Chapter 1: Questions

What represent executive levels you might see created over the next decade?

-Chief user experience officer -chief automation officer -chief intellectual property officer

Select the three things a supplier can do to influence an industry if it has high supplier power.

-charging higher prices -shifting costs to industry participants -limiting quality or services

What are three ways that companies duplicate competitive advantages?

-hire key employees -acquire new technology -copy business operations

the factors used to assess buyer power

-sensitivity to price -number of customers -size of orders

Four pressures that Michael Porter identified as potential challenges to the profitability of a company?

1.) substitute products can steal customers 2.) new market entrants can steal potential investment capital 3.) competition can steal customers 4.) influential suppliers can drive down profits by charging higher prices for supplies

Which of the following is a good example of a system, since removing one part will cause the entire system to stop working?

a car engine

transactional data, purchasing data, payroll data, tax data

accounting

government

adhere to regulations/laws, increase employment

What are mathematical formulas placed in software that performs an analysis on a data set?

algorithm

business analytics use ___ to derive meaning from data by finding patterns to make future predictions

algorithms

what is the science of fact-based decision making

analytics

_____ detection is the process of identifying rare or unexpected items or events in a data set that do not conform to other items in the data set

anomaly

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

business

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 strtaegy

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

buyer

How will a business estimate the impact on profits from increases or decreases in costs?

by changing variables

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

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

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

Data democratization

Which statement accurately describes the relationships between departments in a company for making solid business decisions for the company to operate as a whole?

Departments are interdependent and need data from other departments

Two alternate names for an MIS department

IT department and IS department

Select the accurate statement in terms of MIS.

MIS enables business success and innovation

What is the difference between existing MIS workplace knowledge and the knowledge required to fulfill the business goals and strategies?

MIS skills gap

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

SWOT analysis

True or false: Analytics is the science of fact-based decision making.

True

Which company is using a broad market and low cost strategy?

Walmart

the three generic strategies

chooses business focus

What was mostly unheard of prior to the Information Age?

college student start-ups

What is the process of gathering information about the competitive environment, including competitors plans, activities, and products, to improve a company's ability to succeed?

competitive intelligence

strengths

core competencies, market leaders, cost advantages

broad strategies reach a large market segment, while focused strategies target a niche or unique market with either _____ leadership or differentiation

cost

Which is an example of data as opposed to information that is derived from data?

customer number

Which is used by Amazon to create product differentiation?

customer profiling

A competitive advantage is a feature of a product or service on which ___________ place a greater value than they do on similar offerings from competitors.

customers

What are the four core drivers of the Information Age?

data, information, business intelligence, knowledge

finance

deals with strategic financial issues including money, banking, credit, investments, and assets

What uses techniques that describe past performance and history?

descriptive analytics

chief automation officer

determines if a person or business process can be replaced by a robot or software

What changes automatically during creation?

dynamic report

A report is a document containing organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information. What are two common types of reports?

dynamic reports and static reports

knowledge facilitators help harness the wealth of knowledge in the organization; knowledge facilitators help acquire and catalog the _____ in an organization

knowledge assets

What are two names for the assets that reside within the minds of members, customers, and colleagues and include physical structures and recorded media?

knowledge assets and intellectual capital

weaknesses

lack of strategic direction, obsolete technologies, outdates product line

Which are classified as static report types?

last year's sales report and last year's salary report

What is created by a machine without human intervention?

machine generated data

What refers to devices that connect directly to other devices?

machine to machine (M2M)

human resources

maintains policies, plans, and procedures for the effective management of employees

Chief intellectual property officer

manage and defend intellectual property, copyrights, and patents

operations management

manages the process of converting or transforming resources into goods or services

promotion data, sales data, advertising data

marketing

shareholders/investors

maximize profit, grow market share, high return on investment

threats

new entrants, substitute products, shrinking markets

Factors used to appraise supplier power in an industry

number of suppliers uniqueness of supplier services availability of substitute products

manufacturing data, distribution data, production data

operations management

What is a data value that is numerically distant from most of the other data points in a set of data?

