MIST part 1 exam

What is the "new" way of thinking about customer relationships?

"C's"; Cost, Customer, Convenience, Communication

Components of business model canvas:

-key activities -value proposition -customer relationships -customer segments -revenue streams -channels -key resources -cost structure -key partners

5 areas for technology-based transformation?

1) customer experience 2) process effectiveness 3) business integration 4) data and information 5) new products & services

IOT concerns

1. Data privacy 2. Data security 3. Data reliability

Digital Data

1. perfect transmission 2. Replication without degradation 3. Marginal cost --> zero

Sales --> Warehouse --> Accounting

3 isolated systems = delays

Old customer relationships

4 P's: product, price, place, promotion

Customer Relationship Management (CRM) system is:

A system that helps us use information to increase revenue and profitability through better marketing campaign effectiveness, improved customer-facing processes, and improved sales and customer service

Which of the following is true about project management?

As with other professions, project managers are supported by professional organization (called the PMI)

A process model that illustrates the current state of a business process is known as the __________ model.

As-is

Which of the following is a TRUE statement about the shift from "old" ways of marketing to the "new" that are digitally and socially enabled?

Because of user-generated content, companies have less control of the message about their product

Which of the following models or documents would be useful in the conceptualization and initialization phase of a project?

Business model

According to our class discussion of business processes, which of the following is emerging as the standard for modeling business processes?

Business process modeling notation (BPMN)

BPMN

Circle = event Rectangle = task Arrow = flow

What are the 3 fundamental elements of a data model?

Entities, attributes, relationships

Which of the following types of user-interface design wireframes shows how each page is structured and includes information about each button, field, and piece of content?

Functional wireframe

Traditionally, accounting was performed through paper-based and spreadsheet ledgers. Data across these ledgers needed to be manually reconciled and this was time-consuming, prone to error, and required that people wait for their data. Now with business systems such as ERP (enterprise resource planning) systems, accounting data is:

Integrated and available "real-time" across an organization

IOT

Internet of Things

Quality

MOV & client satisfaction

Who published pimbok?

PMI (project management institute)

What are 4 components of information system?

People, process, technology, data

The system development life cycle (SDLC) method for leading IT-enabled change to work systems would typically take place in which stage of the project?

Project execution and control

Which of the following is NOT a type of model that IS professional would typically work with to understand and improve systems?

Promotional model

Which of the following are NOT commonly cited benefits of cloud computing?

Reciprocity

On the Business Model Canvas, which component describes the cash a company generates for each customer segment?

Revenue Stream

Which of the following is a problem where the scope of a project increases dramatically at some point in the projecT?

Scope leap

SMAC

Social, mobile, analytics, cloud

What are the triple constraints of project management?

Time, Resources, Scope

Big data

Volume Variety Velocity

Pivot

a "shift" from your original direction based on information found in the market/reaction to product

Customer segment

a group of customers with common needs, common behaviors, or other attributes

Traditional marketing techniques often involved targeting customers you wanted to reach by advertising in the magazines they read and TV shows they watch. Although these are certainly still commonplace, there are a variety of new tactics associated with the internet and the digital age. Which of the following concepts is NOT associated with new digital marketing tactics?

a) Extreme Personalization b) Interactive media c) social media d) ecosystem of media e) all of the above are associated with new digital marketing tactics E

Which of the following is a true statement about the business model canvas?

a) customer groups represent a distinct segment if we give them a distinct offer or we serve them through different channels b) the channel component describes how we will deliver or reach our customers with the value proposition c) the right side of the canvas is generally related to revenue generation, while the left side of the canvas is generally related to costs d) All of the above are true e) All of the above are false E

Milestones

accomplishments

Scope grope

can't define scope

attributes

categories of description for an entity

CAPM

certified associate in project management

business intelligence

computer-based techniques used in identifying, extracting, and analyzing business data for decision making

data model

conceptual representation of data structures

Joseph Schumter

creative destruction; economic progress in one area means turmoil for another industry or company

Cost structure

describes all costs incurred to operate a business model

A work breakdown structure (WBS) is a:

description of tasks, numbered and arranged in layers of detail

data mining

discovering new patterns from large data sets

scope leap

drastic change to project scope

Bait & Hook

give something free to lock in revenue Ex: razors and razorblades / printer & toner

Freemium

gives something free to most customers to get a subset of the customers using premium ex: Spotify

Brainstorming problems

group-think, social loafing, too much piggybacking stifles new streams of ideas

Pools

independent organizational entities

Big data comes from sensors that are:

instrumented, interconnected, and intelligent

Early IT architecture

mainframe as host; large computers

MOV

measurable organizational value

SDLC

middle phase

MVP

minimum viable product; a prototype or pilot of an idea to be tested in the marketplace

Scope creep

most common; adding features in later that are not part of original scope

Client-server architecture

network of desktop computers

Internet of Things

network of physical objects of things that are embedded with electronics, sensors, software, and network connectivity

Cloud-architecture

no server, rent time on cloud

Crow's notation

one-mandatory many-mandatory one-optional many-optional

What are web services?

programmable pieces of code

Pimbok

project management body of knowledge

Entity

recognizable objects that you need to store data about

Deliverables

tangible work products

Value proposition

the benefit or bundle of benefits that a company offers customers

Key resources

the most important assets required to make a business model work

IOT does what:

these objects connect and exchange data with each other

primary key

type of attribute that uniquely identifies

Silo effect

workers complete tasks without regard to consequences for other components of process/need communication and collaboration

Which of the following would be considered a project?

a) a nurse checking on a patient in the hospital's emergency center b) a Ford F150 truck moving through the assembly line in Kansas city c) The development of the next version of Google Chrome's web browser d) All e) None C

Which of the following is NOT true about use cases?

a) a use case lists the steps that an actor using a system takes to reach a goal b) each use case can have no more than one type of actor c) each use case can have multiple alternative outcomes d) each use case can have only one goal e) All of the above are true E

Two-sided market

require network effects; neither group benefits unless both groups are involved

Lones

resource classes in the same organizational space & sharing common systems ex: sales department/marketing department

Advantages of ERP

single point of data capture real-time information everywhere

Attacker's advantage

smaller competitor sees flaw in big existing company and offers direct alternative

Lack of visibility across the process

solution: ERP

Which of the following is the best definition of "project management"?

the application of knowledge, skills, tools, and techniques to project activities to meet project requirements