Operations and Management Flashcards
7 cards from real Entrepreneurship practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Operations and Management flashcards as text
What is a business process?
Answer: A set of structured, repeatable activities that produce a specific product or service outcome
A business process is a collection of linked, repeatable tasks designed to consistently deliver a specific product, service, or result for customers or the organization.
What is a break-even analysis used for?
Answer: Determining the point at which total revenue equals total costs, resulting in no profit or loss
Break-even analysis identifies the sales volume at which a business covers all its costs, below which it operates at a loss and above which it earns a profit.
What is the key difference between fixed and variable costs?
Answer: Fixed costs remain constant regardless of output; variable costs change in proportion to production volume
Fixed costs such as rent do not change based on how much a business produces, while variable costs such as raw materials increase or decrease with output levels.
What is a Customer Relationship Management (CRM) system primarily used for?
Answer: Tracking and managing all interactions, data, and relationships related to current and prospective customers
CRM systems help businesses organize customer data, track sales interactions, and manage relationships to improve retention and revenue growth.
What is the primary role of a Chief Operating Officer (COO)?
Answer: Overseeing the day-to-day administrative and operational functions of the company
The COO is responsible for the smooth daily functioning of internal operations, translating the CEO's strategic vision into operational execution.
What does delegation mean in a management context?
Answer: Assigning responsibility and authority for a specific task to another person or team
Delegation is the process of entrusting tasks and the authority needed to complete them to employees, freeing leaders to focus on higher-priority strategic work.
What is a SaaS (Software as a Service) business model?
Answer: A subscription-based model where software is hosted in the cloud and accessed over the internet
SaaS delivers software applications over the internet on a subscription basis, eliminating the need for local installation and enabling access from anywhere.