Which of the Following Best Explains an Enterprise Resource Planning

question 57

Multiple Choice

Which of the following best explains an Enterprise Resource Planning (ERP) system? 

• A) Company wide information system for managing the company's operational and support processes. 
• B) Company wide information system for managing the company's administrative processes, its human resources and its materials resources. 
• C) Company wide information system for managing the company's financial resources. 
• D) Company wide information system for managing the company's operational and support processes, its administrative processes, its human resources, its materials resources and financial resources.

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Definitions:

Invisible Hand

A concept introduced by Adam Smith to describe how individuals’ self-interested actions can lead to positive social and economic outcomes for the community as a whole.

Self-Interest

An individual’s actions and decisions motivated by personal gain or benefit.

Public Interest

Denotes the well-being of the general public and the consideration of what is beneficial for society as a whole.

Economic Profits

Profits exceeding the opportunity costs of all inputs, indicating a return beyond the norm expected in the market or industry.