MGMT 221 Module 1 Exam Questions With
100% Correct Answers
Agility
The term for being able to respond quickly.
Barriers to entry
The existence of high startup costs or other obstacles that prevent new competitors from easily
entering an industry or area of business.
Big data
A term for high-volume, mostly text data.
Business model
The way a company generates revenue and makes a profit.
Business process
A series of steps by which organizations coordinate and organize tasks to get work done.
Business process management (BPM)
The methods, tools, and technology to support and continuously improve business processes.
Business process reengineering (BPR)
The process by which radical changes needed to meet higher customer expectations can be achieved.
Business-to-business (B2B)
A term which refers to business that which is conducted between companies, rather than between a
company and individual consumers.
Chief technology officer (CTO)
A CTO is the highest technology executive position within a company.
Cloud service
Any computing resource that is provided over the internet on demand.
Competitive advantage
An edge that enables a company to outperform its average competitor.
Critical success factor (CSF)
An element that is necessary for an organization or project to achieve its mission.
Cross-functional business process
A process involving two or more business functions.
100% Correct Answers
Agility
The term for being able to respond quickly.
Barriers to entry
The existence of high startup costs or other obstacles that prevent new competitors from easily
entering an industry or area of business.
Big data
A term for high-volume, mostly text data.
Business model
The way a company generates revenue and makes a profit.
Business process
A series of steps by which organizations coordinate and organize tasks to get work done.
Business process management (BPM)
The methods, tools, and technology to support and continuously improve business processes.
Business process reengineering (BPR)
The process by which radical changes needed to meet higher customer expectations can be achieved.
Business-to-business (B2B)
A term which refers to business that which is conducted between companies, rather than between a
company and individual consumers.
Chief technology officer (CTO)
A CTO is the highest technology executive position within a company.
Cloud service
Any computing resource that is provided over the internet on demand.
Competitive advantage
An edge that enables a company to outperform its average competitor.
Critical success factor (CSF)
An element that is necessary for an organization or project to achieve its mission.
Cross-functional business process
A process involving two or more business functions.
