Enterprise Resource Planning (ERP) MCQ Questions Answers

ERP:

Enterprise Resource Planning (ERP) is a software solution that integrates all of the key processes and information within a company onto a single, unified platform. This allows businesses to have complete visibility and control over their operations, leading to improved efficiency and productivity. 

What is an ERP system?

An ERP system is a software solution that enables an organization to manage its business processes in an integrated and efficient manner. It includes all the essential modules for managing different aspects of the business, such as finance, accounting, resources, inventory, manufacturing, and customer relationship management (CRM).

ERP packages:

ERP packages are enterprise resource planning software packages that integrate different business processes and functions into a single system. This allows businesses to have a unified view of their operations, which can help improve efficiency and decision-making.

What are business processes?

Business processes are the set of activities that a company uses to produce its products or services. These processes can be divided into four categories: manufacturing, marketing, financial, and human resources. 

Supply chain:

It is the process of moving goods from one location to another. This includes the transportation, storage, and processing of goods. The supply chain also includes the people and organizations involved in these activities.

What is ERP implementation?

It is the process of installing and configuring an ERP system to fit the needs of a business. This can be a complex and costly undertaking, as it requires careful planning and execution to ensure that the new system is properly integrated with existing business processes. 

What are information systems?

These systems are designed to capture, store, manipulate, analyze, and present data that can be used to support decision making in organizations. Enterprise resource planning (ERP) systems are a type of information system that integrates and automates the key business processes of an organization. 

An integrated data model:

The integrated data model is a data model that incorporates multiple types of data into a single schema. This type of data model can be useful in situations where data from multiple sources need to be integrated into a single system.

What is sales management?

Sales management is the process of developing and managing a company's sales operations. It is responsible for setting sales goals, analyzing data, and developing strategies to improve sales performance. Additionally, sales management may also be responsible for training and coaching salespeople, as well as managing customer relationships. 

What is the sales and marketing department?

This is responsible for the company's sales and marketing activities. This department is responsible for creating and executing marketing plans to generate sales and revenue for the company. This department also works closely with other departments within the company to ensure that all sales and marketing objectives are met.

Creating Concurrent business processes:

Enterprise JavaBeans (EJBs) are components of a concurrent business process. EJBs can be used to create high-performance, distributed, and scalable applications. In addition, EJBs are portable across different application servers.

Business integration:

Business integration is the process of combining two or more separate businesses into a single entity. This can be done for a variety of reasons, such as increasing efficiency or expanding market share. The process of business integration can be complex, and often requires careful planning and execution.

What is installing ERP inventory systems?

Installing an inventory management system for your enterprise can be a daunting task. But with careful planning and execution, it can be a smooth process. 

Executive Information System (EIS):

An executive information system (EIS), also known as a decision support system (DSS), is a computer-based information system that is used to support decision-making in an organization. An EIS typically provides easy access to data and information and supports complex decision-making processes by providing analytical and predictive capabilities.

What are internal and external processes?

From a technical standpoint, an internal process is a process that is running on the same server as your application. 

An external process is a process that is running on a different server than your application.

What are sales and distribution modules?

These modules are part of an enterprise resource planning software suite. They help businesses automate their sales and distribution processes, including quote and order management, pricing, invoicing, shipping, and returns. By automating these processes, businesses can improve efficiency and accuracy, while reducing costs.

Cost accounting system:

It is a framework used by organizations to track and assess the costs associated with their operations. The system typically includes a set of methods and tools for allocating overhead expenses to specific products or services. 

What do you mean by independent demand items?

Independent demand items are those items in a company's inventory that are not dependent on other items in the inventory for their demand. These items typically have a higher degree of customer visibility and are, therefore, more important to manage effectively. In many cases, independent demand items make up the majority of a company's total inventory value. As such, it is critical for businesses to have a good understanding of their independent demand items and how to best manage them.

What is ERP inventory management?

It is a software tool that helps businesses keep track of their inventory levels, orders, and deliveries. It can also provide insights into stock movements and customer demand.

What do you know about data management (MDM)?

Enterprise resource planning (ERP) systems are enterprise-wide software solutions that integrate and streamline an organization's internal processes and data flows.  MDM is a methodology and associated set of tools that help organizations centrally manage and govern their most important data assets.

Define the market management module?

It is a comprehensive tool that enables managers to control and monitor all aspects of their marketing operations. It provides a wide range of features and functions that allow managers to plan, budget, track, and report on their marketing campaigns and activities. Additionally, the module also provides tools for managing customer relationships, creating and managing leads, and analyzing marketing data.

Net Present Variation (NPV) method:

The net present value (NPV) method is a discounting technique used to evaluate the profitability of investments. The NPV method takes into account the time value of money, which is the idea that money today is worth more than money in the future. The NPV method discounts cash flows from an investment project at a rate that reflects the riskiness of the project. The NPV method is used to make investment decisions by comparing the NPV of different investment projects.

What is on line account processing?

It is the ability to manage and process customer accounts over the internet. This system can simplify and automate many of the tasks associated with managing customer accounts, such as invoicing, payments, and collections. Online account processing can also help businesses keep track of customer payments and spending patterns, which can be valuable information for making decisions about marketing, product development, and other areas of the business.

What do you know about the term "Part period balancing"?

It is the process of allocating resources to activities or tasks so that they can be completed within a specified time frame. This approach is often used in project management and resource planning. The main goal of part-period balancing is to ensure that all activities are properly sequenced and resourced so that the project can be completed on time and within budget.

ERP financial module:

This module is a system that allows businesses to manage their finances more effectively. It includes features such as budgeting, forecasting, and reporting. This module can help businesses save time and money by streamlining their financial processes.

What is electronic data processing?

EDP is the use of computer hardware and software to perform operations on electronic data. This can include the capturing, storage, manipulation, retrieval, output, and transmission of data.

Online analytical processing:

On-line analytical processing, or OLAP, is an approach to answering multi-dimensional analytical (MDA) queries swiftly in computing. OLAP tools enable users to analyze multidimensional data interactively from multiple perspectives. It is a type of business intelligence tool for analyzing data stored in a data warehouse.

What is the exchange data interface (EDI)?

The EDI is a standard format for exchanging business data. EDI is commonly used to exchange information such as purchase orders, invoices, and shipping notices. By using EDI, businesses can automate their transactions and reduce the need for paper documents. EDI can also help to improve communication between businesses and their customers or suppliers.

What do you know about efficient and effective working?

It is a measure of how well resources are used to achieve desired outcomes. It takes into account not only the quantity but also the quality of resources used. Quality here means using the right resources in the right way to get the job done correctly.

What are self-service benefits?

Self-service benefits are the advantages that an organization or individual gains by using a self-service system instead of traditional methods. Self-service systems can be used for a variety of tasks, including booking travel, ordering products and services, and filing taxes.

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