CIS 2200 FINAL EXAM REVIEW| 65 QUESTIONS AND ANSWERS.|GUARANTEED SUCCESS

Supply chain visibility is the ability to view all areas up and down the supply chain. Changing the supply chains requires a comprehensive strategy buoyed by information technology. bullwhip effect occurs when distorted product demand information passes from one entity to the next throughout the supply chain Demand planning software generates demand forecast using statistical tools and forecasting techniques Supply chain planning software uses advanced mathematical algorithms to improve the flow and efficiency of the supply chain while reducing inventory Supply chain execution software automates the different steps and stages of the supply chain. Radio Frequency identification (RFID) technologies use active or passive tags in the form of chips or smart labels that can store unique identifiers and relay this information to electronic readers Customer Relations management is a means of managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability. The two primary components of CRM are operation CRM and analytical CRM. Operational CRM supports traditional transactional processing for day to day front-office operations or systems that deal directly with customers. Analytical CRM supports back-office operations and strategic analysis and includes all systems that do not deal directly with customers. Supplier relationship management focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects, which optimizes supplier selection. Partner relationship management (PRM) focuses on keeping vendors satisfied by managing alliance partner and reseller relationships provide customers with the optimal sales channel Employee Relationship Management (ERM) provides employees with a subset of CRM applications available through a web browser. business strategy a leadership plan that achieves a specific set of goals or objectives competitive advantage a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors Strategic management consists of "the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages Competitive intelligence the process of gathering information about the competitive environment including competitor's plans activities and products to improve a company's ability to succeed Porter's five forces model analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry Buyer power the ability of buyers to affect the price they must pay for an item Switching costs costs that make customers reluctant to switch to another or product or service Loyalty programs rewards customers based on their spending supply chain consists of all parties involved, directly or indirectly in obtaining raw materials or a product. Supplier power the supplier's ability to influence the prices they charge for supplies threat of substitute products or services is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose threat of new entrant is high when it is easy for competitors to enter a market and low when there are significant entry barrier to joining a market entry barrier a feature of a product or service that customers have come to expect and entering competitors must offer for survival Rivalry among existing competitors is high when competition is fierce in a market and low when competitors are more complacent. Porter's three generic business strategies for entering a new market 1. Broad cost leadership 2. Broad differentiation 3. Focused strategy business process is a standardized set of activities that accomplishes a specific task, such as processing a customer's order. Value chain analysis created by Michael Porter, it views a firm as a series of business processes that each add value to the product or service Primary Value activities acquires raw materials and manufacture, deliver, market, sell and provide after sales service. Support value activities supports primary value activities and includes firm infrastructure, human resource management, technology, development, and procurement Supply Chain Management (SCM) The management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and profitability Enterprise resource planning integrates all departments and functions throughout an organization into a single IT system so that employees can make decisions by viewing enterprise wide information on all business operations. Systems development life cycle (SDLC) is the overall process for developing information systems from planning and analysis through implementation and maintenance The seven distinct phases of SDLC are planning analysis, design, development, testing, implementation and maintenance. The planning phase establishes a high level plan of the intended project and determines the project goals'. The analysis phase is when the firm analyzes its end -user business requirements and refines project goals into defined functions and operations of the intended system. The design phase the design phase establishes descriptions of the desired features and operations of the system, including screen layouts, business rules, process diagrams, pseudo code and other documentation The development phase takes all the detailed design documents from the design phase and transforms them into the actual system