INMT 341 EXAM 1 UTK QUESTIONS
AND ANSWERS
For-profit organizations - ANSWER-formed to make money, or profits, by offering
products or services
not-for-profit organizations - ANSWER-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 - ANSWER-Who, what, when, where, and
why?
The "what" of business - ANSWER-Buy, Make, or Sell
Business Process - ANSWER-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 - ANSWER-denotes a single step or activity within a business process.
Business Events - ANSWER-the operating activities performed within a business
process to provide goods and services to customers
economic events - ANSWER-increase or decrease the physical quantity (balance) of
a firm's economic resources.
Procure to Pay Business Process - ANSWER-Includes the activities involved in
acquiring, paying for, and maintaining the goods and services needed by an
organization
Order to Cash Business Process - ANSWER-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 - ANSWER-Involves the activities necessary to
convert raw inputs into finished products or services
Internal Processes are... - ANSWER-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... - ANSWER-A single organization.
, Value Chain - ANSWER-the set of (primary and support) activities through which a
product or service is created and delivered to customers.
primary activities - ANSWER-the events that create customer value and provide
organization distinctiveness in the marketplace.
Support activities - ANSWER-Events that facilitate accomplishing the primary
activities.
profit margin - ANSWER-the difference between total value and the cost of
performing the activities
Linkages - ANSWER-the flows of information, goods and services, as well as
systems and processes for adjusting activities
Extended Enterprise Business Processes - ANSWER-processes that are not only
linked within an organization but business processes span organization boundaries
REAL Business Process Modeling Template - ANSWER-Helps identify and
represent the essential characteristics that collectively describe business processes
and events
Step 1 of REAL - ANSWER-To understand an organization's context, focus on
understanding its strategy, culture, and structure
Step 2 of REAL - ANSWER-Examine the process from a single perspective and
identify the strategically significant business events (rather than from the perspective
of multiple parties)
event trigger - ANSWER-the action that initiates or authorizes an event
Step 3 of REAL - ANSWER-Analyze each event identified in step 2 to identify the
resources, agents, and locations that are key to the event
Step 4 of REAL - ANSWER-Identify the relevant business rules (Behaviors,
Characteristics, and Attributes of the events, resources, agents and locations) to
determine the business risks
Business Events Risks - ANSWER-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 - ANSWER-Validate your analysis with Business process owners
and participants
AND ANSWERS
For-profit organizations - ANSWER-formed to make money, or profits, by offering
products or services
not-for-profit organizations - ANSWER-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 - ANSWER-Who, what, when, where, and
why?
The "what" of business - ANSWER-Buy, Make, or Sell
Business Process - ANSWER-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 - ANSWER-denotes a single step or activity within a business process.
Business Events - ANSWER-the operating activities performed within a business
process to provide goods and services to customers
economic events - ANSWER-increase or decrease the physical quantity (balance) of
a firm's economic resources.
Procure to Pay Business Process - ANSWER-Includes the activities involved in
acquiring, paying for, and maintaining the goods and services needed by an
organization
Order to Cash Business Process - ANSWER-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 - ANSWER-Involves the activities necessary to
convert raw inputs into finished products or services
Internal Processes are... - ANSWER-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... - ANSWER-A single organization.
, Value Chain - ANSWER-the set of (primary and support) activities through which a
product or service is created and delivered to customers.
primary activities - ANSWER-the events that create customer value and provide
organization distinctiveness in the marketplace.
Support activities - ANSWER-Events that facilitate accomplishing the primary
activities.
profit margin - ANSWER-the difference between total value and the cost of
performing the activities
Linkages - ANSWER-the flows of information, goods and services, as well as
systems and processes for adjusting activities
Extended Enterprise Business Processes - ANSWER-processes that are not only
linked within an organization but business processes span organization boundaries
REAL Business Process Modeling Template - ANSWER-Helps identify and
represent the essential characteristics that collectively describe business processes
and events
Step 1 of REAL - ANSWER-To understand an organization's context, focus on
understanding its strategy, culture, and structure
Step 2 of REAL - ANSWER-Examine the process from a single perspective and
identify the strategically significant business events (rather than from the perspective
of multiple parties)
event trigger - ANSWER-the action that initiates or authorizes an event
Step 3 of REAL - ANSWER-Analyze each event identified in step 2 to identify the
resources, agents, and locations that are key to the event
Step 4 of REAL - ANSWER-Identify the relevant business rules (Behaviors,
Characteristics, and Attributes of the events, resources, agents and locations) to
determine the business risks
Business Events Risks - ANSWER-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 - ANSWER-Validate your analysis with Business process owners
and participants
