BTMA 317 - Chapter 2 Questions With Complete Solutions.

BTMA 317 - Chapter 2 Questions With Complete Solutions.Business Process - correct answer A collection of related activities that create a product or a service of value to the organization, its business partners, and/or its customers Business Process Elements - correct answer inputs, resources, outputs Inputs - correct answer Materials, services, and information that flow through and are transformed as a result of process activities Cross-functional business process - correct answer A process in which no single functional area is responsible for a process's completion; multiple functional areas collaborate to perform the function Procurement process - correct answer all of the tasks involved in acquiring needed materials externally from a vendor Procurement elements - correct answer Warehouse, purchasing, accounting Procurement steps - correct answer warehouse recognizes need to procure materials due to low inventory, purchase requisition goes to purchasing dept, purchasing dept finds suitable vendor, creates purchase order based on requisition, and ships materials, vendor sends invoice, received by acct dept, and acct dept sends vendor payment Fulfillment process - correct answer customer order received by sales dept, sales validate and creates sales order, sales order communicates data related to functional areas of organization, tracks progress of order, prepares shipment, creates invoice and sends to customer, customer makes payment, acct records Competitive advantage - correct answer An advantage over competitors in some measure such as cost, quality, or speed; leads to control of a market and to larger-than-average profits Instance level - correct answer specific task or activity Process level - correct answer the process as a whole Customer satisfaction - correct answer the result of optimizing and aligning business processes to fulfill customers' needs, wants, and desires Cost reduction - correct answer the result of optimizing operations and supplier processes cycle and fulfillment time reduction - correct answer the result of optimizing the manufacturing and logistics processes Differentiation - correct answer the result of optimizing the marketing and innovation processes