BUS-K321 Exam 1 Quiz Questions
A SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.
True
A back order is an unfilled customer order for a product that is out of stock.
True
A data gap analysis occurs when a company examines its data to determine if it can meet business expectations, while identifying possible data gaps or where missing data might exist.
True
A data mart contains a subset of data warehouse information.
True
A neural network is a category of artificial Intelligence that attempts to measure the way the human brain works.
True
A pivot rotates data to display alternative presentations of the data.
True
A stakeholder is a person or group who has an interest or concern in an organization. Stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change.
True
According to Fast Company magazine, a few executive levels you might see created over the next decade include chief intellectual property officer, chief automation officer, and chief user experience officer.
True
According to Porter's three generic strategies, Walmart is following a business strategy that focuses on broad market and low cost.
True
Analysis paralysis occurs when the user goes into an emotional state of overanalysis (or overthinking) a situation so that a decision or action is never taken, in effect paralyzing the outcome.
True
Analytics is the science of fact-based decision making
True
Attracting new customers, decreasing costs, and entering new markets are all examples of successful business strategies.
True
Benchmarks are baseline values the system seeks to attain.
True
Big data is a collection of large, complex data sets, including structured and unstructured data, that cannot be analyzed using traditional database methods and tools.
True
Business process re engineering is the analysis and redesign of workflow within and between enterprises.
True
Business-facing processes or back-office processes are invisible to the external customer but essential to the effective management and operation of the business.
True
CRM analysis technologies help organizations segment their customers into categories such as best and worst customers.
True
Competitive advantages provide the same product or service either at a lower price or with additional value that can fetch premium prices.
True
Computer-aided design/computer-aided manufacturing (CAD/CAM) systems are used to create the digital designs and then manufacture the products.
True
Data-mining tools use a variety of techniques to find patterns and relationships in large volumes of information that predict future behavior and guide decision making.
True
Digital dashboards offer consolidation, drill-down, and slice-and-dice capabilities.
True
Dirty data is erroneous or flawed data. The complete removal of dirty data from a source is impractical or virtually impossible.
True
Drive-by hacking is a computer attack where an attacker accesses a wireless computer network, intercepts data, uses network services, and/or sends attack instructions without entering the office or organization that owns the network.
True
Effective and efficient supply chain management systems can enable an organization to decrease the power of its buyers.
True
Electronic data interchange (EDI), a standard format for the electronic exchange of information between supply chain participants.
True
Enterprise resource planning (ERP) integrates all departments and functions throughout an organization into a single IT system (or integrated set of IT systems) so employees can make decisions by viewing enterprisewide information about all business operations.
True
Ethics and security are two fundamental building blocks for all organizations.
True
Granularity refers to the level of detail in the model or the decision-making process.
True
Improving the quality of business decisions has a direct impact on costs and revenue.
True
In a data warehouse, information cleansing occurs first during the ETL process and again once the information is in the data warehouse.
True
Information granularity refers to the extent of detail within the information (fine and detailed or coarse and abstract).
True
Information is data converted into a meaningful and useful context. The truth about information is that its value is only as good as the people who use it. People using the same information can make different decisions depending on how they interpret or analyze the information.
True
Information management examines the organizational resource of information and regulates its definitions, uses, value, and distribution ensuring it has the types of data/information required to function and grow effectively.
True
Information technology's primary role in supply chain management is creating the integrations or tight process and information linkages between functions within a firm—such as marketing, sales, finance, manufacturing, and distribution—and between firms.
True
Intellectual property is intangible creative work that is embodied in physical form and includes copyrights, trademarks, and patents.
True
It is not uncommon to find stakeholders' business strategies have conflicting interests such as investors looking to increase profits by eliminating employee jobs.
True
Logistics controls processes inside a company (warehouse logistics) and outside a company (transport logistics) and focuses on the physical execution part of the supply chain.
True
Many organizations find themselves in the position of being data rich and information poor. Even in today's electronic world, managers struggle with the challenge of turning their business data into business intelligence.
True
Master data management (MDM) is the practice of gathering data and ensuring that it is uniform, accurate, consistent, and complete, including such entities as customers, suppliers, products, sales, employees, and other critical entities that are commonly integrated across organizational systems. MDM is commonly included in data governance.
True
Most organizations maintain positions such as chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO) at the strategic level.
True
Order date, amount sold, and customer number are all forms of data.
True
Plan, source, make, deliver, and return are the five basic supply chain management components.
True
Procurement can help a company answer the following question: What quantity of raw materials should we purchase to minimize spoilage?
True
Productivity is the rate at which goods and services are produced based upon total output given total inputs.
True
RFID uses electronic tags and labels to identify objects wirelessly over short distances.
