Rocky Rhodes Is Convinced That He Has a Great Idea

question 275

True/False

Rocky Rhodes is convinced that he has a great idea for a new business. Unfortunately, the type of business he wants to start would require a fairly high initial investment and Rocky has a poor credit rating and very little personal wealth. Rocky would be unlikely to find success if he organized his business as a sole proprietorship.

---

Definitions:

Efficiency

Efficiency refers to the ability to accomplish a job with a minimum expenditure of time and resources. It is often used to describe the effectiveness of a process, system, or machine.

Effectiveness

The degree to which objectives are achieved and targeted problems are solved, in contrast to efficiency, which focuses on the resources required to achieve these objectives.

BPR

A strategy aimed at enhancing the efficiency and effectiveness of an organization's workflows, known as Business Process Reengineering.

BPI

Business Process Improvement, a strategic approach to identify, analyze, and improve existing business processes to meet new goals or standards of quality.