QUESTION: 5

On a diagram of the Product Life Cycle, the x-axis shows:

Growth
Time
Decline
Profit

Answer(s): B

Explanation:

The x-axis shows time. For some products, it may represent a year; for others, a century. The other answers given could all be shown on the y-axis of the PLC, depending on circumstances.

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QUESTION: 6

Doing the same with fewer resources is:

Efficiency
Effectiveness
Economy
E. Efficiency.

Answer(s): A

Explanation:

Economy is most easily thought of as paying less, hopefully with no loss of quality, service, etc Effectiveness is most easily thought of as achieving the right outputs.
What one really seeks is effectiveness. Unfortunately it is possible to be efficient without being ef- fective. An example from my work life is the collection of statistics / 'returns'. I have come across parts of organisations which were very efficient at collecting data, but the data were not used in any meaningful way - the outputs of the efficiency did not add value and did not create useful outputs. There was a lack of effectiveness. The distinction is worthwhile, I think.

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QUESTION: 7

Thinking of Michael Porter's Industry Structure Analysis (commonly referred to as Five Forces Analysis), the content of the centre circle is about:

Governmental regulation of competition within an economy
Competitive rivalry within the industry
Governmental interference in an industry
Competitor price-cutting to increase market share

Answer(s): B

Explanation:

Competitive rivalry within an industry.

This can be quite an important point, and why I have such a dislike of the less formal title for the model - the model is about entire industries, not just about a single firm - this is commonly misun- derstood by students (and sadly, some tutors) - and the original Porter title - 'Industry Structure Analysis' - helps us understand that, I think. I find this tool of analysis to be very helpful in under- standing behaviour within sectors, despite criticism of the model and its age from some commenta- tors
The other answers shown are mere fictions.

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QUESTION: 8

As well as a Goods Received Note (GRN), three-way matching to authorise a payment to a supplier should involve two other documents.
Which two?

Service Level Agreement
Invoice
Purchase Order
Bill of Materials

Answer(s): B,C

Explanation:

The GRN, invoice and PO should all match to enable payment to occur. The BoM will help calculate the extent of the requirement, prior to the PO being issued. An SLA will help ensure adequate and contractual delivery of any services required.

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QUESTION: 5

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QUESTION: 7

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QUESTION: 8

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