Management Information Systems Chapter 10 Quiz

<p>It provides real-time financial health information. (C)</p> Signup and view all the answers

<p>Tracking sales orders. (A)</p> Signup and view all the answers

<p>Accounts payable (D)</p> Signup and view all the answers

<p>Credit-management (C)</p> Signup and view all the answers

<p>Reduce excess or insufficient inventory (A)</p> Signup and view all the answers

<p>Production scheduling (B)</p> Signup and view all the answers

<p>General ledger (D)</p> Signup and view all the answers

<p>Credit risk analysis (D)</p> Signup and view all the answers

<p>Employee benefits (A)</p> Signup and view all the answers

<p>Quality control (A)</p> Signup and view all the answers

<p>Any business event that generates data worthy of being captured (C)</p> Signup and view all the answers

<p>Performing complex data analysis (C)</p> Signup and view all the answers

<p>Transactions are processed as they occur (B)</p> Signup and view all the answers

<p>Data from transactions is collected and processed at a later time (C)</p> Signup and view all the answers

<p>It maintains high levels of data privacy and security (C)</p> Signup and view all the answers

<p>The capability for real-time data collection and processing of transactions (A)</p> Signup and view all the answers

<p>They must be designed to avoid errors and downtime (D)</p> Signup and view all the answers

<p>Data is captured, stored, and processed from business transactions (D)</p> Signup and view all the answers

<p>Utilizes a standard ERP package with minimal customization (C)</p> Signup and view all the answers

<p>It may degrade the performance of the software (D)</p> Signup and view all the answers

<p>Choosing the best modules from various vendors (B)</p> Signup and view all the answers

<p>It provides anywhere, anytime access (B)</p> Signup and view all the answers

<p>Organizations are required to change their existing processes to fit the system's best practices (A)</p> Signup and view all the answers

<p>By making processes more efficient and effective (C)</p> Signup and view all the answers

<p>Diminished competitive advantage when using the Vanilla approach (A)</p> Signup and view all the answers

<p>The most successful methods for executing business processes using ERP (D)</p> Signup and view all the answers

<p>Requires customization for each new version of the ERP software. (B)</p> Signup and view all the answers

<p>Management and maintenance responsibility lies with the vendor (C)</p> Signup and view all the answers

<p>Adopting best practices (A)</p> Signup and view all the answers

<p>Hardware costs (D)</p> Signup and view all the answers

<p>Poor employee feedback (A)</p> Signup and view all the answers

<p>Integration of software components (B)</p> Signup and view all the answers

<p>Improvement or redesign of inefficient processes (C)</p> Signup and view all the answers

<p>CRM (A)</p> Signup and view all the answers

<p>45.5% (B)</p> Signup and view all the answers

<p>2 years (B)</p> Signup and view all the answers

<p>Financial management (A)</p> Signup and view all the answers

<p>Losses in revenue (A)</p> Signup and view all the answers

<p>Access the organization’s financial health (A)</p> Signup and view all the answers

<p>Customer relationship management (D)</p> Signup and view all the answers

<p>1980s (D)</p> Signup and view all the answers

<p>Integration of information into a single system (B)</p> Signup and view all the answers

<p>Expense Management Automation (D)</p> Signup and view all the answers

<p>It automates the flow of information across departments. (B)</p> Signup and view all the answers

<p>Employee recruitment (B)</p> Signup and view all the answers

<p>Assessment of financial health (C)</p> Signup and view all the answers

<p>Utilizes a shared database (B)</p> Signup and view all the answers

<p>Inventory control (C)</p> Signup and view all the answers

<p>Real-time updates across the organization (C)</p> Signup and view all the answers

<p>Inventory management system (A)</p> Signup and view all the answers

<p>Duplication of information (C)</p> Signup and view all the answers

<p>Collaboration across all business functions (B)</p> Signup and view all the answers

<p>Sales ledger integration (A)</p> Signup and view all the answers

<p>Economic forecasting (C)</p> Signup and view all the answers

<p>Real-time financial data access (A)</p> Signup and view all the answers

<p>Payroll management (D)</p> Signup and view all the answers

<p>Unified financial reporting (A)</p> Signup and view all the answers

<p>Managing asset depreciation (C)</p> Signup and view all the answers

<p>Health and safety metrics (D)</p> Signup and view all the answers

<p>Payroll management (D)</p> Signup and view all the answers

<p>Product profitability analysis (D)</p> Signup and view all the answers

<p>Reduction of inventory costs (B)</p> Signup and view all the answers

<p>Accounts payable management (B)</p> Signup and view all the answers

<p>Compensation and benefits (B)</p> Signup and view all the answers

<p>Set limits on customer debt levels (C)</p> Signup and view all the answers

<p>Customizing the ERP can be costly and risky (D)</p> Signup and view all the answers

