BTMA 317 - Chapter 2 questions and answers 2023

BTMA 317 - Chapter 2Business 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