. Eighteen to
twenty employees are related with the problem but Ive collected responses of fifteen respondents because some of the respondents denied to give responses and some of them
were on leave.
Since the purpose of this study is to analyze the reasons for pending of invoices of
Chevrons Contractors, the next step was to conduct an extensive review on the general subject of invoice and electronic invoice. For these issues I have gone though different
journals, case studies to extensively review the topic. I have also collected data from
internet, Chevrons website, and intranet and text books. Ive collected the responses of the internal employees of Chevron who are related with the topic as theyve filled up the questionnaire. The questionnaire was designed to collect information about the
respondents (i.e. Age, gender, educational level, and experience in Chevron) and their
responses toward different reasons that are creating invoice pending problem. To analyze
the data I have used SPSS 17 version. Data was edited, coded and computerized. Some
tables were done manually. I have used APA style for referencing purpose. I have used
univariate method (for frequency, descriptive distribution) and multivariate method ( for
factor analysis).
Figure 2.1: Data Sources
Primary data
Secondary
data
The raw data- Data
collected from
respondents
Information from -
indirect sources like:
internet, intranet,
journal articles etc.
Filled up
questionnaire.
Different literatures
and internet surfing.
10
2.2 Conceptual Framework
Figure 2.2: Reasons for pending of invoices.
Here, reasons for pending of invoices of Chevrons Contracts are discussed. Sometimes
the Finance Accounts Payable group need original supporting means they need original
papers before they pay to Contractors like original contract papers, insurance papers. For
work ticket-insufficient fund invoice payment can be delayed because the funds for
payment are fixed but for any reasons there might be shortage of funds to pay. If work
ticket (Work Ticket is electronic description of the contract where service description,
quantity, price, currency all are mentioned) for any Contractor is not raised then the
Finance department cant pay to the Contractors. If any Contract has been terminated or
closed for any violence or expired then the invoices cant be paid. If any Contractor
overcharge ant item more than the fixed rate specified in the contract then before
payment they have to clarify the reason for overcharge to Chevron. Sometimes invoice
amount & WT amount do not match; means the amount that is electronically saved in the
Reasons for
pending of
invoices
Need original
supporting
Need
clarification
of
overcharge
Invoice
amount &
WT amount
not matched
For charge
code
related
problem
Some
portion is
wrongly
claimed
Invoice
currency &
WT
currency not
matched
For work
ticket-
Insufficient
fund
Need Work
Ticket
Contract has
been
terminated &
closed
Short payment,
need to cancel
& reissue WT
Rounding
problem
11
system of Chevron doesnt match with the amount that is raised by the Contractors and if
this case arises then there is problem to pay their payments. To pay to the claimed
invoices the invoice amount & the WT amount must be same. There might be some error
in the charge code (data that are electronically saved in Chevrons system) that can be
raised for wrong input, error in system. Some portion of the invoice might be wrongly
claimed in this situation there may be pending of invoices. These situations can also
occur when invoice currency & WT currency are not matched. If there is any rounding
problem ( the problem that occurs when wrong personnel has approved the contract/ not
all the authorized personnel have signed or approved the contract) then the Contract
should be proceed properly then the invoices should be paid.
12
2.3 Research Design
Table 2.1 : Research Framework
Defining a research problem is the fuel that drives the scientific process, and is the
foundation of any research method and experimental design, from true experiment to case
study. Here, Analysis of different reasons for pending of invoices of Chevrons Contractors is the research problem. This research is a combination of Exploratory and Descriptive Research Design, because here a problem is formulated, isolated key
variables and relationships for examination, gained insights for developing an approach
to the problem and established priorities for further research (Characteristics of
Exploratory Research Design). At the same time its major objective is to describe the
reasons for pending of invoices (Descriptive Research Design). Both qualitative and
quantitative methods are used here. Quantitative method used in terms of classify
features, count them, and construct statistical models in an attempt to explain what is
observed, recommended during latter phases of research projects, data is in the form of
numbers and statistics, uses tools, such as questionnaires to collect data. Qualitative
method used in terms of design emerges as the study unfolds; we know roughly in
advance what we are looking for. We have used Likert Scale for scaling the purpose of
the responses. Here, the total population size is very small; only 18 people & we are able
to select 15 respondents among them, so we can say that we are able to collect
information from almost 100% of the population. All the respondents are internal
employees of Chevron Bangladesh. We collect the data in working days and at working
hours.