<p>Selecting the best modules from various vendors to suit unique processes (A)</p> Signup and view all the answers

<p>Offloads system management to the vendor (D)</p> Signup and view all the answers

<p>Companies must often adapt their processes to fit the ERP design (A)</p> Signup and view all the answers

<p>Potential degradation of software performance (D)</p> Signup and view all the answers

<p>Scalability and pay-per-use pricing (A)</p> Signup and view all the answers

<p>Improved efficiency of processes (D)</p> Signup and view all the answers

<p>Possibility of a competitive advantage breach (D)</p> Signup and view all the answers

<p>ERP systems increase organizational agility and adaptability (C)</p> Signup and view all the answers

<p>Security vulnerabilities inherent in cloud computing (D)</p> Signup and view all the answers

<p>It may restrict unique business process innovation. (C)</p> Signup and view all the answers

<p>The involvement of employees affected by the system. (A)</p> Signup and view all the answers

<p>23.2% allocated for consulting fees. (D)</p> Signup and view all the answers

<p>Successful employee involvement. (D)</p> Signup and view all the answers

<p>17.5% (C)</p> Signup and view all the answers

<p>Any business event that generates data worthy of being captured and stored. (D)</p> Signup and view all the answers

<p>Human Resource Management (HRM) (D)</p> Signup and view all the answers

<p>Significant revenue loss, as observed in case studies. (B)</p> Signup and view all the answers

<p>Processing groups of data periodically. (B)</p> Signup and view all the answers

<p>They enable access through web-enabled links. (A)</p> Signup and view all the answers

<p>Maintaining accurate and secure records. (A)</p> Signup and view all the answers

<p>OLTP processes transactions immediately as they happen. (D)</p> Signup and view all the answers

<p>Trying to implement too many changes at once. (C)</p> Signup and view all the answers

<p>Capability to handle high volumes and variations in transaction data. (B)</p> Signup and view all the answers

<p>The training of internal staff. (C)</p> Signup and view all the answers

<p>Facilitates better decision-making through improved data handling. (C)</p> Signup and view all the answers

<p>Frequent manual processing of transactions. (B)</p> Signup and view all the answers

<p>Increased downtime from hardware malfunctions. (B)</p> Signup and view all the answers

<p>To assess the organization’s financial health (A)</p> Signup and view all the answers

<p>Customer relationship management (D)</p> Signup and view all the answers

<p>Integration of functional areas (D)</p> Signup and view all the answers

<p>Entire factory production processes (C)</p> Signup and view all the answers

<p>Information is updated in real-time across modules (C)</p> Signup and view all the answers

<p>They use a common platform and database for integration. (B)</p> Signup and view all the answers

<p>Evaluating operational efficiency (D)</p> Signup and view all the answers

<p>Aggregation of best practices from multiple vendors (A)</p> Signup and view all the answers

<p>They track and oversee financial transactions. (D)</p> Signup and view all the answers

<p>Implementing ERP eliminates all inefficiencies. (D)</p> Signup and view all the answers

<p>Payroll and employee records management (B)</p> Signup and view all the answers

<p>Need for integration across functional areas (C)</p> Signup and view all the answers

<p>SAP (C)</p> Signup and view all the answers

<p>Inefficient workflow across departments (C)</p> Signup and view all the answers

Forecasting financial and economic trends, and creating budgets for an organization.

Systems handling investments in assets like stocks, bonds, or real estate.

Integrated software packages enabling financial transactions, including sales, purchases, and cash management.

Quickly closing financial books, providing nearly real-time financial health information.

The process of recording financial actions like sales, purchases, and cash flow.

Any business event generating data worth storing in a database.

System for monitoring, collecting, storing, and processing business transaction data.

Collecting transactions in groups before processing them periodically.

Processing transactions immediately as they occur.

Continuous data capture as events happen.

Efficiently managing large amounts of transaction data.

Minimizing mistakes in processing transactions.

TPS ensures accurate and secure storage while respecting data privacy.

Manages accounting data and financial processes within an enterprise, including general ledger, accounts payable, receivable, budgeting, and asset management.

Setting limits on customer debt to prevent overspending.

Analyzing the financial performance of different products to identify profitable ones.

Handles production planning and execution, including demand forecasting, scheduling, job costing, and quality control.

