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- What are the types of demand determinants? These goods are used in the production of other goods. Machinery, tools and implements, factory buildings, etc. The differentiation between a consumer good and a capital good is based on the purpose for...
- Consumer goods are further classified as durable and non-durable goods. Examples of non-durable goods are sweets, bread, milk, a bottle of Coca-Cola, photoflash bulb, etc. They are also called single use goods. On the other hand, durable consumer...
- Then there will be a need to expand the production of capital goods in order to produce the consumer goods. Thus, if more bicycles are demanded, more machinery will be required to produce bicycles. Derived Demand and Autonomous Demand: When the demand for a product is tied to the purchase of some parent product, its demand is called derived demand. For example, the demand for cement is derived demand, being directly related to building activity. Also, the demand for packaging material is a derived demand. However, it is hard to find a product in modern civilization whose demand is wholly and has supposed to have less price elasticity than autonomous demand.
- Industry Demand and Company Demand: The term industry demand is used to denote the total demand for the products of a particular industry, e. On the other hand, the term company demand denotes the demand for the products of a particular company, e. Thus an industry covers all the firms producing similar products which are close substitutes to each other irrespective of the differences in trade names, e. Obviously, firms producing distant substitutes would be excluded from the purview of the industry. Ghee and ground-nut oil, being used as cooking media, can be substitutes and will be excluded from Vanaspati industry as such. An industry demand schedule represents the relation of the price of the product to the quantity that will be bought from all the firms.
- It has a clear meaning when the products of the various firms are close substitutes. It becomes vague when there is considerable product differentiation within the industry. Industry demand can be classified customer group-wise; for example, steel demand by construction and manufacture, airline tickets by business or pleasure and geographic areas by states and districts. The degree of relationship will depend upon the competitive structure of the industry. Short-Run Demand and Long-Run Demand: Short-run demand refers to the demand with its immediate reaction to price changes, income fluctuations, etc. Long-run demand is that which will ultimately exist as a result of the changes in pricing, promotion or product improvement, after enough time has been allowed to let the market adjust itself to the new situation.
- The distinction is important in a competitive situation. In the short- run, the question is whether competitors will follow suit; while in the long-run, entry of potential competitors, exploration of substitutes, and other complex and unforeseeable effects may follow. Average cost is the total cost divided by the total quantity produced. Marginal cost is the extra cost of producing one additional unit. The relationship among total cost, average cost, and marginal cost is shown in Table 3.
- A study of the above table reveals the following points: 1. Average cost is equal to total cost divided by the number of units produced. For example, at an output of 13 units, the total cost is Rs. Here the average cost is Rs. The total cost is equal to the sum of fixed cost and all the marginal costs uncured. For example, at an output of 5 units, the total cost is initial cost to which the firm is committed irrespective of the quantity produced. Where marginal cost falls, total cost will be rise at a declining rate; on the other hand, where marginal cost is rises, total cost will rise at an increasing rate.
- When marginal cost is lower than the average cost, average cost will fall; for example, up to 12 units of output as shown in Table 3. This will be so irrespective of the fact whether the marginal cost is rising or falling. For example, for an output of 11 and 12 units, the marginal cost rises, but the average cost falls. Where the marginal cost is greater than the average cost, the average cost will rise; for example, for outputs at 14 and 15 units. If the marginal cost first falls and then rises, i. For example, at an output of 13 units, the average cost is the lowest at Rs. If the marginal cost is below the average variable cost, the latter will fall. This is exemplified in Table 3. If the marginal cost is higher than the average variable cost, the latter must be rising. If the marginal cost first falls and then rises, it will be equal to the average variable cost at a point where the average variable cost is the minimum.
- Business Analysis exam questions and answers, you can also download your Business Analysis exam answers separately. Test your knowledge today! These Business Analysis Foundation exam questions and answers are designed to help you, so once you have completed your practice paper, you can download the exam answers for free here. Mark only one answer to each question. There are no trick questions. A number of possible answers are given for each question, indicated by either A. Your answers should be clearly indicated on the Answer Sheet. This is a specimen paper only, these questions will not appear in the exam. Whether you are an individual or someone looking for group training, we can offer both e-learning and classroom training to achieve the Foundation exam. On-site training is also available for the higher levels of Business Analysis.