Research Problem Analysis of different reasons for pending of invoices of Chevrons Contractors
Research Design Combination of Exploratory and Descriptive Research Design
Methods Qualitative & Quantitative
Sample Size (Full Population)15 respondents out of total 18 population
Scaling Technique Likert Scale
Respondents Internal employees of Chevron Bangladesh
Time Working days and working hours (Sunday to Thursday; 8.30 am-5
pm )
13
CHAPTER THREE: OVERVIEW OF THE ORGANIZATION
14
3.1 Overview of Chevron Bangladesh
3.1.1. History
Chevron started its operation in Bangladesh through acquisition of an existing American
company. The first predecessor company of Chevron Bangladesh is named Occidental. It
is an American company that started its journey in Bangladesh in the year 1999. It was
acquired by another American company Unocal later on. On 2005, Unocal was acquired
by Chevron and the company thereafter was named Chevron Bangladesh. It worked
predominantly in Blocks 12, 13 and 14 in the greater Sylhet region, located in the
northeastern part of the country. During 1998-1999, the company drilled four new
exploratory wells resulting in the discovery of two new gas fields, Bibiyana and Moulavi
Bazar. The company is currently producing natural gas from Jalalabad, Moulavi Bazar
and Bibiyana fields. The company also holds 45% interest in Block 7, in southwest
Bangladesh where an exploration well has been drilled recently named Kajal-1.
Chevron supports Bangladesh's goal to reduce the nation's reliance on imported energy
by actively investing in projects that deliver more gas to Petrobangla. Chevron, having
invested nearly a US$ 1 billion, is one of the largest foreign investors in the energy sector
of Bangladesh and supplies 45% of the countrys gas needs.
3.1.2. Founders
From 2005 till now Chevron Bangladesh had 3 presidents. They are:
Andrew L. Fawthorp (2005-2007)
Steve Wilson (2008-2010)
Geoff Strong (2011-Present)
3.1.3. Mission, Vision, Objectives and Strategies
Mission/Value Statement
Our Company's foundation is built on our Values, which distinguish us and guide our actions. We conduct our business in a socially responsible and ethical manner. We
respect the law, support universal human rights, protect the environment, and benefit the
communities where we work."
Chevron Bangladesh focuses on 7 aspects, which defines its mission/values clearly:
Integrity
Trust
Diversity
Ingenuity
Partnership
Protecting People and the Environment
15
High Performance
Vision Statement
To be the global energy company most admired for its people, partnership and performance.
Objectives:
Safely provide energy products vital to sustainable economic progress and human development throughout the world;
Are
people and an organization with superior capabilities and commitment;
Are the partner of choice;
Earn the admiration of all our stakeholders investors, customers, host governments, local communities and our employees not only for the goals we achieve but how we achieve them;
Deliver world-class performance.
Strategies
People Invest in people to strengthen organizational capability and develop a talented
global workforce that gets results the right way
Execution Execute with excellence through rigorous application of our operational
excellence and capital stewardship systems and disciplined cost management
Growth Grow profitably by using our competitive advantages to maximize value from
existing assets and capture new opportunities
16
3.1.4. Functional Departments
There are 9 functional departments in Chevron Bangladesh. They are listed below:
External Affairs
Human Resource
Finance
Planning and Commercial
Asset Development
IC & T
OE/HES
Legal
Operations
SCM is the most important and large supporting unit that works as the intermediary
between all the departments.
Supply Chain Management (SCM)
The global vision of Supply Chain Management department of Chevron is to deliver value and achieve a sustained competitive advantage for the global enterprise.
The SCM department is held accountable for:
Ensuring safe supplier and contractor performance
Delivering reliable and efficient Logistics and Procurement Operations
Creating organizational value through strategic procurement processes
Ensuring supplier contractual compliance
The key SCM strategies for delivering value to the organization are:
Improve safety performance and ensure accountability is communicated to all levels.
Create value through strategic procurement via safe and reliable decisions, effective supplier management, and leveraged opportunities throughout ASBU
(Asia South Business Unit).
Deliver reliable and efficient SCM procurement operations in order to ensure the correct material is delivered on time and in the correct condition.
