ISM Quiz 1
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 primary value activity is a standardized set of activities that accomplish a specific task, such as processing a customer's order
False
Buyer power is included as one of Porter's three generic strategies
False
If a business could produce the same hamburger with less inputs, it would probably see a decrease in profits
False
Porter's Five Forces Model outlines the process for a sales strategy
False
The business decisions made by the accounting department include manufacturing data, distribution data, and production data
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 threat of substitute products or services refers to the power of competitors to enter a new market
False
Unstructured data extracts information from data and uses it to predict future trends and identify behavioral patterns
False
Volume in big data includes the uncertainty of data, including biases, noise, and abnormalities
False
A SWOT analysis will evaluate potential internal strengths, internal weaknesses, and external opportunities
True
A snapshot is a view of data at a particular moment in time
True
If a business could produce more hamburgers with the same inputs, it would see a rise in productivity and possibly an increase in profits
True
In a SWOT analysis, strengths and weaknesses originate inside an organization, or internally. Opportunities and threats originate outside an organization, or externally, and cannot always be anticipated or controlled
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
The information age is the present time, during which infinite quantities of facts are widely available to anyone who can use a computer
True
The operations management department manages the process of converting or transforming resources into goods or services
True
Top managers use predictive analytics to define the future of the business, analyzing market, industries, and economies to determine the strategic direction the company must follow to remain profitable. Tony will set the strategic direction for his firm, which might include introducing new flavors of potato chips or sports drinks as new product lines or schools and hospitals as new market segments
True
Value chain analysis views a firm as a series of business processes that each adds value to the product or service
True
Veracity in big data includes the uncertainty of data, including biases, noise, and abnormalities
True