It is often said that “accounting is the language of business.” If that statement is true, business students should be knowledgeable about that language. Consider the following terms commonly used in accounting and business contexts.
Enterprise resource planning system ........ Sunk costs
Information ................. Data warehouse
Electronic data interchange ............. Knowledge warehouse
Data mining .................. Knowledge
Operational planning ............. Sensitivity analysis
Opportunity costs

Required
Choose the term from this list that most appropriately completes each of the following statements.
a. Frequently containing many years of transactions, a(n) ___________ often serves as a central depository for electronic data.
b. ___________ is the process of changing the values of key variables considered in an analysis to determine how sensitive decisions are to those changes.
c. Managers who actively search for and extract data and information from computer systems are said to be ___________.
d. Data become ___________ when organized, processed, and summarized.
e. ___________ are costs that have already been incurred and cannot be changed regardless of future decisions.
f. Benefits forgone by choosing one alternative over another are typically called ___________.
g. The ultimate goal of a(n) ___________ is to get the right information to the right people at the right time.
h. Benefits of ___________ include increased speed and quality of information exchange, reduced lead times, and reduced processing costs.
i. Client and customer notes, product specifications, documentation of problem resolution, new articles, and memos may all be part of a searchable ___________.
j. Information becomes ___________ when it is shared and exploited to add value to an organization.
k. Determining short-term objectives and goals is often called __________.