The goal of the production planning process is to reduce excess or insufficient inventory, delayed production.

Tracks employee data like payroll, benefits, compensation, performance assessment, and complies with legal requirements.

Evaluating employee performance in terms of output.

Examining patterns in employee compensation and payouts over time.

The process of setting up and using an Enterprise Resource Planning system.

Implementing a standard ERP package with minimal or no customization.

Customizing an ERP system by developing new functions for a specific organization.

Combining modules from different vendors to create a customized ERP system.

Renting an ERP system from a vendor over the internet.

ERP systems break down departmental barriers and let companies react quickly to changes.

ERP provides company-wide information for enhanced decision-making.

ERP systems improve business processes with increased efficiency and quality.

Companies may need to change existing processes to fit best practices in ERP systems.

The most successful ways to use an ERP system to conduct business.

The financial resources required for setting up an ERP system, including consulting, hardware, software, process change, customization, integration, and training.

When an ERP project does not achieve its intended goals, resulting in financial losses and disruption.

The duration it takes to fully implement and integrate an ERP system, often about two years.

Common causes of ERP implementation failure include inadequate employee involvement, insufficient training, problematic data conversion, poor testing, and trying to change too much at once.

Improved ERP systems that extend beyond the company, establishing connections for customers, suppliers, and partners.

Separate software components within ERP systems, each handling specific business functions, like finances, human resources, or supply chain management.

A software system focusing on interactions with customers, often integrated with ERP systems.

Inter-organizational system that manages goods flow from suppliers to customers to optimize efficiency.

Proven strategies that lead to optimal performance in a process.

A system that automates processes related to managing expenses within an organization.

Monitoring spending against a budget to ensure financial responsibility.

Inspecting financial records to assess accuracy and compliance.

Using financial ratios to assess organizational financial health.

Managing the movement and storage of materials within an organization.

Tracking and controlling the level of inventory.

Maintaining quality standards in production processes.

Systems and programs for employee training and growth.

The overall management of employees within an organization, including planning, recruitment, and payroll.

The process of finding and hiring new employees.

A system that integrates all different parts of a business into one system.

Key components of ERP systems that manage different functional areas.

Transition from separate information systems for each function to a single integrated system.

The progression of ERP systems from early inventory control to comprehensive business management systems.

Using software packages to manage financial activities like sales, purchases, and cash flow, often integrated with other business functions.

Systems designed to handle accounting and financial tasks, including financial planning, budgeting, investment management, and transaction processing.

To efficiently handle high volumes of data, avoid errors and downtime, ensure accurate and secure record-keeping, and maintain data privacy and security.

An integrated system that combines various business functions into one unified platform, like finance, production, and human resources.

By providing real-time information across departments, ERP helps streamline workflows, improves communication, and enables better decision-making.

Separate information systems designed for specific business functions, such as accounting, marketing, or production.

From early inventory control systems, ERP has evolved to become comprehensive systems that manage all aspects of a business, including finances, human resources, and supply chain management.

Choosing separate, best-in-class ERP modules from different vendors, creating a hybrid system.

Renting an ERP system from a vendor over the internet. The vendor manages the infrastructure, updates, and security.

ERP systems improve efficiency, enhance decision making, and allow companies to adapt quickly to change.

Enterprise Resource Planning (ERP) integrates all areas of a business, like finance, HR, and production, into a single system, providing real-time information and collaboration.

ERP systems provide a unified view of an organization's data and processes, allowing for greater efficiency, better decision-making, and faster adaptation to change.

This ERP module manages accounting data and financial processes within a company. It handles tasks like general ledger, accounts payable, accounts receivable, budgeting, and asset management.

Adopting best practices in an ERP system can seem like a limitation, as your own unique processes may have to change.

This module manages the entire production process, from planning and scheduling to executing and controlling. It focuses on optimizing production efficiency and quality.

The core goal is to improve production efficiency by minimizing excess or insufficient inventory, as well as reducing delays.

This module manages employee data, including payroll, benefits, compensation, and performance assessment. It also ensures compliance with legal requirements.

This analysis within the HR module evaluates an employee's effectiveness in terms of output. It looks at how productive employees are.

This analysis examines patterns in employee compensation over time, helping understand wage trends within the company.

ERP stands for Enterprise Resource Planning. It's a software system that integrates all different departments and functions of a company into one platform, streamlining operations and information sharing.

The process of examining financial records to ensure their accuracy and compliance with regulations.

Implementing an ERP system out of the box with minimal or no customization, keeping it standard.

Tailoring an ERP system to meet specific organizational needs by developing new functions and features.