HRIP Certification Exam: Trivia Quiz!

Having a clear and concise requirements definition document is the key to selecting a system that works for the company. This document outlines the specific needs and expectations of the company, providing a clear roadmap for evaluating and selecting a system that aligns with these requirements. Without a well-defined requirements document, it becomes difficult to assess whether a system meets the company's needs, resulting in potential mismatches and inefficiencies. Therefore, having a clear and concise requirements definition document is crucial in ensuring that the selected system is the right fit for the company.

Business requirements are used as the input for the RFI/RFP, vendor demonstration scripts, and as a guide to evaluate fit to product. Business requirements outline the specific needs and objectives of the organization, and serve as the basis for selecting a vendor and evaluating their product. These requirements help to ensure that the chosen solution aligns with the business goals and meets the necessary criteria. By using business requirements as the input, organizations can effectively assess the suitability of vendors and their offerings, and make informed decisions based on their alignment with the stated requirements.

Soft Dollar savings refer to savings that cannot be accounted for directly in the budget but still have a positive impact on the organization. These savings are achieved through secondary means and are not directly measurable or quantifiable in financial terms. However, they contribute to the overall efficiency, productivity, and profitability of the organization. Soft Dollar savings can include factors such as improved customer satisfaction, enhanced employee morale, increased brand reputation, and better decision-making processes. These intangible benefits ultimately lead to long-term cost savings and improved organizational performance.

Before submitting the RFI/RFP, it is crucial to have a non-disclosure agreement in place with possible vendors. This agreement ensures that the vendors will not disclose any confidential information shared during the research process to third parties. It helps protect sensitive information and trade secrets, maintaining the confidentiality of the project. By signing the non-disclosure agreement, vendors are legally bound to keep the information confidential, preventing any potential misuse or unauthorized disclosure.

"Hard Dollar" savings refers to the actual money that will be saved in the budget. This means that it represents the tangible and measurable cost reductions or savings that can be directly attributed to a specific project or initiative. It does not include cash on hand at the end or beginning of a project, or working capital expenditures on a pro-rated basis. Instead, it focuses on the quantifiable financial benefits that result from implementing a particular business case or strategy.

Three references should be provided for your company to evaluate an RFI. Providing three references allows the company to gather enough information about your company's past performance, credibility, and reliability. It also provides a balanced perspective by considering multiple references rather than relying on just one or two. With three references, the company can make a more informed decision about whether your company is suitable for the project or opportunity outlined in the RFI.

Software licenses are considered a company asset because they provide value and can be used over a period of time. However, software licenses have a limited useful life due to technological advancements and updates. Therefore, they are typically depreciated over a certain number of years to reflect their diminishing value. In this case, the correct answer is 5, meaning that software licenses are typically depreciated over a period of 5 years.

The RFP (Request for Proposal) has a higher level of detail about the company's system requirements compared to the RFI (Request for Information). An RFP is a document that outlines the specific needs and expectations of the company, including detailed information about the system requirements. On the other hand, an RFI is a more general inquiry seeking information about potential solutions and vendors. Therefore, the RFP provides a more comprehensive and detailed understanding of the company's system requirements.

The fees associated with annual ASP or SaaS costs cannot be treated as an asset by the company. According to accounting principles, an asset is something that provides future economic benefits to the company. However, annual ASP or SaaS costs are considered as expenses because they are incurred for the ongoing use of the service and do not provide any future economic benefits. Therefore, they are recorded as expenses on the income statement rather than being recognized as assets on the balance sheet.

The business case should be baselined based on the staff time required to support the process. This means that the resources and time needed to support the new project should be estimated and included in the business case. By considering the staff time to support the process, the business case can accurately reflect the costs and resources required for the project.

A scripted demo should be provided after selecting a vendor. This type of demo is carefully planned and prepared in advance, following a specific script or set of instructions. It allows the vendor to showcase their product or service in a controlled manner, ensuring that all relevant features and benefits are covered. The scripted demo ensures consistency and accuracy in the presentation, allowing potential customers to make informed decisions based on the information provided.

When terminating an existing ASP or SaaS contract, one of the costs typically included is the cost of sending data that resides on the current system to a new system. This cost arises because the data needs to be transferred from the old system to the new system in order to ensure continuity and accessibility. It may involve hiring professionals or using specialized tools for the data migration process, which can incur additional expenses.

New software licenses are typically depreciated over a period of 3-5 years. This means that the company spreads out the cost of the software license over this time frame, considering it as an expense over multiple years rather than a one-time cost. This method of depreciation allows the company to match the cost of the software with the benefits and value it provides over the same period. By depreciating the software license over 3-5 years, the company can accurately reflect the cost and value of the license on its financial statements.

When evaluating a vendor RFI, the provided price range can be considered accurate within a 20% margin. This means that the actual price of the vendor's products or services may vary by up to 20% from the range provided in the RFI. It is important for the buyer to keep this in mind when making decisions based on the price information provided in the RFI.

When evaluating a Service Level Agreement (SLA), one of the important considerations should be the hours of the helpdesk. This refers to the availability and responsiveness of the helpdesk support team. It is crucial to ensure that the helpdesk is accessible during the required hours, especially if the service being provided is critical and requires immediate assistance. The availability of the helpdesk can greatly impact the overall effectiveness and efficiency of the SLA.

A SAS 70 report should be requested by an ASP or SaaS vendor to ensure that the company's information is going to be secure and that the vendor has a proper change management and business continuity plan in place. The SAS 70 report is a widely recognized auditing standard that assesses the controls and processes of service organizations. It provides assurance to customers regarding the effectiveness of the vendor's internal controls and security measures. This report evaluates various aspects such as physical security, logical access controls, data backup and recovery, and vendor management.

The baseline for a business case is formed by the current spending on existing applications. This refers to the amount of money that is currently being spent on maintaining and supporting the applications that are already in use. It provides a starting point for analyzing the financial implications of any proposed changes or investments in the applications. By understanding the current spending, businesses can assess the potential benefits and costs of different options and make informed decisions about future investments.

When a software delivery model is "Licensed Software On-Premise," it means that the software is installed and hosted on the customer's own servers or infrastructure. In this case, it is important to ask the vendor about planned upgrades and major releases in the next 12 to 18 months. This will help the customer stay informed about any upcoming updates or new features that may be relevant to their needs and ensure they can plan for any necessary upgrades or migrations.

The correct answer is costs related to system review and approval. When purchasing a new software solution, there are various expenses that can be capitalized over its lifespan. These include costs associated with reviewing and approving the system, such as conducting feasibility studies, evaluating vendor proposals, and obtaining management approval. These costs are considered part of the initial investment in the software and can be capitalized as an asset on the company's balance sheet.