Chapter 8 Study Guide Business Management systems
The Rectangle
Indicates an activity in the process
Power BI
Microsoft
Select two technologies that advanced the efficiency of inventory management systems.
Radio Frequency Identification (RFID) Universal Product Codes (UPC)
The Diamond
Represents decision points and typically hold questions.
Select three objectives that might typically be accomplished during the closure phase (the last stage) of the project management process.
Stakeholders discuss how closely the project met expectations. Managers document the lessons they learned during the project's execution. All associated contracts are ended.
Nearly all BI software platforms have a(n) ___, that displays an overview of the data that is presented.
dashboard presentation
Managers should opt for a system that integrates easily with existing business management software, and that will take the shortest training time for employees that need to provide sale's or usage quantity inputs when choosing an inventory __________ solution.
management
Employee compensation software at major corporations is often included as part of its enterprise resource __________ (ERP) software suite.
planning
Managers and management information systems can begin the process of increasing process efficiency by breaking each business process into its constituent ___.
Activities
Mapping and analyzing business processes allows managers to gain control over unwieldy and often chaotic processes, allowing them to focus on creating efficiencies. This is part of ___.
Business process management
The process of gathering, storing, and searching relevant data is referred to as ___ .
Data science
Select 3 common services provided by project management (PM) systems software.
Document storage Permissions levels Visual project depictions
Select 3 activities that typically fall under the purview of an HR manager.
Dress policies Employment agreements Fraternization policies
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 ___.
Employee Evaluation Software
Payscale.com, Payfactors.com, and Salary.com are examples of sites that offer ___
Employee comp management solutions
Select two reasons why a human resource manager might choose to use recruiting and hiring management software.
Extensive governmental oversight regarding the hiring of employees makes using an updated recruiting and hiring management essential. Human resources managers often need sophisticated software to assist them in making accurate estimates of recruiting, hiring, and training requirements.
In the early 20th century, Henry __________ developed a horizontal bar chart that could be used to visualize a project schedule. Today, his chart is the most widely used tool in project management.
Gantt
Which of the following is a tool commonly used by project managers?
Gantt chart
Looker
When did human resources management (HRM) originate?
HR management has existed at least as long as recorded history.
Select two reasons why senior management should seek buy-in from stakeholders when implementing a new business intelligence (BI) system.
If users do not understand the process the BI software will unnecessarily waste an organization's resources. If users find the BI software too cumbersome to use it can lead senior management into making sub-optimal decisions.
The Arrow
Indicates the directional progress of the flowchart.
Constructing an office building
Is a project requiring the use of project management software
Jim, an HR director, does not want to change business management systems, even though it brings several advantages and falls within his department budget. What are two reasons why Jim might not want to make the change?
Jim believes the change will create employee stress as they are required to adapt to a new system. Jim believes changing to the new system will cause a decrease in productivity, at least in the short-term.
Human resources managers focus on which three of the following?
Managing employee grievances, absences, sick days, and paid-time-off days Recruiting, hiring, training, retaining, compensating, appraising, promoting, reassigning, and firing employees Scanning the environment to determine future HR needs
Advances in technology greatly impact the capabilities of business management systems. The doubling of the number of transistors on each chip that occurs roughly every 18 months reflects the speed of this technology advance. This phenomenon is called ___ .
Moore's Law
Computer chips double in computing power roughly every 18 months. This phenomenon is called:
Moore's Law
Select 2 reasons for the increased efficiency of modern inventory management systems.
More accurate estimates of re-ordering points Improved forecasts of order quantity levels
All the steps required for the HR department to onboard a new employee would be referred to as a business ___.
Process
In the first step in business process management, analysts often "storyboard" the processes in an attempt to view the entire system prior to investigating each component. This is called:
Process Design
The 3rd step in business process management provides managers the ability to play the "what-if" game by changing input variables (abstract) decision making. This is the ___ step
Process Execution
In the fourth step in business process management, managers track the individual components of the process as well as the process as a whole so engine performance can be measured. This is the __ step.
Process Monitoring
By identifying potential slowdowns or savings opportunities, the last step of business process management, the ___ step allows managers to create a continually improving process.
