SIT Exam 1
26(11) → Chemical Bank (later acquired by Chase) introduced ATM's as a new banking feature, and barrier to entry in the year:
1969
Timeline for Web 1.0
1991-2003. Ecommerce, ebusiness
50(5) → facebook uses at least ___ data brokers, some of which promise that you can opt out from them, but it is almost impossible;
212
54(9) → Facebook needs to monetize the key AI algorithms it has been advancing to classify as many as ___ traits of users
52,000
The CNBC Tesla article predicted that by 2019, Tesla would have greater than _______ model S, X and 3 cars in its global fleet.
700,000
Management Information Systems (MIS)
A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving
59(14) → Decision support system model information using OLAP, which provides assistance in evaluating and choosing among different courses of action. Which of the below does NOT represent an example of a DSS in business?
A manufacturing digital dashboard showing visualizations of inventory and production
Executive information system (EIS)
A specialized DSS that supports senior level executives within the organization. Tableau
Project
A temporary activity a company undertakes to create a unique product, service, or result
33(3) → which of the following is not considered a core driver of the information age?
Analytics
What is the science of fact-based decision making?
Analytics
Web 3.0
Based on "intelligent" Web applications using natural language processing, machine-based learning and reasoning, and intelligence applications
28(13) → competitive strategy is about?
Being different
25(10) → Information technology can enable departments to more efficiently and effectively perform their core _____.
Business operations
Information technology can enable departments to more efficiently and effectively perform their core _____________.
Business operations
32(2) → a leadership plan to fulfill business goals is called
Business strategy
A leadership plan to fulfill business goals is called a _______.
Business strategy
The ______ oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives.
CIO
46(1) → What is the difference between customer-facing and business-facing processes?
Customer-facing processes are front-office processes, business-facing processes are back-office processes
What models information and provides assistance in evaluating and choosing among different courses of action?
DSS
Information
Data converted into a meaningful and useful context
The core drivers of competing in the information age include:
Data, information, business intelligence, knowledge
Which of the following is considered a managerial decision or semistructured decision?
Determining the best customers by region
Decision making at the executive or strategic level requires business intelligence and knowledge to support the uncertainty and complexity of the business. What is a specialized DSS that supports senior-level executives and unstructured decisions requiring judgment, evaluation, and insight?
Effective Information System
67(7) → What types of metrics measure customer satisfaction
Effectiveness MIS metrics
What types of metrics measure customer satisfaction?
Effectiveness MIS metrics
6 → Which of the following represents the types of data commonly found in the human resources department?
Employee data
Decision making at the executive or strategic level requires business intelligence and knowledge to support the uncertainty and complexity of the business. What is a specialized DSS that supports senior-level executives and unstructured decisions requiring judgment, evaluation, and insight?
Executive information system(EIS)
7 → Which of the following are included as potential external opportunities in a SWOT analysis that are helpful to an organization?
Expanded product line, increase in demand, new markets, new regulations
51(6) → What is the system that uses computerized advisory programs to imitate the reasoning processes of experts like Doctors to solve difficult problems?
Expert System
53(8) → Which of the following is the most commonly used form of AI in the business arena
Expert System
61(1) → The most powerful algorithm Facebook uses is called:
FBLearner Flow
Companies operate in competitive environments. The four "FANG" stocks were among the biggest competitive winners of 2017. This acronym refers to the following four stocks:
Facebook, amazon, netflix, google
Systems Thinking
Feedback reported to input, process, and output
Which industry has been relying on neural network for over two decades?
Finance
In your textbook it states that MIS as a department is a relatively new functional area, having been around formally for about _______ years.
Forty
30(15) Your boss, dr. dre, has asked you to analyze the music industry using Porter's five forces model. Which of the following represents the threat of substitute products of service in the music industry?
Game system xbox, PS4, and social networking
34(4) Which of the following are included as potential internal weaknesses in a SWOT analysis that are harmful to an organization?
Lack of strategic direction, obsolete, technologies, lack of managerial talent, outdated product line
In the CNBC Tesla article, the author said that TSLA shareholders who sell now, may be overlooking this key driver of future value.
Leadership in AI
Reducing costs
Long tail of blockbuster and netflix with popularity decreasing with more products offered
Vanguard aligns all activities with its:
Low cost strategy
Three Generic Strategies
Low/High cost, Narrow/Broad market
38(8) → When you look at a typical value chain, created from customer interviews, most of the value added comes from;
Making the product or service
Key Performance Indicators
Specific criteria used to measure the efficiency and effectiveness of the business's performance. turnover rates, number of new customers
60(15) → What is the basic business system that serves the operational level and assists in making structured decisions?
TPS
In the CNBC Tesla article, the author made a key point that:
Tesla is significantly undervalued
11 → In the CNBC Tesla article, the author said:
Tesla's AI chip is far ahead of its competitors
what are teh three primary types of management systems available to support decision making across the company levels?
