MGSC Exam #2

Why does it make sense to offer free in-store Wi-Fi connections given the way that people like to shop these days?

It will provide trust for the customers knowing that they can research products online to know what type of product to buy as well as order online if they don't have the product in stock.

Explain why the mobile gaming market represents such a lucrative market opportunity for advertisers.

Media research firm Nielsen (2011) reports that games are the most popular mobile apps in the U.S. Reports of market size and growth rates differ on the exact amounts, but agree this category is sizable and growing rapidly. Estimates of 2013 mobile game revenue range from approximately $12 billion to $17 billion and analysts predict the market could grow to as much as $22 billion by 2015.

How do metadata tags facilitate more accurate search results?

Metadata provides a search engine with information about the content of a website. Meta tags (or meta elements) are used in metadata descriptions. For example, the previews Google and other search engines display in their search results pages (SERPs) are influenced by the way the metadata is completed.

Why is it difficult to implement enterprise systems?

Migrating to enterprise systems involves changing the current management of people, processes, and existing technology.

What are some ways in which traditional brick-and-mortar retailers can use mobile technology to enhance a customer's in-store shopping experience?

Mobile coupons, location mapping, and express checkout are just a few of the ways that mobile apps can improve the customer service level you offer in brick and mortar stores.

What are the top innovative digital technologies impacting SCM?

Mobility and M2M technologies can improve responsiveness and customer service by providing supply chain workers with the information they need—whenever and wherever they need it

What is a supply chain?

Network of raw material suppliers, distributors, manufacturers or assemblers, order fulfillment and logistic providers, and retailers that participate in the production, delivery, and sale of a product to the customer. Starts with the acquisition of raw materials or the procurement (purchase) of products and proceeds through manufacture, transport, and delivery—and the disposal or recycling of products.

Which of the following is the most complex level of data analytics?

Prescriptive

Describe challenges associated with pricing products and services.

Pricing is a difficult decision, particularly during economic recessions. For instance, online retailers can personalize the Web pages shown to individual customers and display a combination of products and prices customized to entice that customer to make a purchase. The automated decisions about what products and prices to display to a customer are determined by a complex algorithm based on the customer's previous purchases, Web viewing history, activity on social media, and product searches.

What concerns have deterred companies from implementing SaaS HR?

Security: SaaS security may be as effective as security associated with in-house data centers, but many companies don't understand the situation. Some early adopters are keeping highly sensitive applications in house. Quality of service: The lack of formal service-level agreements (SLA) or performance and availability means quality of service may be a risky issue for some organizations. Integration: Many companies have questions about their ability to integrate SaaS applications seamlessly with their in-house applications.

List some examples of things that retailers (online or in-store) do to increase convenience for their customers.

Self-checkout, free returns, fast shipping

Explain why business managers need data mashup technology.

Can easily access, integrate and display BI data from a variety of data sources. Don't need access to data warehouse and don't have to understand complications of the data infrastructures.

What are two challenges of legacy systems?

- Complex due to to getting new apps or system modules to interface with existing systems that are several generations older - High maintenance costs

List two sales and distribution channels.

-Market Intelligence Systems -Target Marketing Systems -Sales Systems -Customer Support Systems -Delivery Systems -Dealer Systems

Identify five activities that are central to financial planning and budgeting.

1. Budgeting 2. Forecasting 3. Financial ratio analysis 4. Profitability analysis 5. Cost Control

Explain the three types of changes needed when an enterprise system is implemented.

1. Changes in how people perform their jobs- Jobs and how they are performed will change to accommodate the new processes. Enterprise systems require retraining users whose productivity will drop initially as they adjust to a new way of doing their jobs. 2. Redesign of business processes- Processes need to be simplified and redesigned so that they can be automated, either totally or partially. Tasks that are no longer necessary are removed from the processes. 3. Integration of many types of uncoupled legacy systems- Integrating legacy systems is necessary so that data can flow seamlessly among departments and business partners. Automated data flows are essential to productivity improvements."

Name the three data properties that an IS must have.

1. Data Security 2. Data Validity 3. Data Integrity

Describe six types of enterprise systems.

