ISTM exam 1

Select the four primary strategic initiatives for competitive advantages.

Business process reengineering,Enterprise resource planning,Supply chain management,Customer relationship management

Core drivers of the information age

Information Business intelligence Knowledge Data

To the following is considered data

Quantity sold Customer number Order date

A(n) ________ analysis evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies. (Use the acronym)

SWOT

What evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies?

SWOT analysis

What is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?

Threat of new entrants

What characteristic is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose?

Threat of substitute products or services

Select the question that can be answered using only raw data.

What is the date, amount sold, and customer number for a sale transaction?

What is the science of fact-based decision making?

analytics

__________ is the science of fact-based decision making.

analytics

Select 3 goals or objectives that a leadership plan might include to achieve a solid business strategy.

attracting new customers, decreasing costs, increasing sales

A(n) _______ unit is a segment of a company representing a specific business function.

business

________ analytics is the scientific process of transforming data into insight for making better decisions.

business

___________ -facing processes are invisible to the external customer but essential to the effective management of the business.

business

What is the scientific process of transforming data into insight for making better decisions?

business analytics

What is a leadership plan that achieves a specific set of goals or objectives?

business strategy

What is a segment of a company representing a specific business function?

business unit

What is the ability of buyers to affect the price they must pay for an item?

buyer power

What is a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors?

competitive advantage

_________ analytics involves gathering, classifying, comparing, and studying customer data to identify buying trends, at-risk customers, and potential future opportunities.

customer

What are the raw facts that describe the characteristics of an event or object?

data

A(n) ________ is the confirmation or validation of an event or object.

fact

What are material items or products that customers will buy to satisfy a want or need?

goods

Select three examples of goods.

groceries, cars, clothing

Porter's Five Forces Model analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in a(n) _________.

industry

multiple choice In the _________ age infinite quantities of facts are widely available to anyone who can use a computer.

information

What age are we currently living in when infinite quantities of facts are widely available to anyone who can use a computer?

information age

What is a world where interconnected Internet-enabled devices or "things" have the ability to collect and share data without human intervention?

internet of things

What includes the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources?

knowledge

_________ includes the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources.

knowledge

What refers to devices that connect directly to other devices?

machine to machine

Which of the following terms is commonly associated with the Internet of Things?

machine to machine

Which of the following are confirmed or validated with a fact?

object,event

What analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry?

porters five force model

What is a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information?

report

Who is a person or group that has an interest or concern in an organization?

stakeholder

A(n) _________ process uses a systematic approach in an attempt to improve business effectiveness and efficiency continuously.

static

What has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address?

structured data

What is typically stored in a traditional system such as a relational database or spreadsheet and accounts for about 20 percent of the data that surrounds us.

structured data

What consists of all parties involved, directly or indirectly, in obtaining raw materials or a product?

supply chain

What is a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part?

systems thinking

What provides an end-to-end view of how operations work together to create a product or service?

systems thinking

true false True or false: A report can cover a wide range of subjects or specific subject for a certain time period or event.

true

The Internet of Things (IoT) is a world where interconnected Internet-enabled devices or "things" have the ability to collect and share data __________ human intervention.

without