Transaction processing systems, decision support systems, executive information systems
39(9) → Supplier power or the suppliers' ability to influence the prices they charge was demonstrated by the following examples.
Turning, Mylan
Value Chain Analysis
Views a firm as a series of business processes that each add value to the product or service
52(7) → Howie Long loves playing a game called World of Warcraft where he has the capability to create his own character and even his life-like environment. Into which AI system would you categorize World of Warcraft?
Virtual reality
Genetic Algorithm
Wall Street An AI system that mimics the survival-of-the-fittest process to generate better solutions to a problem
15 → Jay Wright owns and operates one of the most successful local coffee shops on the Main Line called The Wright Cafe. Each time a customer purchases their 100th cup of coffee at The Wright Cafe, they receive a free pound of coffee of their choice. What is Jay attempting to create with his unique "Free Pound of Coffee" marketing program?
reduce buyer power
41(11) → Your boss has asked you to analyze the soft drink industry using Porter's five forces model. Which of the following represents a threat of a new entrant in the soft drink industry?
Zevia Natural, Non-GMO Diet Soda begins selling directly over the internet
Steve Jobs and Apple created a big advantage in the technology industry with the introduction of the iPod, iPhone, and iPad. What are these all examples of?
a and b are both correct
Buyer Power
altering costs to make them stay on the same product, and loyalty program
Managerial Decision Making
best customers by region, occur in situations in which a few established processes help to evaluate potential solutions
3 forms of business to consumer
brick and mortar, click and mortar, pure click
Critical success factors
crucial steps companies perform to achieve their goals and objectives and implement their strategies. create high quality products, retain customers
Innovator's Dilemma
discusses how established companies can take advantage of disruptive technologies without hindering existing relationships with customers, partners, and stakeholders
Drake, your CEO, has asked you to analyze the music industry using Porter's five forces model. Which of the following represents supplier power in the music industry?
established record labels like EMI, Sony, Universal
Which of the following are included as potential external opportunities in a SWOT analysis that are helpful to an organization?
expanded product line, increase in demand, new markets, new regulations
Apple achieved competitive advantage with a chronological string of new products including:
iTunes, iPod, iPhone, iPad, Apple Watch
Workflow
includes the tasks, activities, and responsibilities required to execute each step in a business process
TQM _______ BPR ________
incremental, radical
When you look at a typical value chain, created from customer interviews, most of the value added comes from:
making the product or service
Zillow is a _________
mashup
Web 2.0
more mature, distinctive communitions platform defined by three qualites: 1. Collaboration 2. Sharing 3. Free
Strategic decision making
new markets, Tesla PowerWall. No procedures or rules exist
4 → Of the six key stakeholders' interest, which stakeholder did Milton Friedman identify as the most important, especially when using MIS strategy to identify competitive advantages?
shareholders/investors
Decision making essentials
strategic, managerial, operational. People skills at top, technical skills at bottom
Operational decision making
structured decisions, strict day to day material
Business Process Reengineering or BPR looks at:
overhaul from scratch
Business Strategy
plan of action to fulfill business goals
If you were thinking about a washing machine as a system, which of the following represents the feedback?
the light indicating that the washer has finished
Updating business srategies and MIS strategies is a continuous undertaking as internal and external environments_____
rapidly change
Supplier power
rare drugs, supply chain
Data
raw facts that describe the characteristics of an event or object
The generic strategy of low cost + narrow market is used by?
Payless shoes
Amazon.com uses a customer profiling system whenever a custeomer visits its website. Using this sytem, Amazon can offer products tailored to that particular customer's profile and buying pattern. What is Amazon using to achieve this competitive advantage?
Product differentiation
Amazon.com uses a customer profiling system whenever a customer visits its website. Using this system, Amazon can offer products tailored to that particular customer's profile and buying pattern. What is Amazon using to achieve this competitive advantage?
Product differentiation
64(4) → What indicates the earning power of a project?
ROI
Does Tesla use radar or lidar?
Radar
24(9) → A loyalty program which rewards customer spending is designed to
Reduce buyer power
Intelligent Agents
Special-purpose knowledge-based information system that accomplishes specific tasks on behalf of its users. Shopping bots
37(7) → Which of the following is not a typical way that a company would duplicate a competitive advantage?
Carrying large product inventories
72(12) → A transaction processing system (TPS) is the basic business system that assist operational level analysts when making structured decisions. Which of the following is NOT an example of a TPS?
Comfort Dental patient diagnosis system
Expert System
IBM Watson
20(5) → Assume you are in the business of producing and selling hamburgers. If you could produce more hamburgers with the same input, what would happen to your productivity and profits; assuming the price of your hamburgers remains the same?
