ITM 310 Chapter 5

An enterprise information system that supports financial accounts and processes, including accounts payable, accounts receivable, procurement, cash management, budget planning, assets, general ledger, and related activities is called:

A financial management system

A financial management system plays what roles in an organization?

A financial management system supports financial accounts and processes, including accounts payable, accounts receivable, procurement, cash management, budget planning, assets, general ledger, and related activities

__________ integrates two or more of the applications that support major business processes common to most organizations (especially finance and human resources).

An enterprise resource planning (ERP) system

Which of the following best describes electronic data interchange?

Electronic data interchange refers to an electronic bridge between partner companies in a supply chain that is used to transmit real-time information about orders, inventories, invoices, and other data.

Human capital management (HCM) is best defined by which of the following?

Human capital management encompasses all the activities and information systems related to effectively managing an organization's human capital.

Which one of the following statements about enterprise resource planning systems is true?

Implementing an ERP is a major challenge, partly because so many applications are related and because so many processes are affected at the same time.

Which of the following best describes demand forecast accuracy (DFA)?

One of the most important supply chain metrics, DFA measures the difference between forecasted and actual demand.

Which of the following is not one of customer relationship management's diverse software applications?

Payroll

Which of the following is a true statement about the importance of financial reporting?

Reports are the lifeblood of people in finance and accounting, and information systems routinely generate detailed summary reports on all the organization's transactions.

______________ applications help track and manage employees including recruitment, training, and retirement.

Talent management

Which of the following best describes supply chain visibility?

Visibility describes how easily managers can track timely and accurate supply chain metrics.

Considered a part of the XML family, ___________ is specialized for accounting and business reporting.

XBRL

Which of the following best describes customer relationship management (CRM)?

correct Answer: Customer relationship management (CRM) covers the strategies, processes, and information systems an organization uses to build and maintain relationships with its current and prospective customers.

Electronic data interchange (EDI), XML, RFID chips, and GPS all help to __________.

improve visibility among suppliers and customers

In order for managers to see metrics that help assess overall effectiveness of supply chain processes, __________ must be improved.

visibility

The five steps in supply chain management are:

1. Plan 2. Source 3. Make 4. Deliver 5. Return

Core human resources management applications, workforce management applications, talent management applications, service delivery applications, and social software are the main components of:

Human capital management (HCM

Which of the following best defines supply chain management?

Strategies that optimize the flow of products and services from their source, through the company, and to the customer.

Which of the following best describes enterprise resource planning (ERP) systems?

A system that integrates two or more of the applications that support major business processes common to most organizations

Improving customer retention, increasing profitability, growing revenue, and listening to customer sentiments are all goals of __________.

customer relationship management (CRM)

EDI

Improve visibility about orders, inventories, and data that partners in a chain need to share. This approach to bridge building, which predates the internet, often relies on private networks and proprietary software and is time consuming to set up. It improves supply chain performance, but it also tends to lock the partners into their relationship. Having spent so much time and energy building that data bridge, they are less likely to switch partners.

Which one of the following statements about enterprise resource planning systems is true?

Some ERPs have tightly integrated modules, whereas others synchronize data across modules that are more loosely integrated, using middleware.

__________ describes the distortions in a supply chain caused by changes in customer demand, resulting in large swings in inventory levels as the orders ripple upstream from the retailer to the distributor and manufacturer. It occurs when visibility is low.

The bullwhip effect