1. Enterprise resource planning (ERP): Integrates an enterprise's internal applications, supports its external business processes, and links to its external business partners. Integrate business processes, including supply chains, manufacturing, financial, human resources, budgeting, sales, and customer service. Used primarily in the manufacturing industry 2. Supply chain management (SCM): Supports the steps in the supply chain—procurement, sourcing, manufacturing, storage, inventory control, scheduling, order fulfillment, and distribution. Improves decision-making, forecasting, optimization, and analysis 3. Customer relationship management (CRM): Helps create a total view of customers to maximize share-of-wallet and profitability. A business strategy to segment and manage customers to optimize customer lifetime value 4. Enterprise knowledge management systems (EKMS): Help organize company knowledge about business productivity, competitive business models, business intelligence. It is made up of different software modules linked by a central user interface5. Enterprise content management system (ECMS): Provides capability for multiple users throughout an organization with different permission levels to manage a website or a section of the content 6. Enterprise social platforms (ESPs): Enhance social networks, both within the enterprise and across key members of the enterprise's supply and distribution chains. An important method for enhancing communication, coordination, and collaboration for business purposes

Define the five traditional functional business units.

1. Finance function: responsible for acquiring capital needed for research and development 2. Marketing function: Responsible for product promotion and pricing, identifying target customers, and improving all customer experience 3. Operations function: plans and coordinates all the resources needed to design, manufacture, and transport products 4. IT function: responsible for the technology infrastructure, data management, and social, mobile, and cloud services 5. Accounting: manages assets and meets compliance mandates 6. Human resources: recruits, trains, and develops a talented workforce.

What are the five major reasons organizations migrate to enterprise systems?

1. High maintenance costs of legacy system 2. Inflexibility of legacy system 3. Integration obstacles of legacy system 4. Lack of staff that is knowledgeable of older technology 5. Cloud has lowered upfront costs

List and describe the three main flows being managed in a supply chain.

1. Material or product flow- This is the movement of materials and goods from a supplier to its consumer. For example, Ford supplies dealerships that, in turn, sell to end users. Products that are returned make up what is called the reverse supply chain because goods are moving in the reverse direction. 2. Information flow- This is the movement of detailed data among members of the supply chain, for example, order information, customer information, order fulfillment, delivery status, and proof-of-delivery confirmation. Most information flows are done electronically, although paper invoices or receipts are still common for noncommercial customers. 3. Financial flow- This is the transfer of payments and financial arrangements, for example, billing payment schedules, credit terms, and payment via electronic funds transfer (EFT). EFT provides for electronic payments and collections. It is safe, secure, efficient, and less expensive than paper check payments and collections.

What are the three benefits of mashup technology to the organization?

1. reduces time and effort needed to combine separate data sources 2. users can import external data sources 3. customize and share knowledge throughout the company

What is predictive analytics?

A branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.

What is the purpose of an API? Provide an example of how a business might make use of an API.

APIs are mechanisms that enable two software components to communicate with each other using a set of definitions and protocols. For example, the weather bureau's software system contains daily weather data. The weather app on your phone "talks" to this system via APIs and shows you daily weather updates on your phone.

Each of the following is a basic functional area that is supported by information systems: manufacturing and production, ________, finance, sales and marketing, and HR.

Accounting

Why does CRM matter?

Because costs of securing new customers is higher than costs of keeping a repeating customer

Why would companies want to achieve a fully digitized supply chain?

Enhancing customer experience and acting a socially responsible way, will enable organizations to shield itself against the digital disruptions of the future and achieve its goals

What opportunities and challenges does Web 2.0 present for business organizations?

Businesses are able to engage customers in conversations as an alternative to the unidirectional or broadcast method of communication, by listening, talking, energizing, supporting, and embracing. The constant and rapidly changing nature of the Web presents both a challenge and opportunity for businesses. The challenge is keeping up with the change by constantly monitoring technological evolution and potential competitors that may be more agile and tech savvy.

Retaining customers that generate revenues in excess of the costs of customer service, returns, promotional items, and the like are critical; and are the underlying reason for __________.

CRM

List some ways that travelers and travel-related businesses are using mobile technology.

Certain airlines use their app technology to allow travelers to choose their seats while booking their plane reservations. Airline apps often also provide a list of stand-by passengers, which travelers can monitor as they wait to board a flight.

Why are companies increasingly interested in enterprise search tools capable of handling unstructured data?

Companies are racing towards the tools can be used to handle the unstructured data because of the fact that the data nowadays can be from any source and may not be structured , like the company can collect data from social media site , from emails , from internet , from polls online or from the offline sources , so this kind of data is not in a structured format and storage and handling of this data is difficult and re-structuring this kind of data requires more time and the amount of the data collected is very large , so the company needs to tool that can handle and manage the unstructured data easily and without causing any trouble.

Before implementing a content-based recommendation engine, what kind of information would website operators need to collect about their products?