Increase in productivity, increase in profits
Business Intelligence
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
Jay Wright is the marketing manager for the National Basketball Association. Jay analyzes and tracks his marketing campaigns to determine the best success rate per project for increasing ticket sales. Jay uses an internal KPI to track his marketing campaign success. Which of the below would be an internal KPI Jay would use to track his marketing campaigns?
Marketing compaign ROI
When a company like Apple is the first to market with a competitive advantage, this is called a first-mover advantage. All of the following companies were first-movers except ____________.
Microsoft-Zune
Porter's Five Forces
Model developed by strategy expert Michael Porter that identifies five competitive forces that influence planning strategies. 1. Threat of substitute products or services 2. Supplier Power 3. Threat of new entrants 4. Buyer Power 5. Rivalry among existing competitors
decision support system
Models information to support managers and business professionals during the decision-making process
35(5) → Which company follows a generic strategy of high cost + broad market?
Neiman Marcus
22(7) → Which of the following is correct?
Netflix was started in 1997
Which category of AI is used extensively in teh finance industry to analyze situations like loan applications or credit card fraud where the logic or rules are known?
Neural network
Which category of AI is used extensively in the finance industry to analyze situations like loan applications or credit card fraud where the logic or rules are unknown
Neural network
If a company recommended products based upon your purchase history and likes in social media, they would be using?
OLAP- online analytical processing
OLAP
On-Line Analytical Processing(HANA) -recommend products based on purchase history, likes in social media, where you spend time in store
OLTP
Online Transaction Processing(SAP)
2 → Greg works for Jay Wright Steel Corporation. Greg's duties include managing the overall processes for the company and transforming the steel resources into goods. Which department would Greg most likely work in?
Operations management
43(13) → Which of the following statements is correct when considering a SWOT analysis?
Opportunities and threats originate from outside the organization
45(15) → Steve Jobs moved fast with his portable music player, rapidly developing the first ipod device that could hold thousands of songs in your pocket
Over 9 months
B2B, B2C, C2B, C2C
SAP; gap, amazon; Priceline; eBay
56(11) → What is intelligent agent software that will search several retailer's websites and provide a comparison of each retailer's offerings, including prices and availability?
Shopping bot
artificial intelligence (AI)
Simulates human intelligence such as the ability to reason and learn
In the CNBC Tesla article, Elon Musk said it would take about _____ billion real-world miles to gain worldwide regulatory approval of true self-driving technology.
Six
66(6) → Data collection, solution generation, and solution implementation are all concepts associated with which of the following processes?
Six step decision making process
Knowledge
Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources
55(10) → Jay Wright works at a high-power investment firm in Manhattan. Jay is responsible for promoting the firm's version and creating the company-wide goals and strategies. He also monitors the overall strategic performance of the company and its directions for future business strategies. As what level of the organizational pyramid would you categorize Jay?
Strategic
What is the top level of decision making, where unstructured decisions like introducing a new PowerWall are made?
Strategic
62(2) → Which of the following represents a business-facing process?
Strategic Planning
9 → Which of the following statements is correct when considering a SWOT analysis
Strengths and weaknesses originate from inside the organization
27(12) → With Michael Porter's five forces model;
Strong forces increase competition
Which one defines an operational decision that involves situations where established repetitive processes offer potential solutions
Structured decisions
(17)2 → Martin Shkreli was on the Board of Turing pharmaceuticals. Turning purchased a patent for the number one selling cancer-infection-fighting drug on the market. Due to its success, Turning Pharmaceuticals decided to increase the cost of the drug from $14 a pill to $750 a pill. Which force was Turning pharmaceutical using to increase its drug price?
Supplier power
Business process modeling
The activity of creating a detailed flow chart or process map of a work process showing its inputs, tasks, and activities, in a structured sequence
If you were thinking about a washing machine as a system, which of the following represents the inputs?
The dirty clothes, water, and detergent
If you were thinking about an oven as a system, which of the following represents the process?
The oven running at 350 degrees for 20 mins
Information Age
The present time, during which infinite quantities of facts are widely available to anyone who can use a computer
What is the primary goal of using As-Is and To-Be process models?
To determine what the problem is and then how to solve the problem
21(6) → Paula is the owner and operator of The Exchange, a high-end clothing company. Paula has never heard of Porter's Five Forces model and she wants to understand why she would perform an analysis using it. If you were tasked with explaining Porter's Five Forces model to Paula, what would be the primary reason she would want to use this type of analysis?
To help Paula evaluate the attractiveness of the clothing industry
Which of the following is an example of information?
What is my worst selling product?
When you implement an Enterprise software solution like SAP, you want departments like Accounting, Finance and Marketing to:
Work interdependently
47(2) → What includes the tasks, activities, and responsibilities required to execute each step in a business process like the SAP Quote to Cash process?
Workflow
31(1) → Ikea has a clear strategic positioning of targeting:
Young furniture buyers who want style at a low price
Business process reengineering
walk, horses, cars, planes
