MGMT 221 Module 1 Exam Questions and Answers Latest Update 2025 (Graded A+)
Agility - Answers The term for being able to respond quickly.
Barriers to entry - Answers The existence of high startup costs or other obstacles that prevent new competitors from easily entering an industry or area of bus...
Agility - Answers The term for being able to respond quickly.
Barriers to entry - Answers The existence of high startup costs or other obstacles that prevent new
competitors from easily entering an industry or area of business.
Big data - Answers A term for high-volume, mostly text data.
Business model - Answers The way a company generates revenue and makes a profit.
Business process - Answers A series of steps by which organizations coordinate and organize tasks to get
work done.
Business process management (BPM) - Answers The methods, tools, and technology to support and
continuously improve business processes.
Business process reengineering (BPR) - Answers The process by which radical changes needed to meet
higher customer expectations can be achieved.
Business-to-business (B2B) - Answers A term which refers to business that which is conducted between
companies, rather than between a company and individual consumers.
Chief technology officer (CTO) - Answers A CTO is the highest technology executive position within a
company.
Cloud service - Answers Any computing resource that is provided over the internet on demand.
Competitive advantage - Answers An edge that enables a company to outperform its average
competitor.
Critical success factor (CSF) - Answers An element that is necessary for an organization or project to
achieve its mission.
Cross-functional business process - Answers A process involving two or more business functions.
Customer experience (CX) - Answers The product of an interaction between an organization and a
customer over the duration of their relationship.
Cycle time - Answers A duration of time which includes process time, during which a unit is acted upon
to bring it closer to an output, and delay time, during which a unit of work is spent waiting to take the
next action.
Data analytics - Answers The technique of qualitatively or quantitatively analyzing a data set to reveal
patterns, trends, and associations that often relate to human behavior and interactions, to enhance
productivity and business gain.
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