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MIS304 Exam #3 (Ch. 7-9, Assignments A6, A7, Python EC)

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MIS304 Exam #3 (Ch. 7-9, Assignments A6, A7, Python EC) Traditional Organizational Functions - CORRECT ANSWER traditional functions within organizations include marketing + sales, supply chain management, accounting & finance, human resources, and more! These functions are HIGHLY INTERDEPENDENT with many functions assisting or affecting another function. This makes the exchange of information (usually through Information systems) within organizations ESSENTIAL! ✭ Core Business Process & Organizational Value Chain - CORRECT ANSWER 1. Order-to-Cash (selling) 2. Procure-to-Pay (buying) 3. Make-to-Stock (manufacturing) 4. Make-to-Order (manufacturing) Order-to-Cash - CORRECT ANSWER ** SELLING - the process of selling goods & services & collecting revenue for them. This includes every aspect of receiving an order, fulfilling it, and receiving payment. It involves multiple business functions (marketing + sales, supply chain management, accounting & finance, manufacturers & operations) & quality exchange of information! * Can you imagine how much time and complexity this process would take a company like Amazon without Information Systems? Information systems help business to operate effectively & efficiently AND add VALUE! Steps: (1) Create Customer Record, (2) Check Credit, (3) Create Order, (4) Allocate Stock, (5) Pick, Pack & Ship, (6) Prepare & Send Invoice, (7) Collect Payment Procure-to-Pay - CORRECT ANSWER ** BUYING - the process of ordering goods & services & paying for them. This includes every aspect necessary to acquire goods or materials for operations. It involves multiple business functions (marketing + sales, supply chain management, accounting & finance, manufacturers & operations) & quality exchange of information! Steps: (1) Negotiate Price & Terms, (2) Issue Purchase Order, (3) Receive Goods, (4) Receive Invoice, (5) Settle Payment Make-to-Stock - CORRECT ANSWER ** MANUFACTURING - the process of manufacturing goods, either based on forecasts or orders. - The make-to-stock process is based on forecasts or budgeted sales figures and is simpler since it is usually used with standard or commodity products (cheap, high volume). Steps: (1) Procure Inputs, (2) Schedule Production, (3) Production, (4) Quality Control, (5) Stock Product Make-to-Order - CORRECT ANSWER ** MANUFACTURING - the process of manufacturing goods, either based on forecasts or orders. - The make-to-order process is more complex sin

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