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CIPS L4M2 (Defining Business Need) STUDY GUIDE QUESTIONS COMMPLETE AND ACCURATE.
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CIPS L4M2 (Defining Business Need) STUDY GUIDE QUESTIONS COMMPLETE AND ACCURATE.
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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
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