Content filtering, collaborative filtering, knowledge-based systems, and demographic systems.

What is the primary difference between a Web directory and a crawler-based search engine?

Crawler search engines rely on sophisticated computer programs called "spiders," "crawlers," or "bots" that surf the Internet, locating webpages, links, and other content that are then stored in the SE's page repository. Web directories are categorized listings of webpages created and maintained by humans.

What are benefits of dashboards?

Dashboards can help users monitor operations, optimize processes, and improve overall business performance by having data readily available, and can also help detect and prevent potential problems before they become issues with its use of real time data.

______ is a subset of machine learning and artificial intelligence that employs artificial neural networks. These artificial neural networks are computer algorithms that loosely replicate the function of neurons in the human brain and are capable of learning from large, structured and unstructured data sets.

Deep learning

Traditional retailers have all of these advantages over online retailers EXCEPT:

Deep learning and showrooming

How are the methods and techniques used in predictive and prescriptive data analytics different from those used in descriptive data analytics?

Descriptive data analytics: create a summary of historical data to yield useful information and possibly prepare the data for future more sophisticated analysis. What has happened in the organization? -data aggregation, data mining Predictive data analytics: is the process of using data analytics methods and techniques to model and make predictions about unknown events from data. What could happen in the future? - statistical models, text mining, forecasting Prescriptive data analytics: is dedicated to finding the best course of action among various choices given the known parameters. What should we do to get the best outcome? -optimization, simulation algorithm, machine learning

What is the relationship between data quality and the value of analytics?

Dirty data degrade the value of analytics. The "cleanliness" of data is very important to data mining and analysis projects.

Give an example of how geospatial data would be useful to an organization?

For example, most use cases of geospatial data involve visualizing the data as a map. From there, a business may use their analysis to choose where to locate their stores or advertisements, and a private equity firm may use data on that to decide which companies are worth investing in.

Describe three different real-time search tools.

Google Trends. This tool will help you identify current and historical interest in the topic by reporting the volume of search activity over time. Google Trends allows you to view the information for different time periods and geographic regions. Google Alerts. Use Google Alerts to create automated searches for monitoring new Web content, news stories, videos, and blog posts about some topic. Users set up alerts by specifying a search term (e.g., a company name, product, or topic), how often they want to receive notices, and an e‐mail address where the alerts are to be sent. When Google finds content that match the parameters of the search, users are notified via e‐mail. Bing has a similar feature called News Alerts. Twitter Search. You can leverage the crowd of over 650 million Twitter users to find information as well as gauge sentiment on a wide range of topics and issues in real time. Twitter's search tool looks like other search engines and includes an advanced search mode. In addition to real‐time search, the Twitter search tool is also an example of social search, which was explained earlier in the chapter."

How do heat maps and tag clouds convey information?

Heat maps use colors to convey information at a glance. A heat map is like a spreadsheet whose cells are formatted with colors instead of numbers. Tag clouds use data, typically from unstructured content, and represent the relative frequency of words and terms by their sizes.

Implementing an enterprise system is challenging because it requires extensive organizational changes. Which of the following is not one of the required changes?

Hiring many IT staff skilled in the latest technologies

Why are human expertise and judgment important to data analytics?

Human expertise and judgment are needed to interpret the output of analytics. Data is worthless if you cannot analyze, interpret, understand, and apply the results in context.

What is a recommendation engine called that combines different methodologies to create recommendations? What are three ways these systems combine methodologies?

Hybrid recommendation engines develop recommendations based on some combination of the methodologies described (content-based filtering, collaboration filtering, knowledge-based, and demographic systems). Weighted hybrid: Results from different recommenders are assigned a weight and combined numerically to determine a final set of recommendations. Relative weights are determined by system tests to identify the levels that produce the best recommendations. Mixed hybrid: Results from different recommenders are presented alongside of each other. Cascade hybrid: Recommenders are assigned a rank or priority. If a tie occurs (with two products assigned the same recommendation value), results from the lower-ranked systems are used to break ties from the higher-ranked systems. Compound hybrid: This approach combines results from two recommender systems from the same technique category (e.g., two collaborative filters), but uses different algorithms or calculation procedures.

How can companies reduce the cost of recruiting qualified employees?

IT provides the ability to access more potential recruits, collect their information, search the data, and select a pool of applicants based upon specific criteria. This allows a company to evaluate more people with less human intervention.

Why does channel conflict sometimes occur when companies sell their products through both traditional and online channels?