Process Optimization
Managers are able to visualize the entire process and see how each activity interacts with other activities and the business process itself during business ___.
Process management development
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.
Recruiting and Hiring Software
Renting office space in the building
Requires management, but is not a project that would use project management software
Tableau
Salesforce
Select three common features of modern data visualization tools that accompany most business intelligence (BI) systems.
Search capabilities Scroll-over features Dashboard presentation
LeAnn is implementing a new business management system for her firm. She wants to minimize start-up costs and her business's management system needs are similar to many other organizations. LeAnn wisely chooses a Software-as-a-__________ (SaaS) system.
Service
The Oval
Shows the project's beginning and ending points.
When implementing a new business management system, which option provides managers with lowest initial start-up expenses.
Software-as-a-Service (SaaS) 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
What is conducted in the process execution step of business process management?
The business process execution language engine is run.
visualization tools
These display information in a manner that make it easier for managers to assimilate or to see patterns.
Data mining
This accesses external databases as well as data that the firm has collected itself (internal data).
Predictive analytics
This uses algorithms to determine the most likely outcomes given a set of inputs.
Business intelligence (BI)
This uses data mining techniques combines and then adds data visualization tools so that managers can make faster, more informed, decisions.
Select three reasons why managers use customer relationship management systems.
To target profitable customers To customize marketing messaging Improve pricing decisions
A process comprises the entirety of what an organization accomplishes in order to deliver a product. A specific step in a business process is called a(n) ___.
activity
Assisting managers by examining large quantities of data and parsing it into usable information is what makes data __________ software so valuable in today's business world.
analytics
Along with their pay, HR managers often need to track employee hiring dates, marital status, number of dependents, cafeteria choices, and usage, in order to accurately manage their employees' ___ . For this reason, nearly all firms use a management system to ensure this is done correctly.
benefits packages
Many managers, particularly in smaller firms, use companies such as Zenefits and BenefitFocus to manage their employees' ___.
benefits systems
Because many managers must base decisions on nuanced information, modern ___ software provides not only the probable outcome, but also the degree of likelihood of the outcome.
business intelligence
The last stage of the project management (PM) process, in which managers document the lessons they learned during the project's execution is the ___ phase.
closure
To reduce security risks and to facilitate collaboration among the various stakeholders in the project, most project management (PM) systems are located on the .
cloud, internet, or web
Because sales are such a fundamental element of most businesses, all enterprise resource planning (ERP) systems include an integrated __________ relationship management system.
customer
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 first step in business process management examines business activities and breaks them down into their individual components. This is called the process __________ step.
design
Breaking down a business process into its component activities so that employees can be come efficient experts at that activity is called ___.
division of labor
When selecting an inventory management solution, two reasons managers should opt for a system that integrates easily with existing business management software are ___ and ___.
employees will be less anxious if they are somewhat familiar with the system already using a system that employees are used to will probably reduce training time
Kronos Workforce Ready, BambooHR, PerformancePro, and others, provide packages designed to meet the employee ___ needs of smaller firms.
evaluation
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 ___ phase.
execution
Because some tasks can be done concurrently while other tasks are dependent upon the completion of preceding tasks, Gantt charts are constructed using a __.
horizontal bar chart
The first stage of the project management (PM) process, in which project objectives are identified and feasibility studies are conducted is the ___ phase.
initiation
Providing estimates of how accurate the re-ordering point and order quantity levels forecast will be (confidence levels), based on historical trends are examples of the efficiencies associated with today's __________ management systems.
inventory
Universal Product Codes (UPC) and Radio Frequency Identification (RFID), combined with database management systems (DBMS), have greatly advanced the performance of management systems.
inventory
A key component of how business processes generate value is the concept of division of __________.
labor
Decision management information systems provide managers with tools to assist them in using this data to make better choices.
making
Today's employees expect to be able to go online and see a record of their compensation and make adjustments such as their tax withholding. Twenty years ago they would have planned to meet with their human resources department representative to make such changes. This is one example of how expectations change as advancements in business __________ systems occur.