100+ Best Business Knowledge Quiz Questions And Answers 2021
Just ask us for more details. Thousands of students from all over the world have taken our online accredited BA Foundation course, you can take it in your own time, and the animation, voice and exercises keep learning interesting and flowing. Candidates should be able to demonstrate knowledge and understanding of business analysis principles and techniques. Key areas are: The role and competencies of a business analyst Strategy analysis Business system and business process modelling Stakeholder analysis.- These questions are based on CBAP v3 exam pattern and includes questions based on scenarios and cases. You can see the answers and explanations, after you finish the test. This test has 10 questions and 18 minutes to answer the questions. A business analyst is creating a requirements traceability matrix for a project. The requirements are already approved. The BA wants to make sure that the relationships among the requirements are specified correctly. Which document should the BA refer to for assistance? Governance Approach Business analysis approach Traceability configuration document A logistics project is being managed by Ariva Inc. The team understands the complexity and is keen to engage stakeholders for getting early feedback on the requirements. The company is optimising the last mile delivery for the project.
- Which of the following techniques the business analyst should use? Use cases and scenarios Prototyping User stories Business analyst P has joined a project, undergoing analysis phase. P is given the initial requirements list to have an understanding of the system. P notices that the list contains a mixture of business and stakeholder requirements in the same list.
- What should P do? Bring this issue to the notice of project manager and the business analyst P need not do anything. It is possible to have requirements of different types at the same time during analysis phase Create a traceability matrix and put the requirements with proper relationships P should map the business requirements and stakeholder requirements A business Analyst, Rohit, is working on a project for company A. Company A decides to acquire another company B, while the project is on. Stakeholders from both the companies are inducted into this new project, as the software is to be implemented for the merged entity. Rohit, now, has to deal with too many stakeholders suddenly.
- What can Rohit do to avoid slow decision making? Rohit can get a standardised and consistent messaging system implemented Rohit can go and talk to the sponsor to help him suggest the decision makers Rohit can choose the decision makers from the large group and keep others into another group for regular communication Rohit can get more BAs in the team so that there are enough hands to handle the increased number of stakeholders A business analyst has been asked to create an approach to reduce the non-recurring costs for the upcoming projects. Which of the following things the BA should do? The BA should focus on prioritising the requirements more stringently Control the change requests Reduce the use of expensive software licenses Identify and create more reusable requirements A project is deployed successfully and a dry run is conducted for 15 days, before making it LIVE.
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The business analyst decides to arrange a retrospective meeting with the stakeholders about the success of the project. Which of the following statement is least true in this scenario? It includes any format or venue that is acceptable to key stakeholders This lesson learned activity is restricted to agile methodologies only It can be arranged in both formal as well as informal ways It can be used to identify the area of improvement One of the stakeholders, Robert, is very keen on helping the Business analyst in writing the requirements. He feels that he can actually add value by writing requirements. He is well aware of the business perspective as well as the objectives.- Which Techniques can be suggested to Robert? What is the issue with this RACI matrix? There is nothing wrong with this RACI matrix Not all roles are allocated for each task Two tasks only have one role allocation 'R' There are two accountable role for one of the tasks A business analyst Aaron is working on a project. There are employees and centres across the country. All of these employees and locations are going to use the application. Aaron has just been informed that the head of operations been asked to quit with immediate effect. A new director of operations is joining from Mercedes Benz. What should Aaron do in this case? Level 1 is the basic revision for each chapter Warm up questions Level 2 is the drill down set scenario based questions , which you configure for time and number of questions.
- Outline Outline questions are usually worth two marks in an exam. Outline questions require slightly more detailed answers than state or define questions. An outline question usually requires a point and an example in order to access all the available marks. Outline questions are often linked to a case study or business example. Where this is the case, it is essential that the response is linked to the case study to access all the available marks.
- Question Outline one impact of changing levels of consumer income on Budget Savers supermarket. Reveal answer up down If consumer incomes increase, this could result in lower sales for Budget Savers supermarket as customers may do their food and grocery shopping at more premium supermarkets.
- Work breakdown structure Project status reports Project Status report can be an input to risk management. Therefore, the project status report is not always an input to risk management. When estimating time for activities, a Project Manager should: Answer: Use the best guess and estimate all activities since there will be changes as the project progresses and more information becomes available Involve people who will be doing the work to get estimates Estimate for what the cost will allow and include buffers None of the above Risk tolerance is determined in order to help: Answer: The team ranks the project risks.