Deliver reliable and efficient SCM Logistics operations in order to ensure reliable and efficient support to ASBU operations.
17
Elevate contractual compliance in order to raise awareness and develop processes that increase compliant practices throughout the BU.
Enhance stakeholder communications and involvement to ensure strategic alignment in procurement operations, logistics operations, and category
management.
Enhance organizational capability to provide the right people with the right skills in the right place with the right responsibilities at the right time in the right
numbers.
Based on these international principles, the Chevron Bangladesh Supply Chain
Management is constructed with 3 sub-divisions. They are:
Strategic Procurement
Procurement
Administration
Contracts
Chevron's contracting process begins with the development of a comprehensive
contracting plan that is supported by a governance structure such as a cross functional
Contract Review Committee. The plan results in contracts being formulated according to
established standards leading to the final stage of the contracting process-Post Award Contract Management.
A contracting network has been established to be the custodian of contracting processes
and has the mandate to work towards improving contracting processes through the
development, deployment and implementation of standard contracting processes. This
network has representation at the Corporate, Stream and BU (Business Unit) levels.
3.2 Job Responsibilities
Creating e- Catalogs,
checking live contracts from the original contracts,
finding new contracts created by Contract Administrations
price checking with original contract and prices loaded in system
Creating work tickets,
18
Created a database containing the containing information of the representative of the suppliers
Created a database containing the third party network access status and all related information
Creating power point slides for presentations
Prepared electronic copies of the insurance papers of the service contracts.
3.3 SWOT Analysis
Strengths
Steady Financial Performance: Chevron Bangladesh is a very profitable company like all other profit centers of Chevron. The huge amount of revenue
they earn also provides extra cushion to their huge costs. This also allows them to
offer their employees remuneration package which is much higher than the
normal market rate. This also helps them investing in health, environment and
safety measures, which is an exemplary and inspirational milestone for other
companies in Bangladesh business market.
High User of Technology: Chevron Bangladesh uses technology in almost every aspect of its day to day operations. It uses high class technology in its plants and
also in its corporate office. It uses 2D and 3D seismic survey and many other
sophisticated technologies to smoothly run the gas plants. It also uses top class
technology to ensure safe and injury free work environment both in plants and
office. For example it uses ergonomic chairs and keyboards for all employees; it
has established a system named Workpace that enables the employees to take regular breaks in between works to avoid RSI (Repetitive Strain Injury), etc. They
also have their own internal server that includes their intranet and global
communicator. With this communicator a Chevron employee can communicate
with any other employee working in any part of the world in Chevron. The
electronic payment system they use is also another example of technology usage
of Chevron Bangladesh. This heavy use of technology helps the company to be up
to date and makes the regular operations run smoothly.
Weaknesses
Loss from Unsuccessful Seismic Survey: Seismic survey is a procedure used by almost all oil and gas companies of the world to measure the oil or gas reserves
present underground or underwater. But, seismic survey can only predict the
presence and amount of oil and gas. The result obtained from this test is not
absolute. This process is immensely expensive too. Thus the probability of loss
from an unsuccessful seismic survey can cause a lot of damage to the company.
19
This weakness is not only applicable for Chevron Bangladesh but also for all
profit centers of Chevron.
Weakness of Suppliers in Electronic Payment System: The suppliers Chevron Bangladesh is dealing with are companies which are not that much used to with
the electronic mode of payments. Thus there are many issues relating to the
improper usage of this system by the suppliers, which is causing delay in
payments and other operations.
Opportunities
Few Competitors in Bangladesh: As we have seen from our competitor analysis that Chevron has very few competitors who actually possess a threat to this
company. Because, the local competitors lack in technology and skills and thus it
becomes more feasible for them to buy gas from Chevron than performing
exploration activities on the gas blocks. In case of the international competitors,
we have seen that the number of existing competitors in Bangladesh is very few
till now. This is a huge opportunity for Chevron to grab more and more market
share.
Untapped Offshore and other Onshore Blocks: Gas blocks that are on the ground are called onshore blocks and those underwater are called offshore
blocks. At present Chevron is only operating in 4 onshore blocks. Thus it still has
the opportunity to expand its business by operating in other onshore and offshore
blocks.
