RAYLEEexam2studyingguideISM 3011 - ISM 3011 Study Guide for...

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ISM 3011 Study Guide for Exam 2 T4 Decision Making Using Excel **Concept of goal seeking** – The Goal Seek function is used to find an unknown value that produces a desired result. Goal seek is an analytical function that allows a value in a formula to be adjusted to reach a desired result or answer. Goal seek can eliminate unnecessary calculations that can be used to determine a single variable value in a formula. Goal Seek repeatedly tries new values in the variable cell to find a solution to the problem. (This process is called iteration , and it continues until Excel has run the problem 100 times or has found an answer within .001 of the target value specified. o To use the Goal Seek command: o Click the Data tab o In the Goal Seek dialog box, specify the cell that contains the desired value in the Set cell: box o Type in or select B3 o Enter the desired value or answer in the To value: box o Type in 2500 o Enter the cell whose value will be changed in the By changing cell: box o Type in or select $B$1 o Choose OK Ch 10 ERP and Collaboration **Database as the heart of the system** – The heart of an ERP system is a central database that collects information from and feeds information into all the ERP system’s individual application components (called modules), supporting diverse business functions such as accounting, manufacturing, marketing and human resources. When a user enters or updates information in one module, it is immediately and automatically updated throughout the entire system. **Core components** - traditional components included in most ERP systems and they primarily focus on internal operations. (Primary users of ERP – Accounting, Finance, Logistics, Production) Accounting and finance ERP components – Manage accounting data and financial processes within the enterprise with functions such as general ledger, accounts payable, accounts receivable, budgeting and asset management. o One of the most useful features included in an ERP accounting/finance component is its credit-management feature. 1
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Most organizations manage their relationships with customers by setting credit limits, or a limit on how much a customer can owe at any one time. The company then monitors the credit limit whenever the customer places a new order or sends in a payment. o ERP financial systems help to correlate customer orders with customer account balances determining credit availability. o Another great feature is the ability to perform product profitability analysis. o ERP financial components are the backbone behind product profitability analysis and allow companies to perform all types of advanced profitability modeling techniques. Production and materials management ERP components Handle the various aspects of production planning and execution such as demand forecasting, production scheduling, job cost accounting and quality control.
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