INMT 341 Exam 1 UTK Questions and Answers 100% Correct

INMT 341 Exam 1 UTK Questions and Answers 100% Correct For-profit organizations formed to make money, or profits, by offering products or services not-for-profit organizations organizations that strive to provide particular services to constituents (e.g., governments, educational, or charitable organizations.) In contrast to For Profit organizations, Not for Profit 'owners,' shareholders or trustees are not intended to benefit financially from the organization. Main questions of business processes Who, what, when, where, and why? The "what" of business Buy, Make, or Sell Business Process A collection of related activities that combine different resources and inputs to create an output that is of value to the organization, its stakeholders and/or its customers. These outputs may be products or services. Event denotes a single step or activity within a business process. Business Events the operating activities performed within a business process to provide goods and services to customers economic events increase or decrease the physical quantity (balance) of a firm's economic resources. Procure to Pay Business Process Includes the activities involved in acquiring, paying for, and maintaining the goods and services needed by an organization Order to Cash Business Process includes the sequence of activities that collectively serve to attract and retain customers, help customers select goods and services, deliver the goods and services requested, and collect payments for the goods and services Conversion Business Process Involves the activities necessary to convert raw inputs into finished products or services Internal Processes are... Linked. Business processes are linked together in various ways, in icluding the sharing of common resources or when an event in one process triggers an event in another process. Process extend beyond... A single organization. Value Chain the set of (primary and support) activities through which a product or service is created and delivered to customers. primary activities the events that create customer value and provide organization distinctiveness in the marketplace. Support activities Events that facilitate accomplishing the primary activities. profit margin the difference between total value and the cost of performing the activities Linkages the flows of information, goods and services, as well as systems and processes for adjusting activities Extended Enterprise Business Processes processes that are not only linked within an organization but business processes span organization boundaries REAL Business Process Modeling Template Helps identify and represent the essential characteristics that collectively describe business processes and events Step 1 of REAL To understand an organization's context, focus on understanding its strategy, culture, and structure Step 2 of REAL Examine the process from a single perspective and identify the strategically significant business events (rather than from the perspective of multiple parties) event trigger the action that initiates or authorizes an event Step 3 of REAL Analyze each event identified in step 2 to identify the resources, agents, and locations that are key to the event Step 4 of REAL Identify the relevant business rules (Behaviors, Characteristics, and Attributes of the events, resources, agents and locations) to determine the business risks Business Events Risks result in errors and irregularities having one or more of the following characteristics: • A business event occurring at the wrong time or sequence, • A business event occurring without proper authorization, • A business event involving the wrong internal agent or poor actions by the internal agent, • A business event involving the wrong external agent, • A business event involving the wrong resource, • A business event involving the wrong amount of resource, and/or • A business event occurring at the wrong location Step 5 of REAL Validate your analysis with Business process owners and participants Application computer programs designed to permit a user to perform a set of activities Manual Resources processing is performed by humans and paper is used as the primary means to capture and store business data and communicate information to information customers. computer based resources Processing is performed by computers and business data is stored electronically as well as communication with customers automated processing Using computer based information technology resources to replace human processors Infrastructure denotes the physical and virtual resources (hardware and software) that is used to build an information system Hardware includes the physical components that house and move software and data -Ranges from massive servers to employee iphones Virtualization the creation of a virtual -- rather than actual -- version of something, such as a server, a storage device, or network resources Internet of Things a term that describes the increased reliance on machine-to-machine communication Cloud Computing storing and accessing data and programs over the Internet instead of your computer's hard drive private cloud a configuration where users remotely access resources that are entirely controlled (and hopefully secured) by the organization. public cloud describes user access to resources owned by a third-party cloud service provider. Software as a Service (SaaS) delivers applications over the cloud using a pay-per-use revenue model Infrastructure as a Service (IaaS) delivers hardware networking capabilities, including the use of servers, networking, and storage, over the cloud using a pay-per-use revenue model Platform as a Service (PaaS) supports the deployment of entire systems including hardware, networking, and applications using a pay-per-use revenue model