Mgmt 633

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MGMT 633

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Chapter 1 Homework

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Exercise 1-2 The Business Environment

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1. A(n) strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors.

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2. Six Sigma is a method that relies on customer feedback and objective data gathering and analysis techniques to drive process improvement.

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3. A(n) business process is a series of steps that are followed to carry out some task in a business.

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4. The system by which a company is directed and controlled is called corporate governance.

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5. The process used by a company to help identify the risks that it faces and to develop responses to those risks so that the company is reasonably assured of meeting its goals is known as enterprise risk management.

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6. A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand is known as just-in-time.

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7. The Internet fuels the globalization phenomenon by providing companies with greater access to geographically dispersed customers, employees, and suppliers.

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8. A(n) constraint is anything that prevents an organization or individual from getting more of what it wants.

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9. Increasing the rate of output of a(n) nonconstraint as the result of an improvement effort is unlikely to have much effect on profits....