outleir

sales

performs the function of selling goods or services

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

porter's five forces model

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

porters five forces model

What is an area of business intelligence, which extracts information from data and uses it to predict future trends and identify behavioral patterns?

predictive analytics

What are the three categories of analytics?

predictive, prescriptive, and descriptive

What uses techniques that create models indicating the best decision to make or course of action to take?

prescriptive analytics

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

privacy

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

process

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 is the rate at which goods and services are produced based upon total output given total inputs?

productivity

accounting

records, measures, and reports monetary transactions

partners/suppliers

reliable contracts, ethical materials handling

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

report

Chief Security Officer (CSO)

reposnsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses

Chief information officer (CIO)

responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives

Chief Knowledge Officer (CKO)

responsible for collecting, maintaining, and distributing company knowledge

Chief data officer (CDO)

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

Chief Privacy Officer (CPO)

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

Chief Technology Officer (CTO)

responsible for ensuring the speed, accuracy, availability, and reliability of the MIS

potential customer data, sales report data, commission data, customer support data

sales

What are two sources of unstructured data?

satellite images and social media data

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

a(n) ______ is a view of data at a particular moment in time

snapshot

Companies can reduce buyer power with loyalty programs, which reward customers based on their _______.

spending

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

stakeholder

A report is a document containing organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information? What are two common types of reports

static reports and dynamic reports

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

structured data

Business intelligence is information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making. What are the multiple sources

suppliers, customers, competitors, partners, and industries

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

supply chain

marketing

supports sales by planning, pricing, and promoting goods or services

________ costs are costs that make customers reluctant to switch to another product or service.

switching

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

system

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

prescriptive analytics

techniques that create models indicating the best decision to make or course of action to take

descriptive analytics

techniques that describes past performance and history

predictive analytics

techniques that extract information from data and uses it to predict future trends and identify behavioral patterns

Competitive advantages are typically _____

temporary

The group of items that can be determined using information

the best selling product, best customer, and worst-selling product

Group of items that can be determined using information

the best-selling product, best customer, and worst-selling product

What group of items can be determined by using information?

the best-selling, best customer, and worst-selling product

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

three generic business strategies

Big data Is a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools true or false

true

True or false: The difference between the CIO and CDO is that the CIO is responsible for the information systems through which data is stored and processed, while the CDO is responsible for the data, regardless of the information system.

true

What is not defined and does not follow a specified format and is typically free-from text such as emails, twitter tweets, and text messages?

unstructured data

A(n) _____ is a data characteristic that stands for a value that changes or varies over time

variable

Which big data term describes the uncertainty of data, including biases, noise, and abnormalities?

veracity

chief user experience officer

will create the optimal relationship between user and technology

If buyer power is ______, customers can force a company and its competitors to compete on price, which typically drives prices down.

high

employee data, promotion data, vacation data

human resources

Porter's five forces model analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an

industry

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

information

Management ________ systems is 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.

information

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

information

What is data converted into a meaningful and useful context?

information

What are the two primary resources knowledge worked use to make decisions?

information and intuition

What is the primary difference between information and business intelligence?

information primarily focuses on internal variables; bi manipulates multiple variables including both internal and external variables

Human-generated structured data is data that humans, in interaction with computers, generate. Which two sources are human-generated structured data?

input data and gaming data

______ workers are individuals valued for their ability to interpret and analyze information

knowledge

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

knowledge

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

goods

An _____ barrier is a feature of a product or service that customers have come to expect and entering competitors must offer the same for survival

entry

A feature of a product or service that customers have come to expect and entering competitors must also offer is a(n) ____

entry barrier

the five forces model

evaluates industry attractiveness

SWOT analysis

evaluates project position

Two terms that represent what is confirmed or validated with fact

event and object

customers

exceptional service, high-quality products, ethical dealings

value chain analysis

executes business strategy

opportunities

expanded product line, increase in demand, new markets

What is the confirmation or validation of an event or object?

fact

employees

fair compensation, job security, ethical conduct

What is information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions?

feedback

investment data, monetary data, reporting data

finance

Two support value activities

firm infrastructure and technology development

What occurs when a company can significantly increase its market share by being first with a new competitive advantage?

first-mover advantage