INMT 540 Exam 1 UTK Questions and
Answers
Value - Answer-term in business markets is the worth in monetary terms of the technical, economic,
service, and social benefits a customer company receives in exchange for the price it pays for a market
offering."
5 Components of Value - Answer-1.) Increase Revenue
2.) Decrease Cost
3.) Improve Productivity
4.) Differentiate the company
5.) Improve client Satisfaction
Visions - Answer-what the organization aspires or hopes to achieve or to become. The Vision statement
focuses on the future and describes the goal(s) for the future.
Mission statement - Answer-describes the organization's core purpose, focus. The main difference
between mission and vision statements are the timelines they cover. It focuses on the present. Though
there can be overlap, a mission statement tends to define what the organization is currently doing while
a vision statement is essentially the final goal of what they'd like to accomplish.
,Values statement (code of ethics) - Answer-defines what the organization believes in and how people in
the organization are expected to manage their interactions and relationships with each other,
customers, suppliers, trading partners, and other stakeholders. It provides a moral direction for the
organization that is intended to guide decision making and provide a standard for assessing actions
(including violations of the code of ethics).
Goal - Answer-is a statement of what you want to achieve (outcomes).
Strategy - Answer-is the approach that you will use to achieve your goal.
Objectives - Answer-are the clear and measurable things that you want to achieve. Examples could
include grow brand awareness by a specific percentage, increase sales, retain more customers. (They
help define specific actions and timelines for achieving the goal).
Tactic - Answer-is a tool used in pursuing an objective associated with a strategy
For-Profit - Answer-organizations strive to generate a profit (revenue in excess of expenses).
Not-for-Profit - Answer-organizations strive to provide particular services to constituents (e.g.,
governments, educational, or charitable organizations.)
Business process - Answer-A collection of related activities performed by a group of stakeholders to
achieve a concrete goal. The stakeholders combine different resources and inputs to create an output
that is of value to the organization, its stakeholders and/or its customers.
Procure to Pay Business Process - Answer-When an organization acquires and pays for any number of
resources (e.g. financing, human skills, materials and supplies, plant and equipment, services, etc.).
Events for Procure to Pay Business Process - Answer-·Identify need, internally request the purchase of
goods or services by an authorized purchasing agent.
, ·Negotiate a purchase order with a vendor
·Receive and inspect goods or services from a vendor
·Store and/or maintain goods
·Pay a vendor for goods or services
·Return goods to a vendor
Order to Cash Business Process (aka Quote to Cash) - Answer-When an organization plays the role of
the seller, delivering goods and services to customers and collecting payment.
Events for Order to Cash Business Process - Answer-·Market goods or services to potential or returning
customers
·Negotiate the terms of a sales order for goods or services
·Select and inspect goods or services to be delivered to the customer
·Prepare goods or services for delivery to the customer
·Deliver goods or services to the customer
·Receive payment for goods or services from the customer
·Negotiate the terms of, and possibly accept, a customer return of goods
Conversion Business Process - Answer-When an organization transforms raw materials into goods and
services that will be made available to the customer.
Information management - Answer-the collection and management of information, gathered from a
variety of sources, that may be integrated and distributed to one or more stakeholders.
Process Mining - Answer-The use of exploratory data analysis to provide insights about a business
process and identify potential improvements. Uses event logs from an organization's database systems
to deeply analyze a process
Answers
Value - Answer-term in business markets is the worth in monetary terms of the technical, economic,
service, and social benefits a customer company receives in exchange for the price it pays for a market
offering."
5 Components of Value - Answer-1.) Increase Revenue
2.) Decrease Cost
3.) Improve Productivity
4.) Differentiate the company
5.) Improve client Satisfaction
Visions - Answer-what the organization aspires or hopes to achieve or to become. The Vision statement
focuses on the future and describes the goal(s) for the future.
Mission statement - Answer-describes the organization's core purpose, focus. The main difference
between mission and vision statements are the timelines they cover. It focuses on the present. Though
there can be overlap, a mission statement tends to define what the organization is currently doing while
a vision statement is essentially the final goal of what they'd like to accomplish.
,Values statement (code of ethics) - Answer-defines what the organization believes in and how people in
the organization are expected to manage their interactions and relationships with each other,
customers, suppliers, trading partners, and other stakeholders. It provides a moral direction for the
organization that is intended to guide decision making and provide a standard for assessing actions
(including violations of the code of ethics).
Goal - Answer-is a statement of what you want to achieve (outcomes).
Strategy - Answer-is the approach that you will use to achieve your goal.
Objectives - Answer-are the clear and measurable things that you want to achieve. Examples could
include grow brand awareness by a specific percentage, increase sales, retain more customers. (They
help define specific actions and timelines for achieving the goal).
Tactic - Answer-is a tool used in pursuing an objective associated with a strategy
For-Profit - Answer-organizations strive to generate a profit (revenue in excess of expenses).
Not-for-Profit - Answer-organizations strive to provide particular services to constituents (e.g.,
governments, educational, or charitable organizations.)
Business process - Answer-A collection of related activities performed by a group of stakeholders to
achieve a concrete goal. The stakeholders combine different resources and inputs to create an output
that is of value to the organization, its stakeholders and/or its customers.
Procure to Pay Business Process - Answer-When an organization acquires and pays for any number of
resources (e.g. financing, human skills, materials and supplies, plant and equipment, services, etc.).
Events for Procure to Pay Business Process - Answer-·Identify need, internally request the purchase of
goods or services by an authorized purchasing agent.
, ·Negotiate a purchase order with a vendor
·Receive and inspect goods or services from a vendor
·Store and/or maintain goods
·Pay a vendor for goods or services
·Return goods to a vendor
Order to Cash Business Process (aka Quote to Cash) - Answer-When an organization plays the role of
the seller, delivering goods and services to customers and collecting payment.
Events for Order to Cash Business Process - Answer-·Market goods or services to potential or returning
customers
·Negotiate the terms of a sales order for goods or services
·Select and inspect goods or services to be delivered to the customer
·Prepare goods or services for delivery to the customer
·Deliver goods or services to the customer
·Receive payment for goods or services from the customer
·Negotiate the terms of, and possibly accept, a customer return of goods
Conversion Business Process - Answer-When an organization transforms raw materials into goods and
services that will be made available to the customer.
Information management - Answer-the collection and management of information, gathered from a
variety of sources, that may be integrated and distributed to one or more stakeholders.
Process Mining - Answer-The use of exploratory data analysis to provide insights about a business
process and identify potential improvements. Uses event logs from an organization's database systems
to deeply analyze a process