Threats
Gradual Decline in Gas Reserves: Gradually the gas reserves of Bangladesh is declining and this is causing in declined production for the company. This is
forcing the company to think for new start ups at other blocks. But there is no
certainty that other blocks will have gas reserves. Thus this possesses a threat for
Chevron Bangladesh to close its operations in Bangladesh after the gas reserves
are all depleted.
Entrance of new competitors: The few number of players in the Bangladesh gas
market is luring in new companies into this market. For example, ConocoPhillips
has signed a deal with Bangladesh government to start its operation soon. This
entrance of new competitors possess threat for Chevron Bangladesh.
20
CHAPTER FOUR: DATA ANALYSIS
21
Data Analysis and Finding
In these section data will be analyzed and the findings will be discussed.
In Table 4.1 we can see the frequency of different Independent Variables that basically
show the frequency of the information about the respondents (i.e. frequency of their age,
gender, experience, educational level); from which we can see the frequency of the
independent variables.
In Table 4.2 we can see the frequency of the dependent variables. From which we can
analyze the how strongly the respondents agree or disagree with each of the dependent
variables.
Table 4.3 shows Factor Loading and Table 4.4 represents Component Matrix of the
dependent variables. From these tables we can find out which variables are creating the
most problems and how much problems they are creating.
Table 4.5 shows the correlation between different dependent variables, from which we
can see which reasons are interlink for which reasons and if which departments are
related with each other.
22
Table 4.1: Frequency of independent variables
Variable Valid Percentage
Age 20-25 yrs 6.7
25-30 yrs 6.7
30-35 yrs 40.0
35-40 yrs 33.3
>40 yrs 13.3
Gender Male 73.3
Female 26.7
Experience in
Chevron
less than 1 yr 13.3
1-3 yrs 13.3
3-5 yrs 46.7
5-7 yrs 6.7
more than 7 yrs 20.0
Religion Islam 80.0
Hindu 13.3
Christian 6.7
Level in
organization
Entry 26.7
Mid 53.3
Top 20.0
Educational Level Undergraduate 33.3
Postgraduate 53.3
Professional Degree 13.3
Total Experience less than 1 yr 6.7
1-3 yrs 20.0
3-5 yrs 20.0
5-7 yrs 26.7
more than 7 yrs 26.7
23
Analysis
From Table 4.1 we can say that 40% of the respondents (internal employees of Chevron)
are between 30-35 years old and 33.3% of them are 35-40 years old. 73.3% of the
respondents are male and only 26.7% are female. We also can say that 46.7% of the
respondents have 3-5 years work experience and 20% of the respondents have more than
7 years work experience in Chevron. 80% of the internal employees of Chevron are
belonging to Islam in terms of their religion. Mid level employees (respondents) are
representing 53.3% of the total respondents and 33.3% of the respondents have
completed their under graduation and 53.3% of the respondents have completed their post
graduation and only 13.3% of the respondents have completed Professional Degrees.
20% of the respondents have total 1-3 years work experience and another 20% of the
respondents have total 3-5 years work experience. It is also seen that 26.7% of the
respondents have total 5-7 years work experience and another 26.7% of the respondents
have total work experience of more than 7 years.
24
Table 4.2: Frequency of dependent variables
Variable Response Percentage
Need original supporting
Strongly Agree 20.0
Agree 73.3
Neutral 6.7
Short payment, need to cancel & reissue WT Agree 6.7
Neutral 13.3
Disagree 66.7
Strongly Disagree 13.3
Rounding Problem Neutral 33.3
Disagree 46.7
Strongly Disagree 20.0
Need clarification of overcharge Neutral 53.3
Disagree 13.3
Strongly Disagree 33.3
Invoice amount & WT amount not matched Strongly Agree 6.7
Agree 20.0
Neutral 26.7
Disagree 46.7
For charge code related problem Strongly Agree 13.3
Agree 86.7
Some portion is wrongly claimed Strongly Agree 6.7
Agree 46.7
Neutral 33.3
Disagree 13.3
Invoice currency & WT currency not matched Agree 33.3
Neutral 26.7
Disagree 26.7
Strongly Disagree 13.3
Analysis
From Table 4.2, it can be said that 73.3% of the respondents agreed that Need original supporting is creating problems for pending of invoices, so we can say that it is creating significant problem regarding with the payment and if Chevron become able to solve
these then most of the problems should be solved. 66.7% of the respondents disagreed
with Short payment, need to cancel & reissue WT with these reason, so it can be said that, this is a very less problematic variable & only 6.7% of the respondents agree with
these reason. 33.3% of the respondents were neutral, 46.7% of them disagreed and 20.0%
of them strongly disagreed to claim Rounding Problem as a reason for pending of invoices. 53.3% of the respondents are also neutral with Need clarification of overcharge these reason and 33.3% of them strongly disagreed with these, so that we can say that these is also a very less problem creating reason. Charge code related problems are creating significant problem for creating pending of invoices because
25
86.7% respondents agreed with these reason. Invoice amount & WT amount not matched is creating moderate level of problem. Contractors sometimes wrongly claimed some portion, 46.7% of the employees of Chevron agree with these reason. Invoice currency & WT currency not matched these is creating moderate level of problems. So, from the table it can be concluded that, Need original supporting and Charge code related problems are creating significant problem for pending of invoices, so management of Chevron should focus on these two problems and when making policy
they should give more priority to these two reasons to solve pending of invoices related
problems.
