INMT 341 Exam 1 Questions and Answers

INMT 341 Exam 1 Questions and Answers Order to Cash Business Events 1. Market goods/services 2. Negotiate sales order 3. Select & Inspect goods 4. Prepare goods for delivery 5. Deliver goods/services 6. Receive payment 7. Accept customer return of goods 1. Identify a need 2. Request goods/services 3. Negotiate order of goods 4. Receive & inspect goods 5. Store/maintain goods 6. Pay for goods/services 7. Return goods Procure to Pay Business Events Infrastructure The physical and virtual resources that support the flow, storage, processing, and analysis of data. Architecture Overall structure, logical components, and logical interrelationships of input/output, storage, communication, control, & processing Data What we record about what happens from day to day processes (buy, make, sell) Software What we use to record data (ERP, CRM, and SCM) Hardware Physical assets (mainframes, servers, mobile device) Virtualization Physical server in a virtual sense (cloud) Operating system software Helps software talk to your hardware (Windows, MacOS) Application software What we put data into that has been stored in our operating system. Designed for the end user Internet of Things How electronic things work together (machine to machine communication). Example: Smartwatch Cloud Computing Storing and accessing data over the internet Public cloud Something you can open from different computers (dropbox, one drive) Private cloud What companies use when they want to protect their information. Expensive!! Hybrid cloud Combination of public and private. This is what most companies use. Software as a Service (SaaS) Software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet (Office 365 for UTK students) Infrastructure as a Service (IaaS) A form of cloud computing that provides virtualized computing resources over the internet (Rented laptops for your employees) Platform as a Service (PaaS) A cloud service in which consumers can install and run their own specialized applications on the cloud computing network. Supply Chain Management (SCM) Related to vendors, externally focused Customer Relationship Management (CRM) Related to customers, externally focused Stand alone (legacy) Systems Designed to support one or few business functions (accounting system or manufacturing system) Enterprise Systems What companies use to integrate information across operations on a company wide basis 3 general categories of application options Enterprise Resource Planning (Internally focused), Supply Chain Management (externally focused), and Customer Relationship Management (externally focused) Interorganizational systems (IOS) Integration across organizations to enable shared information (CRM and SCM used involving customers, channels, and suppliers) Information Processing Activities recording, maintaining, reporting Source Document Used to capture and communicate detail about business events (sales order, purchase order, sales invoices, etc.) Source Data Automation Collecting data at its point of origin in digital form (magnetic inc, bar code, credit card chips) Electronic Data Interchange (EDI) the computer-to-computer exchange of business documents from a retailer to a vendor and back Master File Contains permanent and balance data (customer file) Transaction File Sale or purchase order, comes directly from an event (sales order) History File Something thats already done that you won't need anymore on a daily basis (terminated employees file) Reference File Where we house data we frequently refer to (inventory pricing list) Suspense File Anything you haven't finished yet (unapplied cash receipt) Batch processing Accumulating transaction records into groups or batches for processing at a regular interval such as daily or weekly Real-time processing Database is updated while the transaction is taking place Artificial Intelligence Tries to teach non human things to think (Siri, driverless cars) Predictive Analytics Machine that makes decisions based on previous events Machine Learning Programmed to complete tasks based on finite number of outcomes (Deep blue) Bots electronic shopping agents or robots that comb websites to compare prices and product or service features Blockchain A digital ledger (shared) in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly Management Objectives Completeness, accuracy, validity, authorization, and segregation of duties