What is the full form of ERP? Explain ERP with examples?
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter23: Other Topics In Working Capital Management
Section: Chapter Questions
Problem 2MC
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What is the full form of ERP? Explain ERP with examples?
Expert Solution
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Step 1
ERP means Enterprise Resource Planning, it is a process management software used by organizations to manage and integrate the different department in a business. ERP software integrates planning, purchasing, inventory, sales , marketing, finance, human resources, MIS, etc.
Step 2
The benefits of an ERP system are:
(a) Reduced cost
(b) Increased Accuracy
(c) Integrated information system
(d) Flexible business operations
(e) Data security
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