True
Relational database model stores information in the form of logically related two-dimensional tables.
True
Smoking areas are targeted by hackers as they regularly use smoking entrances to enter the building where they pose as employees to gain access to the company network.
True
Successful companies today operate cross-functionally, integrating the operations of all departments.
True
The Internet of Things (IoT) is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention.
True
The chief knowledge officer is responsible for collecting, maintaining, and distributing company knowledge.
True
The four common characteristics of big data are variety, veracity, volume, velocity.
True
There are three primary data models for organizing information including the hierarchical, network, and relational database models.
True
Two of the common forms of viruses discussed in the book include the Trojan-horse virus and the acceptance-of-service attack.
True
Value chain analysis views a firm as a series of business processes that each adds value to the product or service.
True
Within the data warehouse model, the external databases could include competitor information, industry information, and stock market analysis.
True
Worm spreads itself, not only from file to file, but also from computer to computer. The primary difference between a virus and a worm is that a virus must attach to something, such as an executable file, to spread. Worms do not need to attach to anything to spread and can tunnel themselves into computers.
True
Counterfeit software is the unauthorized use, duplication, distribution, or sale of copyrighted software.
False
Data latency includes the tests and evaluations used to determine compliance with data governance polices to ensure correctness of data.
False
Distributed computing focuses on forecasting future trends and producing insights using sophisticated quantitative methods, including statistics, descriptive and predictive data mining, simulation, and optimization.
False
ETL, within a data warehouse model, stands for exit, track, and load.
False
Firm infrastructure and human resource management are part of the primary value activities.
False
Fuzzy logic is the process within a genetic algorithm of randomly trying combinations and evaluating the success (or failure) of the outcome.
False
Inventory cycle time is the agreed upon time between the purchase of a product and the delivery of the product.
False
Metrics are temporary activities a company undertakes to create a unique product, service, or result.
False
Optimization is a statistical process for estimating the relationships among variables.
False
Organizational data includes simple structured data elements in a database.
False
Plan, source, make, deliver, and service are the five basic supply chain management components.
False
Polaroid had a unique competitive advantage for many years until it forgot to observe competitive intelligence. The firm went bankrupt when people began taking digital pictures. Polaroid provides a great example of Porter's supplier power.
False
Porter has identified three generic business strategies including focused, broad cost leadership, and switching strategy.
False
RFM stands for Regency, Frequency, and Monetary.
False
Sensitivity analysis, what-if analysis, optimization analysis, and market basket analysis are the common DSS analysis techniques.
False
Social media analytics analyzes unstructured data associated with websites to identify consumer behavior and website navigation.
False
Strategic decisions are highly structured decisions.
False
Structured data extracts information from data and uses it to predict future trends and identify behavioral patterns.
False
Structured query language compiles all of the metadata about the data elements in the data model.
False
The chief data office (CDO) is responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's information technology.
False
The chief data officer is responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives.
False
The chief intellectual property officer (CIPO) is responsible for collecting, maintaining, and distributing the organization's knowledge.
False
The chief technology officer is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks from hackers and viruses.
False
The difference between existing MIS workplace knowledge and the knowledge required to fulfill the business goals and strategies is called an MIS skill set.
False
The evolution of CRM is reporting, analyzing, and creating.
False
The four primary traits of the value of information are levels, formats, granularities, and type.
False
The manipulation of information to create business intelligence in support of strategic decision making is referred to as OLTP, or online transaction processing.
False
Volume includes the uncertainty of data, including biases, noise, and abnormalities.
False
Web mining analysis describes technologies that allow users to see, or visualize, data to transform information into a business perspective.
False
When a company is the first to market with a competitive advantage, it gains a particular benefit known as competitive intelligence.
False
Business intelligence is an approach to business governance that values decisions that can be backed up with verifiable data.
False
Collaborative demand planning allows an organization to reduce the cost and time required during the design process of a product.
False
Confidentiality is the right to be left alone when you want to be, to have control over your own personal possessions, and not to be observed without your consent.
False
Competitive intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.
False
Competitive monitoring can compare two or more data sets to identify patterns and trends.
False
A data miner is a business analytics specialist who uses visual tools to help people understand complex data.
False
A data warehouse is a central location in which data is stored and managed.
False
A digital dashboard produces graphical displays of patterns and complex relationships in large amounts of data.
False
A first-mover advantage is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed.
False
A foreign key is a field (or group of fields) that uniquely identifies a given entity in a table.
False
Accurate information asks if the aggregate or summary information is in agreement with detailed information.
False
An overview of systems thinking includes input, process, output, and finances.
False
Black-hat hackers work at the request of the system owners to find system vulnerabilities and plug the holes.
False