management
In the second step in business process management, analysts use flow-charts and other tools to depict the workflow, the sequence of operations, and the decision points. This is called the process __________ step.
modeling
Jameson, a senior executive, wants significant control of his business management system so that he can implement changes to quickly adapt to the dynamic business environment. The system that would best meet these needs would be a ___ system.
on-premises option
The 2nd stage of the project management (PM) process, which involves meetings with project stakeholders is the ___ phase.
planning
By allowing managers to automate business processes through modeling, analyzing, and improving efficiencies, business __________ management (BPM) systems streamline organizations' activities.
process
Every business function will have a set of business __________ to accomplish the specific goals of the function.
processes
The business management system seeks to manage a firm's interactions with customers using analytics and data analysis to identify the most valuable customers and target future customers is the customer __________ management system.
relationship or relations
The strategic use of employees to allow organizations to operate efficiently and gain competitive advantage is referred to as human __________ management
resources or resource
Hubspot CRM, Zoho CRM, and Freshsales CRM aim to meet the needs of ___ .
smaller businesses
The best way of implementing a new BI system is to make it as seamless as possible by using ___.
software with which the users (typically first line employees, supervisors, and junior management) are already familiar
The fifth and final step in business process management has managers adapting the process to enhance process performance. This is called the process __________ step.
optimization
Business management systems need three major components in order to provide the services expected by today's managers. These include:
A decision-making information system A database management system (DBMS) A predictive information system
What business management system seeks to streamline an organization's activities to prevent backlogs and inefficiencies?
Business Process Management (BPM)
When using a flowchart as part of business process modeling notation, a ___ shows the project's beginning and ending points.
Oval
Select three objectives that might typically be accomplished during the initiation phase (the first stage) of the project management process.
Stakeholders in the project are identified. A projected timeline for deliverables is developed. A statement of work or other working agreement is created.
Integrating database management systems (DBMS) with predictive analytics, to give managers a recommended course of action is the focus of ___
decision making management information systems
During the third stage of the project management (PM) process, the manager constantly monitors the progress of the project and the project's resources. This is called the __________ phase.
execution
Select three examples of the impact of advancements in business management systems on the expectations of users.
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. Employees expect to make changes to their tax withholding online.
Sara, an executive with McMurtry Management, has decided that her organization needs to update its business management system. What three questions should she consider prior to choosing a system?
Where will the new system be housed? Is the change worth the expense and impact on employee morale? How will the new system interact with existing systems?
In the fourth step of business process management, managers track the individual components of the process as well as the process as a whole so that the performance of the engine can be measured. This is called the process _________ step.
monitoring
Select two objectives that might typically be accomplished during the planning phase (the second stage) of the project management process.
A Gantt chart is created or fine-tuned if one was started during the feasibility study. A meeting with project stakeholders is convened allowing these key players to review the Gantt chart and the project timeline.
What is conducted in the process modeling step of business process management?
Analysts use flow-charts and other tools to depict workflow.
Ayala has decided to implement a new business management system. 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.
The technology and processes used to gain intelligent, usable information from applicable databases across the Internet is referred to as ___ .
Big data analytics
SAP (originally Systems, Applications, & Products) is a recognized leader in the development of HRM software. SAP is headquartered in:
Choice Germany
Whether the firm uses primarily hourly, salaried, or independent contractors; ensuring that these employees are paid correctly
Compensation Management Software
Jose's business management system needs to meet very unique needs. He also has a very small IT department. Which business management system should Jose adopt?
Custom cloud-based Solution (PaaS or IaaS)
Which business management system is focused on helping managers to maintain the business' focus on the individual customer by developing a lasting relationship that promote long-term buying?
Customer Relationship Management (CRM) System
Smart managers understand that it is far less expensive to retain an existing customer than it is to acquire a new customer. This is the concept behind the use of which business management systems?
Customer Relationship Management (CRM) Systems
Emerson has decided to implement a new business management system. What are three advantages of choosing a cloud-based custom option such as a platform as a service (PaaS) or an infrastructure as a service (IaaS) system, over an on-premises option?
Storage size can be quickly scaled to meet changing needs Reduces the need for a large IT staff More secure from hackers