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The project manager estimates the project. The team schedules the project. Management knows how other managers will act on the project. If you know the tolerance of the stakeholders, you can predict how they might react to different situations and risk events. This information can help assign levels of risk on each work package activity. You are running a project to engineer and implement a set of business processes and a software solution for customer relationship management. This leads to different expectations on how the project should be handled—as well as to frequent misunderstandings between stakeholders. Another effect is a growing degree of distrust and skepticism. What should you try first to integrate the diverse stakeholder groups? Answer: Focus on project work. As a project manager, you should not get distracted by big egos. Let the problems grow further until they are obvious for all. Then escalate them. Develop a joint quality policy for the project and seek a commitment by all organizations.- Analyze the probability and impact of the risks linked with the situation and plan how to respond to them. You are finding it difficult to evaluate the exact cost impact of risk. You should evaluate on a n : Answer:.
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I particularly like the depth The sample suggested answers provide clear guidance on what is expected from students in order to achieve full marks from answering the question- will be useful in class to compare with their own answers when providing feedback how to improve The wide range of multiple choice questions for each of the 6 units are wide ranging and varied, making them excellent exercises to use in class or for homework purposes The research tasks promote independent learning and stretch and challenge, which is good It has not been easy to find resources that tackle the questions in the specification so to find such an extensive resource is very pleasing I particularly like the depth given to each of the six sections of the AS specification, the breakdown of each section into multiple choice, short answer, data response and research tasks gives teachers different means by which they can assess students understanding.CBAP Sample Questions - With Answers & Explanations | Techcanvass
Also having clear answers makes my job as a teacher much easier By giving writing frames it can help students to develop a clear technique of structuring their answers which hopefully by the time of their exam they will have perfected and benefit in their final grade With this being a new qualification it is crucial to have a resource like this as there are no past papers to work from this year. This resource would be excellent both for using within class or revision or for setting as a homework.- I like the layout in the context that the sections are done in specification order so it is very easy to know where everything is placed. Also the breakdown of the practice questions from multiple-choice to 16 mark questions is very good It obviously follows the new AS specification exactly in terms of the six assessed areas being covered individually. Also the practice questions structure is as the specification structure assessment. It interprets the specification very closely, especially with regards to questions linked to theorists which play a much bigger part in the new specification.
Which Two Blocks In The Business Model Canvas Describe Business Finances? (Choose Two.)
Multiple choice questions emphasize definitions and basic understanding while short answers and case studies provide a deeper understanding, make theory practical and enhance learning.Practice Exam Questions | Reference Library | Business | Tutor2u
Business Analysis is the process performed by the Business Analyst. It is related to cloud computing. It is different from other software bundles as you don't need this type of software to be installed on your machine. All you need is the Internet connection and a Web Browser to use it. It all depends on the type and scope of the project. A life cycle model is selected based on organizational culture and various other scenarios to develop the system. It all depends on the end-users. In such a scenario, we develop the system with a user's point of view. Who are the end-users, what they require etc. Personas are helpful in this process. Personas are used instead of real users that assist developers and technical team in judging the user behavior in different scenarios.AQA A Level Business Exam Question Practice Pack: Hodder Education
Personas are social roles, performed by any actor or character. It is derived from a Latin word meaning "character. System's usability is good if it is capable of achieving users' goals. When we perform any activity in a database, such as addition, deletion, modification, searching, etc. Such systems are capable of performing database transactions and are meant to provide good speed for database transactions. These systems are mainly used for data entry and retrieving data from the database. Pugh Matrix is used to decide about the most optimal and alternate solutions. This technique is now a standard part of Six Sigma technique. It is also known as a problem or design matrix. It means Failure Mode and Effects Analysis.- It is a failure analysis, that is used mainly in product development, system engineering, and operations management. This analysis is performed to figure out various failure modes and their severity in any system. This method is used to assign priority to different steps in a process. Each group member is supposed to assign points to different steps. In the end, all the points for each step are calculated. The step having the highest points has the highest priority. It is a business framework that is mainly being adopted by firms and organizations for the betterment of their business. Its key factors are Strategy, People, Process, and Technology. It is a term derived from use-case. Unlike use case, a misuse case is something that shows -what kind of malicious activities can be performed by an actor that may result in system failure. It is one of the software engineering steps that mainly focus on documenting the security requirements of the system.
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