In traditional sales channel the territory is well assigned. In the defined territory of a distributor other distributors can not function their operations. The entire area is exclusively managed by them. In online business, any person can purcahse item from anywhere. Once he purchases some items, it will be distributed through courier service companies and the sales is done by any other distributor in regardless of the specified area distributor, then conflict arises. The second reason for the conflict is the price, some distributor sells their products at a less rate than a normal distributor sells the product in the market. These are some of the sources of conflict between traditional sellers and online sellers.

How does data visualization contribute to organizational learning?

It is used to help people understand the context and significance of their information by showing patterns, trends and correlations that may be difficult to interpret in plain text form. These visual representations can be in the form of graphs, pie charts, heat maps, sparklines, and much more.

Explain the purpose of an enterprise system.

Large-scale application software packages that support business processes, information flows, reporting, and data analytics in complex organizations. They enable organizations to gain company-wide access to business knowledge, increase employee productivity, improve customer and supplier engagement, and minimize duplication of data. They can integrate business processes such as sales, financial management, human resources and inventory/order management into a single platform to make access to key data and completing work processes easier.

_______ is scientific algorithms that identify patterns in big data to learn from the data and create insights based on the data.

Machine learning

What is machine learning and why do organizations use it?

Machine learning (ML) is a type of artificial intelligence (AI) that allows software applications to become more accurate at predicting outcomes without being explicitly programmed to do so. Machine learning algorithms use historical data as input to predict new output values.

When evaluating new services and/or technologies that might attract shoppers to a store-based retailer, what criteria should managers consider when evaluating innovations? In other words, what areas of performance should innovations be expected to improve in today's competitive retail environment?

Managers should consider the price as well the type of product and how it will help the company. They also need to consider if it will make shopping more convenient for the customer.

What are some examples of user information required by recommendation engines that use collaborative filtering?

Many collaborative filtering systems use purchase history to identify similarities between customers. In principle, however, any customer characteristic that improves the quality of recommendations could be used, such as patterns of consumer behavior, interests, ratings, reviews, social media contacts and conversations, media use, financial information, and so on.

Which is not a characteristic of Web 2.0?

Marketing goal: influence

Describe some of the new technologies being used by e-commerce retailers to improve service, convenience, and user experience.

Mass personalization-own preferences Recommendation systems-shown things you are interested in

______ tools attempt to extract words from questions like "How many countries are there in Europe?" and create a semantic representation of the query.

Natural language search

Explain why omnichannel retailing provides a better shopping experience for consumers.

Omnichannel retailing provides a better shopping experience for consumers because it allows them to seamlessly switch between various shopping channels such as online, mobile, and physical stores.

What is BI and why is it important in an organization?

Organizations use Business Intelligence (BI) to identify company trends and implement processes to simplify various activities and services.

Describe IT support for HR planning and control.

Personnel planning and development: The HR department forecasts requirements for people and skills. In some geographical areas and for overseas assignments, it may be difficult to find particular types of employees. In such cases, the HR department plans how to locate sufficient human resources or develop them from within. Sophisticated HR departments build a career development plan for each employee. IT can support the planning, monitoring, and control of these activities by using workflow applications. Benefits administration: In some industries, labor negotiation is an important aspect of HR planning and it may be facilitated by IT. For most companies, administering employee benefits is also a significant part of the human resources function. Managing the benefits system can be a complex task, due to its many components and the tendency of organizations to allow employees to choose and trade off benefits. In large companies, using computers for self-benefits selection can save a tremendous amount of labor and time for HR staff. Providing flexibility in selecting benefits is viewed as a competitive advantage in large organizations. It can be successfully implemented when supported by computers. Some companies have automated benefits enrollments. Employees can self-register for specific benefits using the corporate portal or voice technology. Employees can self-select desired benefits from a menu. Performance evaluations: Evaluations are usually recorded on paper or electronic forms. Using such information manually is a tedious and error-prone job. Once digitized, evaluations can be used to support many decisions, ranging from rewards to transfers to layoffs. Employee relationship management: In their effort to better manage employees, companies are developing human capital management, facilitated by the Web, to streamline the HR process. These Web applications are more commonly referred to as employee relationship management. For example, self-services such as tracking personal information and online training are very popular in ERM. Improved relationships with employees result in better retention and higher productivity. Privacy: Employment laws make securing HR information necessary for the protection of employees and the organization. IT can secure access to information based on job function.

Name three features that assist organizations in gaining an insight into the health of the company and speed up cycle times.

