SECTION 111 [6 x 2 =12 marks] Fill in the blanks with the correet terms given be
ID: 399634 • Letter: S
Question
SECTION 111 [6 x 2 =12 marks] Fill in the blanks with the correet terms given below. 1. processes to improve performance dramatically. It is about reinvention, rather than incremental improvement. is the fundamental rethinking and redical redesign of 2. POM management refers to transforming inputs into outputs of greater value for as well as customers in the process strategy speaks about the ease with which 3. employees and equipment can handle a wide variety of products, output levels, duties, and functions. cost is the portion of total cost that remains constant regardless of 4. The changes in levels of output. analysis is where the total revenue equals total cost, it can 5. The be used in decision-making on a variable business applicatiorn Terms flow chart, rationalize, fixed, variable, capital process improvement, quantify, suppliers (resource flexibility, internal, qualify, proce xternal, relationship, optimize, process re-engineering) ak-even point, normal,Explanation / Answer
1. Process re Engineering is about radical redesign and fundamental rethinking of processes to improve the performance drastically.
2. POM management refers to transforming inputs into outputs of greater value for internal as well as external customers.
3. Resource Flexibility is the process starategy that speaks about the ease with which the employees and equipments can handle a wide variety of products, output level, duties and functions.
4. The fixed cost is the cost which remains constant irrespective of the changes in the levels of output.
5. The break even analysis is where total revenue equals the total cost which can be used in deicsion making in a variety of business applications.
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