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BUAD 342 UTK Exam 1 WITH 100% CORRECT ANSWERS
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BUAD 342 UTK Exam 1 WITH 100%CORRECT ANSWERS
For Profit - Answer Organizations that attempt to make a profit (revenue in excess of
expenses)
Not for Profit - Answer Seek to provide specific services to constituents (eg,
governments, educational, or charitable organizations)
Business Process A collection of related activities that combine different resources and
inputs to create an output that is of value to the organization its stake holders and/or its
customers. These outputs may be products or services
Procure to Pay The activities involved in acquiring, paying for, and maintaining the
goods and services needed by an organization inputs
Conversion Business Process - Answer The activities necessary to transform raw inputs
into completed products and services. The bridge between Procure to Pay and Order to
Cash
Order to Cash - Answer The sequence of activities connected and interrelated to obtain
and retain customers, support customers in selecting goods and services, deliver the
goods and services ordered, and collect money for the goods and services
Economic in Nature - Solution Business events that increase or decrease the quantity of
a firm's economic (financial) resources
Decision/Management Events - Solution Decisions about managing resources, for
example human, physical, capital
, Procure to Pay Business Process - Solution 1. Identify need and (possibly) internally
request the purchase of goods or services by an authorized purchasing agent
2. Negotiate a purchase order with the vendor
3. Take delivery and inspect goods or services from a vendor
4. Take custody or care of goods
5. Pay a vendor for goods and services
6. Return goods to a vendor
1
Order to Cash Process - Answer Order to Cash process is the core of the company's
value chain and, normally, is the only instance in which the customer interacts with an
organization directly.
Order to Cash Business Process - Solution 1. Market goods or services to potential or
returning customers (and/or perform support activities that help a customer choose you
as a vendor)
2. Negotiate the terms of an order for goods or services
3. Select and inspect goods to be delivered to the customer
4. Prepare goods or services for delivery to the customer
5. Deliver goods or services to the customer
6. Collect customer payment for goods or services
7. Agree to customer return of goods, including the terms of the return
Mutual Dependency Business Process Answer Ability to deliver a product to a customer
depends on process of acquiring and converting the resources used to create that
product
Business Process Analysis Answer —What happened and why?
—What roles are being played and what/who agents play the roles in carrying out each
event?
—What type of resources were involved and quantity used?
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