MANAGEMENT FINAL EXAMINATION TEST
2026 ELITE REVIEW WITH FULLY SOLVED
QUESTIONS AND VERIFIED SOLUTIONS
● Information Age. Answer: A period in which vast amounts of factual
data are readily accessible to anyone with computer access.
● Internet of Things (IoT). Answer: A global network of interconnected
internet-enabled devices or 'things' that can collect and share data
without human intervention.
● Machine-to-Machine (M2M). Answer: Devices that directly connect
and communicate with other devices.
● Data Aggregation. Answer: The process of collecting data from
various sources for the purpose of data processing.
● Structured Data. Answer: Data that has a defined length, type, and
format, such as numbers, dates, or strings.
,● Ambient Digital Experience. Answer: An immersive environment that
combines physical, virtual, and electronic elements in real-time.
● Internet of Everything (IoE). Answer: An extension of the Internet of
Things (IoT) that includes machine-to-machine communication and
encompasses people and processes.
● Autonomous Agent. Answer: Software that performs operations on
behalf of a user or another program with some degree of independence
or autonomy.
● Autonomic Computing. Answer: A self-managing computing model
inspired by the autonomic nervous system of the human body.
● Transformation Process. Answer: The actual conversion of inputs into
outputs within the technical core of an organization.
● Value-Added. Answer: The difference between the cost of inputs and
the value or price of outputs.
● Strategic Business Units (SBUs). Answer: Independent business
entities within an organization.
, ● Materials Requirement Planning (MRP) System. Answer: A system
that uses sales forecasts to ensure the availability of necessary parts and
materials at the right time and place.
● Tactical Planning. Answer: The process of efficiently producing
goods and services within the strategic plan.
● Operational Planning and Control (OP&C). Answer: The
management of day-to-day work procedures, including scheduling,
inventory, and process management.
● International Organization for Standardization (ISO). Answer: A non-
governmental organization that promotes the development of global
standards for facilitating international exchange of goods and services.
● Process Quality. Answer: The objective of producing defect-free
products.
● Six Sigma Quality. Answer: A quality management approach aimed at
preventing problems and achieving no more than 3.4 defects per million
opportunities.
● Malcolm Baldrige National Quality Awards. Answer: U.S. awards
recognizing quality achievements in seven key areas: leadership,