Planning Budgeting Forecasting

Describe the processes that each traditional functional business unit performs.

Production and Operations: materials purchasing, quality control, scheduling, shipping, receiving, manufacturing resource planning, manufacturing execution. Sales and Marketing: pricing, social media promotions, market research, demand forecasts, sales campaign management, order teaching, online and mobile order processing and sales, customer relationship management, salesforce automation. Accounting and Finance: order processing, accounts receivable, accounts payable, general ledger, budgeting, inventory control, payroll, cash management, asset management, credit management, investment management, capital budgeting, financial forecasting, financial statement reporting to comply with the federal and industry-specific regulations and government agencies. Human resources: payroll, recruitment and hiring, succession planning, employee benefits, training, compensation, performance appraisal, compliance with federal and state employment regulations.

Describe profitability analysis.

Profitability refers to the profits or gains a business makes in relation to its expenses. Therefore, profitability analysis refers to the process of calculating or analyzing the profits of a business. It helps businesses identify their revenue streams and where they can reduce their expenses to generate maximum gains.

List five different practical ways that semantic technology is enhancing the search experience of users.

Related searches/queries—The search engine suggests alternative queries (words and phrases) that may produce information related to the original query or may ask, "Did you mean: [search term]?" if it detects a misspelling. Reference results—The search engine suggests reference material related to the query, such as a dictionary definition, Wikipedia pages, maps, reviews, or stock quotes. Semantically annotated results—Highlighted search terms are returned along with related words or phrases that may not have appeared in the original query. These can be used in future searches simply by clicking on them. Full‐text similarity search—Users can submit a block of text or even a full document to find similar content. Search on semantic/syntactic annotations—It allows a user to indicate the syntax such as part‐of‐speech (noun, verb, etc.)—or its semantic meaning, whether it's a company name, location, or event. For instance, a keyword search on the word "center" would produce too many results. Instead, a search query could be written using syntax such as the following:"

Why are retailers likely to view technology as both a blessing and a curse?

Retailers receive more business because of the technology but it also hinders their physical locations revenue if consumers can just go online to get the same products that they sell in-store.

Why does the SEC mandate data disclosure, whereby data items are tagged to make them easily searchable?

SEC mandates data disclosure to protect investors and maintain fair, orderly, and efficient markets. Also, to eliminate difficulty and improve how investors find and use information.

Functional business units are also known as functional ______.

Silos

Why is Web 2.0 referred to as the social Web?

Social Web. A third important part of Web 2.0 is the social web. The social Web consists of a number of online tools and platforms where people share their perspectives, opinions, thoughts and experiences. Web 2.0 applications tend to interact much more with the end user.

Describe some of the ways that people are using mobile devices to shop for products and services.

Some ways people use mobile devices when shopping: Ordering product from online vendors. "Checking in" at retail locations to obtain coupons. Opting-in to receive discounts via SMS text messages. Oting-in for in-store tracking/loyalty programs that offer discounts and special premiums; using QR codes or mobile visual search for additional product informations. Comparing product and price in-store to those found online (showcasing). Managing travel arrangements for hotels and airlines; using marketing apps like Foursquare or Shopkick. Using augmented reality to help make choices based upon the shoppers' requirements.

Define what an SOP is and give an example.

Standard Operating Procedures (SOP): set of written instructions on how to perform a function or activity. They provide the framework for complex processes to be managed more effectively. EX. SOPs are written for handling purchase orders, order fulfillment, customer complaints, recruitment and hiring, emergency response, and disaster recovery.

What are the top two strategic priorities of SCM executives?

Supply chain analytics Multi Channel fulfillment Supply chain executives at more than half of the companies that responded to IDC's biennial supply chain survey said they are leveraging digital technologies and business innovations to manage the increasing complexity of today's global always-on supply chain.

How does text mining provide value? Give an example?

Text mining uses natural language processing and artificial intelligence to uncover patterns and relationships in unstructured text. It enables businesses to automatically identify useful information in emails, social media posts, customer service tickets, chatbots and other text.

What are the benefits of moving HRISs to intranets or the cloud?

The benefits include reducing the workload and improving the effectiveness of the HR function. An HRIS helps an organization keep up with constantly changing regulations and laws by continually providing updated information about laws affecting a particular business, sometimes automatically and may even be capable of sending alerts when regulations or compliance requirements change. When employees manage their own HR services, HR professionals can focus on legal and compliance responsibilities, employee development, talent management, hiring, and succession planning."

What are the two biggest challenges associated with using big data?

