Enterprise Resource Planning Revision

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10 Terms

1
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What are ERP systems used for?

ERP systems are software platforms used by companies to manage key aspects of business operations like inventory and expenses.

2
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List three aspects managed by ERP systems.

Finance, human resources, manufacturing.

3
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What is an advantage of real-time data sharing in ERP systems?

It increases communication between departments.

4
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How do ERP systems improve chain efficiency?

They track stock levels and lead times, ensuring overproduction or material shortages don’t occur.

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What is a major drawback of ERP systems?

They are expensive to implement and maintain.

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Why is training employees a disadvantage when implementing ERP systems?

It could limit productivity until every staff member is familiar with the system.

7
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What happens if one part of an ERP system fails?

The entire system can be compromised, causing the process to collapse and stop production.

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What should companies weigh when implementing ERP systems?

Implementation costs and staff training against long term benefits.

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What does ERP stand for?

Enterprise Resource Planning.

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How does ERP systems aid in decision-making?

By providing cost tracking to help companies make informed decisions about pricing, investments, and budgeting.