Table 4.3: Factor Loading
Comp
onent
Initial Eigenvalues Extraction Sums of Squared Loadings
Total
% of
Variance Cumulative % Total
% of
Variance Cumulative %
1 3.837 34.885 34.885 3.837 34.885 34.885
2 2.057 18.696 53.581 2.057 18.696 53.581
3 1.455 13.230 66.811 1.455 13.230 66.811
4 1.166 10.597 77.408 1.166 10.597 77.408
Extraction Method: Principal Component Analysis.
Component Variable
26
Table 4.4: Component Matrix
Table 4.5: Correlations between dependent variables
1 Rounding problem
Need clarification of overcharge
Invoice amount & WT amount not matched
Some portion is wrongly claimed
Invoice currency & WT currency not
matched
2 Contract has been terminated & closed
For work ticket-Insufficient fund
3 Need Work Ticket
For charge code related problem
4 Need original supporting
Short payment, need to cancel & reissue
WT
Correlations
27
Or_Sup Tic_Ins Work_Tic_Err Contact_Ter Short_Pay Rounding_Prob Overch_Cl Inv_WT_Match Charge_Prob Prop_Claim Cur_NMatch
Or_Sup Pearson
Correlation
1 -0.31 -0.18 0.088 -0.49 -0.42 -0.206 -0.38 -0.105 -0.321 -0.46
Sig. (2-
tailed)
0.258 0.514 0.755 0.063 0.117 0.462 0.16 0.71 0.244 0.084
N 15 15 15 15 15 15 15 15 15 15 15
Tic_Ins Pearson
Correlation
-0.312 1 0.456 .538* 0.376 0.015 0.477 -0.01 0.196 0.014 0.011
Sig. (2-
tailed)
0.258
0.087 0.039 0.167 0.956 0.072 0.967 0.484 0.961 0.97
N 15 15 15 15 15 15 15 15 15 15 15
Work_Tic_Err Pearson
Correlation
-0.183 0.456 1 0.402 0 0.254 0.1 0.191 0 0.227 0.175
Sig. (2-
tailed)
0.514 0.087
0.138 1 0.36 0.722 0.496 1 0.417 0.534
N 15 15 15 15 15 15 15 15 15 15 15
Contact_Ter Pearson
Correlation
0.088 .538* 0.402 1 0.444 0.061 0.274 0.031 -0.086 0.146 0.042
Sig. (2-
tailed)
0.755 0.039 0.138
0.097 0.828 0.323 0.914 0.76 0.605 0.882
N 15 15 15 15 15 15 15 15 15 15 15
Short_Pay Pearson
Correlation
-0.492 0.376 0 0.444 1 0.237 0.183 0.07 0.151 0.187 0.182
Sig. (2-
tailed)
0.063 0.167 1 0.097
0.395 0.514 0.803 0.59 0.505 0.517
N 15 15 15 15 15 15 15 15 15 15 15
Rounding_Prob Pearson
Correlation
-0.422 0.015 0.254 0.061 0.237 1 .572* 0.414 -0.073 .815
** .835
**
Sig. (2-
tailed)
0.117 0.956 0.36 0.828 0.395
0.026 0.125 0.796 0 0
N 15 15 15 15 15 15 15 15 15 15 15
28
Analysis
From Table 4.3 & Table 4.4 it can be said that, component 1 is creating 34.885%
problems regarding with pending of invoices & component 1 to component 4 are creating
77.408% problems together. So, if rounding problem, clarification of overcharge, invoice
Overch_Cl Pearson
Correlation
-0.206 0.477 0.1 0.274 0.183 .572* 1 0.031 0.345 0.51 .603
*
Sig. (2-
tailed)
0.462 0.072 0.722 0.323 0.514 0.026
0.914 0.208 0.052 0.017
N 15 15 15 15 15 15 15 15 15 15 15
Inv_WT_Match Pearson
Correlation
-0.382 -0.01 0.191 0.031 0.07 0.414 0.031 1 -0.355 0.427 0.506
Sig. (2-
tailed)
0.16 0.967 0.496 0.914 0.803 0.125 0.914
0.194 0.113 0.054
N 15 15 15 15 15 15 15 15 15 15 15
Charge_Prob Pearson
Correlation
-0.105 0.196 0 -0.086 0.151 -0.07 0.345 -0.36 1 0.016 0.075
Sig. (2-
tailed)
0.71 0.484 1 0.76 0.59 0.796 0.208 0.194
0.954 0.79
N 15 15 15 15 15 15 15 15 15 15 15
Prop_Claim Pearson
Correlation
-0.321 0.014 0.227 0.146 0.187 .815**
0.51 0.427 0.016 1 .665**
Sig. (2-
tailed)
0.244 0.961 0.417 0.605 0.505 0 0.052 0.113 0.954
0.007
N 15 15 15 15 15 15 15 15 15 15 15
