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Flashcards in Information Management and BI 2(a) Deck (10):
1

What is a "Business Process Improvement (BPI)"?

- Goal to optimize and align business processes to realize org goals
- Achieve efficiencies and effectiveness
- Reduce variation and/or waste in processes, resulting in more efficient use of scarce resources
- Involves automating manual processes, collapsing multiple processes into one

2

What is "Business Process Mgmt" (BPrM)?

- Takes holistic approach focus on improving business processes
- Strive for innovation, flexibility
- Deliberate focus leverage and integrate technology to accomplish goals and purposes of BPrM
- Processes are strategic tools, if better managed, improved, then deliver value added products and services
- Continuous improvement approach is key to successful BPrM
- Also considers human processes, parallel to IT, human judgment performed in business processes

3

"Business Process Mgmt" (BPrM) tools allow mgmt to do what:

CITRAD

• Clarify Vision
– strategy functions and processes
• Define Processes
– baseline process or improvement
• Test/Model Processes
– simulate change to a process prior to implement
• Analyze Alternative Processes
– compare simulations to determine optimal solution
• Improve Processes
– Select optimal solution and implement
• Control Processes
– Monitor improvement in real time, feed results back to simulation model, use for next iteration of improvement (user-defined dashboards)
• Re-engineer Processes
– Revamp process completely from scratch (when needed)

4

Name the 5 Phases in a "BPrM Life Cycle":

MEMOD

(1) Modeling
- What-if analysis performed on “to be” processes
(2) Execution
- Develop or buy solution
(3) Monitoring
- Real-time observation of processes that results in accurate performance statistics
- Ex: Cycle time, defect rate and productivity
(4) Optimization
- ID potential or actual problem from info from Modeling and Monitoring phases
- Ex: Bottlenecks, efficiencies or effectiveness opportunities
(5) Design
ID's existing processes
- Describes “to be” processes
- Another iteration if optimization opportunities found

5

What is required to ensure Proper Design and Integration of Internal Controls into Business Processes?

Entity should have:
(1) Formal structure to design and implement proper level and
effectiveness of controls into business processes
(2) Formal process to ensure sufficient system of ICs
(3) Policies to ensure expertise used to integrate effective
controls into all relevant business processes
(4) Formal monitoring to close loop on improvements to controls

6

What is "Business Activity Mgmt" (BAM)?

- Software that automatically monitors business processes or activities
- Refers to aggregation, analysis and presentation of real-time info about the activities embedded in infosys
- Can address multiple business processes, including across multiple sys or apps

7

How are Business Activity Mgmt" (BAM) typically displayed and why?

- Dashboard style, where real-time results compared to KPIs
- Bc BAM dashboards are instant, dynamic and real-time (BI dashboards are not avail real-time)

8

What is "Continuous Monitoring (CM)"?

- System of processes and technology used to ensure compliance and avoid risk issues associated w/ entity’s systems
- CM focuses primarily on quantitative side of controls and risk issues

9

What is involved in "Continuous Monitoring (CM)"?

- CM involves people, processes and technology work together to detect weak or poorly designed controls, allow mgmt to correct or replace them
- Generally CM tools sit on operational system and inspects transactions based on criteria and parameters

10

What are examples of "Continuous Monitoring (CM)"?

- ID, quantify and report on control failures (like duplicate payments)