Computer Exam 1

__________ is the science of fact-based decision making.

Analytics

Select the three generic business strategies Porter identified for entering a new market.

Broad differentiation Focused strategy Broad cost leadership

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

Business analytics

What is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making?

Business intelligence

What is a standardized set of activities that accomplish a specific task, such as processing a customer's order?

Business process

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

Who is responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives? (Please use the acronym)

CIO

Who is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses? (Please use the acronym)

CSO

Who is responsible for ensuring the speed, accuracy, availability, and reliability of the MIS? (Please use the acronym)

CTO

Who is responsible for ensuring the ethical and legal use of information within a company?

Chief Privacy Officer

Select two examples of services

Cutting Hair, Waiting table

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

Data

What is the ability for data to be collected, analyzed, and accessible to all users (the average end user)?

Data democratization

What extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information?

Data scientist

What type of analytics is best described with a report that includes charts and graphs explaining the data?

Descriptive analytics

What uses techniques that describe past performance and history?

Descriptive analytics

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

Fact

The threat of substitute products or services is low when there are many alternatives to a product or service and high when there are few alternatives from which to choose.

False

Production is the process where a business takes raw materials and processes or converts them into finished _________ or services.

Goods

_____ are material products that customers will buy to satisfy a want or need.

Goods

What is data converted into a meaningful and useful context? Multiple choice question.

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

Knowledge

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

Porter's Five Forces Model

What is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services?

Production

What are tasks performed by people that customers will buy to satisfy a want or need?

Services

A(n) ______ chain consists of all parties involved, directly or indirectly, in obtaining raw materials or a product.

Supply

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

Supply chain

What is a collection of parts that link to achieve a common purpose?

System

Select the item that can be answered by using knowledge.

Taking into account external reasons for the recent underperformance of a good salesperson

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

The chief data officer (CDO) is responsible for determining the types of information the enterprise will capture, retain, analyze, and share.

True

Which question can be answered using business intelligence?

What was the lowest sales per week compared with the economic interest rate?

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

What is the science of fact-based decision making?

analytics

Data are the raw facts that describe the _________ of an event or object. Multiple choice question.

characteristics

Who is responsible for determining the types of information the enterprise will capture, retain, analyze, and share?

chief data officer

Information is __________ (one word) converted into a meaningful and useful context.

data

Data _______ is the ability for data to be collected, analyzed, and accessible to all users (the average end user).

democratization

Select three examples of goods.

groceries, clothing, cars

The threat of new entrants is _______ when it is easy for new competitors to enter a market and _______ when there are significant entry barriers to joining a market. (Please use the terms high or low)

high, low

The person responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives is the Chief ________ Officer. Multiple choice question.

information

The person responsible for ensuring the ethical and legal use of information within a company is the Chief ______ Officer.

privacy

The person responsible for ensuring the speed, accuracy, availability, and reliability of the MIS is the Chief _______ Officer.

technology

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

Bussiness

_______ power is the ability of buyers to affect the price they must pay for an item.

Buyer

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

Buyer power

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

Decreasing costs Increasing sales Attracting new customers

What is high when competition is fierce in a market and low when competitors are more complacent?

Rivalry among existing competitors

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

SWOT Analysis

A(n) ________ (use the acronym) analysis 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 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

What are the strategies for entering a new market including broad cost leadership, broad differentiation, and focused strategy?

Three generic business strategies

A fact is the ___________ or ______________ of an event or object.

confirmation, validation

Rivalry among existing competitors is _____ when competition is fierce in a market and ______ when competitors are more complacent.

high; low

The Internet of Things (IoT) is a world where interconnected Internet-enabled devices or "things" have the ability to collect and share data without __________ intervention.

human

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

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

information

A business _________ is a standardized set of activities that accomplish a specific task, such as processing a customer's order.

process

A data _________ extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information.

scientist

The person responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses is the Chief _________ Officer.

security

A (n) _________ is a collection of parts that link to achieve a common purpose. Systems are the primary enabler of cross-functional operations.

system

A business ________ is a segment of a company representing a specific business function.

unit