Cur_NMatch Pearson
Correlation
-0.46 0.011 0.175 0.042 0.182 .835**
.603* 0.506 0.075 .665
** 1
Sig. (2-
tailed)
0.084 0.97 0.534 0.882 0.517 0 0.017 0.054 0.79 0.007
N 15 15 15 15 15 15 15 15 15 15 15
*. Correlation is significant at the 0.05 level (2-tailed).
**. Correlation is significant at the 0.01 level (2-tailed).
29
amount & WT amount mismatch, wrongly claimed invoices, invoice currency & WT
currency mismatch these problems are solved then 34.885% problems regarding with
pending of invoices can be overcome. These reasons are created by both the internal
employees of Chevron and also by the Contractors of Chevron. But these problems are
mainly created by the Contractors. And if Chevron becomes able to solve: contract
termination & close, work ticket-insufficient fund , need Work Ticket, charge code
related problem, need for original supporting, short payment, need to cancel & reissue
WT these issues( these reasons are created by Chevron itself) along with component 1
then Chevron will be able to solve 77.408% of the problems regarding with pending of
invoices. Then Chevron will be able to pay its Contractors payments within a short period
of time by running a smooth payment cycle. So, it can be concluded that both internal
employees and Contractors are creating pending related problems and Chevron should
focus on both the parties training, improvement, skill development regarding with the
payment module and electronic invoicing to solve the problems.
From Table 4.5, we can see that, there is a correlation between original supporting and
work ticket insufficient fund as the significance between them is 0.258 as it is less then 5;
considering 10% significance level. Contract termination & close and need work ticket
these two variables are also correlated as because the significance is 0.138. Short
payment and work ticket insufficient fund these two variables are correlated because if
there is insufficient fund then there will be shortage of payment to the claimed invoices.
Rounding problem and need for original supporting are strongly correlated with each
other, it is also correlated with need for WT and short payment these two variables.
Overcharge clarification is related with rounding problem, contract termination and close
with these two variables. Wrongly claimed portion these variable is related with need for
original supporting. Invoice amount & WT amount mismatch theses variable is also
related with need for original supporting. So we can say that most of the variables have
correlation with need for original supporting; with this variable. If original supporting i.e.
original contract papers are issued and maintained properly then pending and payments
problems can be easily solved.
30
CHAPTER FIVE: RECOMMENDATIONS AND CONCLUSION
5.1 Recommendations
As the pending of invoices are created by the internal employees of Chevron specially the
Contracts department and also for the lack of knowledge of Contractors about the
electronic invoicing systems, so it is necessary for Chevron to focus on both the parties
31
development when making policies and training programmes to make the payment
module fast and hassle free and maintaining good relation with its Contractors.
