Business Managment System

Select three methods businesses use to house a business management system.

- SaaS solution -On-premises custom solution -customized, cloud-based solution

Select 3 common services provided by project management (PM) systems software. Multiple select question.

- Visual project depictions -Document storage -Permissions levels

What are two advantages of hosting on-premises?

-Any changes deemed necessary can be implemented extremely quickly. -It can be configured to meet the unique needs of the organization.

Select 2 reasons for the increased efficiency of modern inventory management systems.

-Improved forecasts of order quantity levels -More accurate estimates of re-ordering points

The project management (PM) process has 4 phases.

1. initiation 2. planning 3. execution 4. closure

Whether the firm uses primarily hourly, salaried, or independent contractors; ensuring that these employees are paid correctly

Compensation Management Software

Documenting employee performance and providing an equitable means of ranking performance.

Employee Evaluation Software

Tracking the performance of employees will always be a critical component of management for this reason, most firms use ___.

Employeement Evaluation Software

When did human resources management (HRM) originate?

HR management has existed at least as long as recorded history.

Which manager has the role of managing employee grievances, absences, sick days, and paid-time-off days?

HR manager

The strategic use of employees to allow organizations to operate efficiently and gain competitive advantage is referred to as

Human resources management

Computer chips double in computing power roughly every 18 months. This phenomenon is called:

Moore's Law

The doubling of the number of transistors on each chip that occurs roughly every 18 months means that computer capability, and the corresponding software, also improve rapidly. This phenomenon is called

Moore's Law

When implementing a new business management system, which option provides managers with the greatest degree of control?

On-Premises Option

Database management

Provides a means of storing and finding information

Because the number of variables involved in calculating future workforce needs makes this determination highly complex, HR managers often rely on

Recruiting and Hiring Software

Human resources managers look ahead to determine the future workforce needs of the corporation.

Recuriting and Hiring SOftware

When implementing a new business management system, which option provides managers with lowest initial start-up expenses.

Software-as-a-service Option

Which principle of finance states that a dollar in your hand today is worth more than a dollar you will receive in the future because a dollar in hand today can be invested to turn into more money in the future?

TVM- time value of money

Decision-making information system:

Works with a limited number of inputs and unknowns to provide managers with a statistical analysis of likely outcomes

The last stage of the project management (PM) process, in which managers document the lessons they learned during the project's execution is the

closure phase

The 3 main components of a business management system include a decision-making information system, a predictive information system, and a

database management system

The 3rd stage of the project management (PM) process, in which managers constantly monitor the progress of the project and the project's resources. is the

execution phase

During the first stage of the project management (PM) process, the manager outlines the requirements of the project, documents these requirements, and analyzes the costs of the project. This is called the

initiation phase

During the second stage of the project management (PM) process, a Gantt chart is created, or fine-tuned if one was started during the feasibility study

planning phase

Software can prove an indispensable aid in the successful execution of a project that has a specific starting point and ending point, and a set of deliverables,

project management software

Predictive information system:

Models trends and attempts to predict outcomes

Select three examples of the impact of advancements in business management systems on the expectations of users.

-Employees expect to make changes to their tax withholding online. -Students expect to be able to view a syllabus, from any course, at any time from their phone. -A manager expects to view changing sales projections from different stores from a computer in her office.

Select two reasons why a human resource manager might choose to use recruiting and hiring management software.

-Human resources managers often need sophisticated software to assist them in making accurate estimates of recruiting, hiring, and training requirements. -Extensive governmental oversight regarding the hiring of employees makes using an updated recruiting and hiring management essential.