What Is Meant by Systems Thinking

question 14

Essay

What is meant by systems thinking?

Demonstrate knowledge of make or buy decisions and the factors influencing such decisions.

Analyze different decision-making scenarios using incremental analysis.

Evaluate investments using various financial evaluation methods such as break-even time (BET), accounting rate of return, and consideration of cash flows.

Understand the role of risk and rate of return in business decision-making.

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Definitions:

Entropy

Disorderliness; a quantitative measure of the amount of the random, disordered energy that is unavailable to do work.

Cofactor

A nonprotein substance needed by an enzyme for normal activity; some cofactors are inorganic (usually metal ions); others are organic (coenzymes).

Enzymes

Biological catalysts that speed up chemical reactions in cells without being consumed in the process.

Enthalpy

Enthalpy is a measurement of the total heat content of a system, reflecting the energy needed to create a system and the energy needed to make room for it by displacing its environment.