MGMT 221 Module 1 Exam Questions With 100% Correct Answers

MGMT 221 Module 1 Exam Questions With 100% Correct Answers Agility - answerThe term for being able to respond quickly. Barriers to entry - answerThe existence of high startup costs or other obstacles that prevent new competitors from easily entering an industry or area of business. Big data - answerA term for high-volume, mostly text data. Business model - answerThe way a company generates revenue and makes a profit. Business process - answerA series of steps by which organizations coordinate and organize tasks to get work done. Business process management (BPM) - answerThe methods, tools, and technology to support and continuously improve business processes. Business process reengineering (BPR) - answerThe process by which radical changes needed to meet higher customer expectations can be achieved. Business-to-business (B2B) - answerA term which refers to business that which is conducted between companies, rather than between a company and individual consumers. Chief technology officer (CTO) - answerA CTO is the highest technology executive position within a company. Cloud service - answerAny computing resource that is provided over the internet on demand. Competitive advantage - answerAn edge that enables a company to outperform its average competitor. Critical success factor (CSF) - answerAn element that is necessary for an organization or project to achieve its mission. Cross-functional business process - answerA process involving two or more business functions. Customer experience (CX) - answerThe product of an interaction between an organization and a customer over the duration of their relationship. Cycle time - answerA 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 - answerThe 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 bus