Keeping all the problems discussed above in mind I suggest the following initiatives
which Chevron can implement to fix the invoice pending problems of Contractors of
Chevron:
Further Development in the eProcurement System: Chevron has developed this eProcurement system by buying the Ketera, ARIBA and JDE systems from
third parties. They should follow up with those third parties regarding further
development of these systems which will include new options that can fix the
problems faced by Chevron at present.
Further training of the eProcurement helpdesk personnel: A system development will automatically require further training of the personnel working
in the eProcurement helpdesk. It is needed to provide them training about the new
options included because they give support to all the profit centers and business
units of Chevron across the world and all the employees working under Chevron
will get to learn from them afterwards.
Rigorous periodic training of the suppliers: This is the most important and necessary step that Chevron Bangladesh should follow to reduce its system
related problems. The suppliers create the biggest problems in this case. Thus it is
absolutely necessary to provide them training periodically and intensely.
Especially trainings related to raising Contract WT and Purchase Order & not
using zero priced and non-catalog items are the most important ones. Every year
Chevron does contract with many new suppliers. So, supplier training is a must
for reducing the damage caused by these system related errors.
Periodic training of the Chevron Bangladesh employees: The responsible personnel (The contracts team) who oversee the contracting and eProcurement systems in
Bangladesh should organize periodic training sessions for all the employees of the
company to educate them about these systems and its usage. Especially the contract
owners should get special attention.
5.2 Conclusion
Chevrons business in Bangladesh has been very successful so far. They have ensured this success through various best practices in every aspect of business-starting from its
base business to the safety measures they follow. The company is also very concerned
32
about its costs and community relations. The system error and other problems that I have
identified as weak links are not only costing the company a lot but also hampering its
community relationship because a healthy relationship with the suppliers is also a part of
it. It is also harming the good image that chevron has in the market as a timely payer of
its suppliers. Thus, it is very important for Chevron to follow up with these problems and
resolve them as soon as possible for smooth operation of its day to day business,
improved relationship with the suppliers and creating a sustainable position in the
Bangladesh market.
References
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93A3892FA1B8/0/Lempinen2009.pdf
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European Conference on Information Systems. Manuscript
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David, P. A., and Greenstein, S. (1990). The Economics of Compatibility Standards: An
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35
APPENDIX
Survey Questionnaires
(The questionnaire is designed for the research paper on Analysis of different reasons for pending of invoices of Chevrons Contractors. The broad objective of the research is to analyze the reasons for which most of the invoices that are submitted by the
36
Contractors are being delayed for payment and in which stages Chevron should give
more emphasis to make the payment procedure fast and error free. The information
provided by the respondents will not be disclosed to any third party and will be used only
for this specific research.)
Name:
Designation:
Respond to the questions by placing a tick () on the appropriate box.
Age group:
20-25 Years 25-30 Years 30-35 Years 35-40 Years more than 40 Years
Gender:
Male Female
Experience in Chevron:
Less than 1 year 1-3 years 3-5 years 5-7 years more than 7 years
Total Experience:
Less than 1 year 1-3 years 3-5 years 5-7 years more than 7 years
Religion:
Islam Hindu Christian Buddhism Other
Level in organization:
Entry Mid Top
Educational Level
Under graduation Post graduation Professional Degree
* Please indicate how strongly you agree or disagree with each of the variables by
using the following scale:
1 = Strongly agree
2 = Agree
37
3 = Neither agree or disagree
4 = Disagree
5 = Strongly disagree
BIBLIOGRAPHY
Abbreviation Meaning
Reasons for pending of invoices Ratings : Rate
Need original supporting
1 2 3 4 5
For work ticket-Insufficient fund
1 2 3 4 5
Need Work Ticket 1 2 3 4 5
Contract has been terminated & closed 1 2 3 4 5
Short payment, need to cancel & reissue
WT
1 2 3 4 5
Rounding problem 1 2 3 4 5
Need clarification of overcharge 1 2 3 4 5
Invoice amount & WT amount not
matched
1 2 3 4 5
For charge code related problem 1 2 3 4 5
Some portion is wrongly claimed 1 2 3 4 5
Invoice currency & WT currency not
matched
1 2 3 4 5
38
WT - Work Ticket
ERP - Enterprise Resource Planning
PO - Purchase Order
CA - Contract Administrator
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