MIST2090 Midterm Study Guide

How much do the owners of the Red Dress Boutique value their company for in their initial pitch to the sharks? a. $4 million b. None of these c. $6 million d. $16 million e. $12 million

$12 million

"O2O" platforms are those that have: a. A platform made of bits and offerings made of bits. b. A platform made of bits and offerings made of atoms. c. A platform made of atoms and offerings made of bits. d. A platform made of atoms and offerings made of atoms.

A platform made of bits and offerings made of atoms.

This software development methodology is more appropriate when user specifications are unclear or are constantly changing. a. Agile b. Waterfall

Agile

Which of these is an example of Polanyi's Paradox? a. I don't know how to set up my printer, but you can teach me b. I don't know how to play Go, but I am willing to learn c. I know how to use Facebook because I am a boomer d. I know how to stream on Twitch and I can teach you how it's done e. I know how to ride a bike, but I couldn't explain to you exactly how I do it

I know how to ride a bike, but I couldn't explain to you exactly how I do it

General Electric used crowd-based resources in the production of this type of appliance: a. Dishwasher b. None of these c. Automobile d. Icemaker e. Refrigerator

Icemaker

Which of the following is not one of the triple constraints of project management? a. Information b. Cost c. Time d. Scope

Information

This part of the triad is defined as: maintaining and assuring the accuracy and reliability of the information and systems over its lifecycle. a. None of these b. Confidentiality c. Availability d. Integrity

Integrity

Which part of the business model refers to the actions a company must take to operate successfully? a. Key Activities b. Channels c. Key Resources d. None of these e. Value Propositon

Key Activities

According to the text, in the mid-1990's, this company's investors were not worried about the potential threat posed by Casio and the other manufacturers of digital cameras. a. Canon b. Fuji c. Sony d. Kodak

Kodak

Which of these is the primary reason that modern AI systems no longer use symbolic ("rules-based") approaches? a. Badly behaving algorithms b. Access to smaller training datasets c. Moore's Law d. None of these e. Deregulation of corporate rules

Moore's Law

The "_____ effect" describes goods that become more valuable to each user as the total number of people who use that good grows larger. a. Bloom b. None of these c. Real d. Network e. Crowd

Network

Seats in a fitness class, airplane seats, and hotel rooms are all examples of "_____ inventory." a. Decaying b. Perishing c. Haunting d. Persisting e. None of these

Perishing

This time period was characterized by the automation of routine tasks like processing payroll, welding car parts together, or sending invoices to customers. a. Phase 1 of The Second Machine Age b. The Third Machine Age c. Phase 2 of The Second Machine Age d. The First Machine Age

Phase 1 of The Second Machine Age

This "paradox" described in Ch. 1 is defined by the observation that humans know a lot of things that they cannot easily communicate with one another. a. Polanyi's Paradox b. Occam's Razor c. None of these d. Crocodile Dilemma e. Zeno's Paradox

Polanyi's Paradox

The term "visual _____" describes how our eyes scan content on a page. a. Precedence b. Persistence c. Parsimony d. None of these e. Ordering

Precedence

Many prominent venture capital firms are located on this road in Silicon Valley. a. K Street b. Sand Hill Road c. Rodeo Drive d. Wall Street e. Fifth Avenue

Sand Hill Drive

Many top venture capital firms have their offices here: a. Fifth Avenue b. Wall Street c. Sand Hill Road d. K Street e. The Embarcadero Roadway

Sand Hill Road

Is this a first order question or a second order question: "How should we decide whether to invest in a new analytics platform?" a. First order question b. Second order question

Second order question

Is this an example of a first order question or a second order question: "How do we decide whether or not to punt the ball on 4th down?" a. First order question b. Second order question c. None of these

Second order question

This is what happens when workers complete tasks in their functional units without regard to the consequences for the other components in the process. a. Silo effect b. Drawstring effect c. Cross-functional effect d. Storehouse effect e. None of these

Silo effect

Krug's "First Law of Usability" states, "Don't make me _____!" a. Try b. Think c. Laugh d. Blink e. None of these

Think

True or False: A business process is a set of one or more goal-directed activities that may be accomplished in sequence or in parallel.

True

True or False: Bitcoins are purely and only pieces of information, yet it is essential that they not follow the "free, perfect, and instant" economics of information goods [which were discussed in detail in Ch. 6].

True

True or False: Presenting the results of your analysis--data visualization--is an important part of analytics

True

True or False: Uber is an example of a two-sided platform.

