What defines a process variant?

A process variant is defined as a unique sequence of activities within a business process that can differ from other sequences. Each variant represents a different way of executing a process, capturing the specific choices made by participants during execution. This includes variations due to exceptions, alternative paths taken, or customizations made by different teams or systems.

Understanding process variants is crucial because they highlight the diversity in how processes are carried out in practice, which can lead to insights for performance improvement, compliance checks, and identifying best practices. The ability to distinguish and analyze these variants helps organizations to optimize their processes and standardize operations where beneficial while acknowledging the need for flexibility in certain scenarios.

The other options do not accurately convey the concept of a process variant. A standard operating procedure involves predefined steps meant to be followed, a financial model pertains to evaluating financial aspects rather than process flows, and common errors encountered during processes could indicate issues within a process variant but do not define what a variant itself is. Thus, the correct understanding of process variants is essential for continuous improvement and operational excellence in business processes.