Exam (elaborations)
CIPS L4M2 (Defining Business Need) STUDY GUIDE QUESTIONS COMMPLETE AND ACCURATE.
- Course
- Institution
CIPS L4M2 (Defining Business Need) STUDY GUIDE QUESTIONS COMMPLETE AND ACCURATE.
[Show more]
Content preview
CIPS L4M2 (Defining Business Need) STUDY GUIDEQUESTIONS COMMPLETE AND ACCURATE.
A technique for deciding whether to follow a particular course of action
based on its financial impact
Correct Answer -Cost-Benefit Analysis
Principles or standards used to judge or decide something
Correct Answer -Criteria
The sequence of steps in a project plan that together determine the shortest
time to complete the project
Correct Answer -Critical Path
A group of people with different skills and specialisms coming together to
achieve a common purpose
Correct Answer -Cross-Functional Collaboration
Withdraw an item from active use or service
Correct Answer -Decommissioned
A detailed document that sets out the precise way that a product must be
built or a service delivered and includes any technical drawings, standards
that must be met and dimensions
Correct Answer -Design Specification
When a product or brand stands out as being unique to customers when
compared to its competitors
Correct Answer -Differentiation
,Costs that are directly associated with the production of a good or service
Correct Answer -Direct Costs
When products are sold directly to the consumer rather than through
retailers
Correct Answer -Direct Marketing
The network used to get a product or service from the manufacturer or
creator to the end user or consumer. It can include wholesalers, agents,
and retailers and can include online channels
Correct Answer -Distribution Channel
A group of consumers who are the first after the innovators to buy or use
a new product or technology
Correct Answer -Early Adopters
The involvement of a supplier in the product development process from a
very early stage in order to use the suppliers experience and expertise
Correct Answer -Early Supplier Involvement (ESI)
The consideration of peoples efficiency in the work environment
Correct Answer -Ergonomics
Obstacles that prevent a business from leaving an industry
Correct Answer -Exit Barriers
A plan for a defined period, usually twelve months, showing either
revenues or costs, or both
Correct Answer -Financial Budget
, Business costs that remain the same irrespective of the volume of activity
of a business
Correct Answer -Fixed Costs
An agreement that sets out the terms and conditions under which a call off
can be made
Correct Answer -Framework Agreement
Describe what a product or service should do
Correct Answer -Functional Requirements
A form of testing whether the functions of a product as set out in the
specification are achieving their objective
Correct Answer -Functional Tests
A graphical display in which data is grouped into ranges and then the
frequency of those ranges is shown as a bar chart
Correct Answer -Histogram
A form of testing used to determine if the requirements of a specification or
contract are met
Correct Answer -Acceptance Testing
An adjustment made to a set of financial accounts to reflect activity that
has occurred but for which cash has not yet been received or paid
Correct Answer -Accrual
Planning involves a number of activities, such as analysis of
opportunities, setting aims, exploring options, producing detailed plans
and reviewing the plan against expectations. A cycle of activities as the
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller saraciousstuvia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.29. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now