Describe business processes and their importance to an organization.
What will be an ideal response?
A business process is a standardized set of activities that accomplish a specific task, such as processing a customer's order. Business processes transform a set of inputs into a set of outputs (goods or services) for another person or process by using people and tools. Without processes organizations would not be able
to complete activities.
You might also like to view...
Which of the following statements is true regarding the time value of money?
a. Compound interest will produce equal amounts of interest each period on a fixed deposit. b. Earning simple interest is more beneficial than earning compound interest. c. When making a purchase, it is better to make payment as soon as possible. d. It is better to receive $1 now than a year from now.
________ is the creation of a new management practice, process or structure that changes the state of the art.
a. Administrative change b. Management innovation c. Organizational restructuring d. All terms above denote the same thing
The present value of an ordinary annuity of $350 each year for five years, assuming an opportunity cost of 4 percent, is ________
A) $288 B) $1,896 C) $1,750 D) $1,558
________ are debt securities a company intends and is able to hold until the maturity date.
Fill in the blank(s) with the appropriate word(s).