The big challenge is how to manage and store big data, decide what is relevant and what is not, how to access it and how to draw actionable insights.

How do some online businesses determine the prices they will charge to individual customers?

The company first assesses customer needs and value perceptions. It then sets its target price based on customer perceptions of value.

Why do you think dashboards must be in real time and customized for the executive or manager?

The purpose of dashboards is to give users a clear view of the current state of KPIs, real time alerts, and other metrics about operations.

What are the four phases of decision-making?

The four phases of the decision-making process are intelligence, design, choice, and implementation.

What are the key HR functions?

The main goals of HR function is to support various facts of the employment process including recruitment; employee development; HR planning, control, and management; and HR compliance.

What are the two major barriers preventing innovation in the supply chain?

The major barriers to adopting innovative supply chain technologies will be an organization's lack of a clear business case to justify investment, lack of talent to utilize the technology effectively, and a corporate culture that is risk averse

How has Web 2.0 changed the behavior of Internet users?

The new technologies dramatically increase the ability of people to interact with businesses and each other, sharing and finding information, and forming relationships

Why do companies not replace all of their legacy systems?

There is a large-up front investment for development, poses difficulties in duplicating behavior of the legacy system and increases the risk of complete software project failure. Companies don't always have the resources to replace all their legacy systems at the same time

What are the characteristics of the NextGen SCM?

This new form of supply chain will be proactive, predictive, and prescriptive. It will be tightly connected to data sources such as social opinion and IoT outputs and will allow close collaboration with suppliers and customers through cloud-based commerce networks that offer a high level of security. All its links will be interconnected and synchronized to enable companies to gain the very highest levels of competitive advantage.

How are companies using QR codes to promote products and services to mobile consumers? Why are QR codes not as popular in the United States as they are in Asia and other parts of the world?

Using a barcode scanner app and the camera feature of a mobile device, customers scan the QR code containing a link to an Internet webpage and/or directing customers to promotional videos that feature its products. The QR codes may be on in-store displays, the products themselves, and marketers may use them in print advertising and direct mail ads.

What are the two basic technologies used for mobile banking and financial services?

Using a mobile device for the online purchase of goods and services (e.g., ordering a book from Amazon.com), and for payment of goods and services in a traditional brick-and-mortar store.

Briefly describe the three phases of the World Wide Web's development.

Web 1.0 is the "read-only Web," Web 2.0 is the "participative social Web," and Web 3.0 is the "read, write, execute Web." This Web interaction and utilization stage moves users away from centralized platforms like Facebook, Google, or Twitter and towards decentralized, nearly anonymous platforms.

Give an example of how a business might use a mashup application on its website.

Web applications that pull data from original sources to for use on a "host" website. Users can maintain blogs on their Facebook page or special group pages, and Facebook hosts thousands of apps that pull data from sources outside of the social network, making it a huge mashup app.

Why have e-wallets not been widely adopted and what will makers of e-wallets need to do to make this payment method more attractive to consumers?

While Google Wallet has received considerable attention in the technology press, in part because of Google's power and influence in the industry, relatively few consumers can use this option. Only a small number of phones have the required NFC feature. Additionally, the program is only available to people with Citi MasterCard with PayPass or Google's pre-paid credit card. To be successful, the program will have to expand beyond these limitations. (The astute student may be aware of the recent release of iPhone 6, which has a secure NFC payment capability.)

How is a recommendation engine different from a search engine?

With a search engine, customers find products through an active search, assuming customers know what they want and how to describe it when forming their search query. Recommendation engines proactively identify products that have a high probability of being something the consumer might want to buy. Each time customers log into the site, they are presented with an assortment of products based on their purchase history, browsing history, product reviews, ratings, and many other factors.

How are predictive analytics adding value in organizations?

With predictive analytics, you can use past information to project future outcomes for your business. Analytics help you identify future opportunities, serve customers better and make more informed business decisions over time.

Why would a business want to create a private SNS? What are some of the challenges associated with doing this?

allow a greater degree of control over the network (can monitor what is being said about them); Managing a private SNS requires considerably more time, attention, and resources than maintaining a presence on a general SNS

Why is data mining valuable to organizations?

allows businesses and organizations to understand their audience, identify patterns, and adjust to trends.

What are the most common security risks associated with mobile banking?

cloning, phishing, smishing, vishing, lost or stolen phone

What is prescriptive analytics?

the use of advanced processes and tools to analyze data and content to recommend the optimal course of action or strategy moving forward.

What are the four Vs of big data?

volume, variety, velocity and veracity.