Understanding Key Business Terms

What does it mean for a project to be viable?

• A project is viable if it has a large budget.

• A project is viable if it is popular among stakeholders.

• A project is viable if it is completed quickly.

• A project is viable if it can be successfully executed and sustained over time.

How would you define negligible in a business context?

• Negligible indicates a critical issue that must be addressed immediately.

• Negligible refers to an insignificant amount or impact that does not affect business operations or decisions.

• Negligible refers to a large impact on business decisions.

• Negligible is a term used to describe major financial losses.

What is meant by cutting-edge technology?

• Outdated technology that is no longer in use.

• Basic technology that lacks advanced features.

• Cutting-edge technology is the latest and most advanced technology available.

• Technology that is only available in limited regions.

What constitutes a business opportunity?

• A business opportunity is a hobby that you enjoy doing in your free time.

• A business opportunity is any idea that is popular among friends.

• A business opportunity is a guaranteed way to make money without effort.

• A business opportunity is a viable idea that meets a market need and has the potential for profit.

How does convergence apply in different industries?

• Convergence leads to increased competition and reduced collaboration.

• Convergence is irrelevant in traditional industries like agriculture.

• Convergence only applies to the technology sector.

• Convergence applies by merging technologies and services across industries, enhancing efficiency and user experience.

What does it mean to cancel out an effect?

• To negate or counteract the influence of something.

• To enhance the influence of something.

• To amplify the impact of a situation.

• To ignore the effects of something entirely.

When do we say one value exceeds another?

• One value exceeds another when it is equal to that value.

• One value exceeds another when they are both the same.

• One value exceeds another when it is less than that value.

• One value exceeds another when it is greater than that value.

What is considered an adequate resource allocation?

• Adequate resource allocation is the effective distribution of resources to meet project or organizational needs.

• Effective resource allocation is solely based on employee preferences.

• Resource allocation is only about financial distribution.

• Adequate resource allocation means hoarding resources for future use.

How can a company optimise its operations?

• Increase inventory levels

• Focus solely on marketing

• Streamline processes and reduce waste.

• Ignore customer feedback

What are ways to enhance customer experience?

• High prices

• Inconsistent branding

• Limited product selection

• 1. Personalization 2. Efficient customer service 3. User-friendly interfaces 4. Regular feedback collection 5. Consistent communication