Natasha, Jillian and Joseph were preparing to attend a conference on business process management. Various statements from their conversation are shown below. Respond to each statement to reflect a more accurate view of the basic principles of BPM discussed in the chapter. Do not quote the principles. The first item is done for you as an example.
Statement I’m surprised they’re sending us to this conference; I thought external consultants directed most business process management projects. We’ll probably have to spend more money on computers to implement what we learn. This conference is a waste of time and money. It’s not going to help us compete in our current markets. Maybe we’ll finally figure out a way to reduce the number of documents in our accounting information system; I think that’s what business process management is about. I’m looking forward to spending two days without our bosses at this conference. I’m sure the things we’ll be learning would be too detailed for them. I like the old way of doing things in our company; I don’t see any reason to change processes now. Response External consultants might be involved, but our own employees need to be part of things, too.
High Unemployment
refers to a situation where a substantially higher percentage of the workforce is not engaged in employment, suggesting economic distress.
Inflation
The swell in the general price range for goods and services, shrinking the buying power of consumers.
Deflation
A decrease in the general price level of goods and services, often accompanied by a reduction in the money supply and credit.
Mildest Recession
A period of economic downturn that is less severe in terms of duration and decrease in GDP compared to typical recessions.