True

This term describes the reason why a customer would turn to one company over another. a. Key Activities b. Customer Relationships c. Value Proposition d. Key Resources

Value Propositions

Which of the following is not one of our three V's of "big data"? a. Variety b. Veracity c. Velocity d. Volume

Veracity

McAfee and Brynjolfsson reference a joke that the factory of the future will have two employees: A human and _____. a. None of these b. a crowd c. a cat d. a dog e. a machine

a dog

"How Companies Learn Your Secrets" told the story about how Target tried to identify which of their shoppers were _____. a. expecting a baby b. None of these c. about to get married for the first time d. more wealthy than their average customer e. likely to catch the flu this year

expecting a baby

When information is encoded in molecules, the reproduction cost is _____ than it would be if the information were encoded in bits. a. higher b. the same as c. lower

higher

The "_____ effect" describes goods that become more valuable to a user as the total number of people who use that good grows larger. a. bloom b. real c. network d. crowd e. None of these

network

In a platform marketplace, the authors suggest that lowering prices on one side of the network increases demand _____. a. on neither side of the network b. None of these c. on both sides of the network d. on that side of the network e. on the other side of the network

on both sides of the network

When completing a complex task (e.g., sequencing large amounts of human genetic material) are experts or outsiders more likely to produce superior results? a. experts b. outsiders

outsiders

The authors suggest that for industries like finance or urban transportation _____ can be an incumbent's best defense against a digital upstart platform. a. competition b. None of these c. regulation d. acquiescence e. disruption

regulation

A blockchain can be used to record transaction information to a ledger that contains digital "_____ contracts." a. atomized b. None of these c. slick d. dumb e. smart

smart

True or False: Rules-based approaches to AI are broadly considered to be a failure.

true

True or False: Wireframes should focus on navigation and input components, not the final appearance of the page.

true

A business model describes the rationale of how an organization creates, delivers, and captures _____. a. None b. revenue c. profit d. value e. customer segments

value

This term describes business processes that have been transformed to move bits rather than molecules. a. virtualized b. ritualized c. None of these d. misanthropic e. dynamic

virtualized

If I wanted to find out if certain people in an office building serve as information hubs to their respective departments, I should consider using this type of analysis. a. Regression-based analysis b. Social network analysis c. Correlational analysis d. Bayesian analysis

Social network analysis

This acronym refers to the opinion of a highly-paid decision maker in an organization a. HIPPO b. PLATYPUS c. MOOSE d. RHINO e. None of these

HIPPO

This acronym refers to the opinion of a well-compensated decision maker in an organization: a. PLATYPUS b. HIPPO c. MOOSE d. RHINO e. None of these

HIPPO

Why was Target interested in identifying pregnant shoppers? a. Disposable income b. Habits c. Hormones d. Cues e. Diapers

Habits

According to Machine, Platform, Crowd, which of the following careers is least likely to be affected by technological progress? a. Warehouse workers b. Medical diagnostics c. High school football coach d. Truck driver

High school football coach

This represents a business process element that separates and/or recombines flows: a. Gateway b. Event c. Task d. None of These e. Flow

Gateway

Platform companies such as Alibaba, Uber, Airbnb, and Facebook are known for being: a. Asset heavy b. Asset light

Asset light

Which of the following is emerging as the standard for modeling business processes? (Hint: It is the one we teach at UGA) a. BPMN b. UML c. None of these d. BPEL e. BPML

BPMN

This was the context of our in-class example of a latent need. a. Light bulbs b. Dirty socks c. Laundry detergent d. None of these e. Bug spray

Bug spray

In their episode of Shark Tank, the owners of the Red Dress Boutique said that they wanted to raise money to: a. Build a new website and also renovate their storefront in Athens b. Renovate their storefront in Athens and also rebuild their website's backend analytics and ecommerce platform c. Build a new website and also rebuild their website's backend analytics and ecommerce platform d. Seek advice from technical consultants and rebuild their website's backend analytics and ecommerce platform

Build a new website and also rebuild their website's backend analytics and ecommerce platform

This part of the business model canvas describes how a company communicates with and reaches its customer segments to deliver a value proposition: a. None of these b. Key Activities c. Customer Relationships d. Key Resources e. Channels

Channels

"_____ innovation" refers to the process of creating something new and valuable not by starting from scratch but instead by putting together in new ways things that were already there (perhaps with a few generally novel ingredients). a. Combinatorial b. None of these c. Disrupted d. Punctuated e. Strategic

Combinatorial

A defining property of "_____ goods" is that their demand curves interact very closely with one another (e.g., when the price of one good goes down, the demand for another good shifts outward). a. Experience b. None of these c. Fungible d. Complementary e. Information

Complementary

This term describes the dominant organizations, institutions, groups, and processes of the pre-Internet era. a. Platform b. Crew c. Core d. None of these e. Crowd

Core

The chapter opens with a discussion about the ability of artificial intelligence technologies to play this board game. a. Snakes and Ladders b. Chess c. Monopoly d. None of these e. Go

Go

This term describes a platform owner's high quality standards and strict controls for the "supplier" content on a multi-sided market platform. a. Retribution b. None of these c. Specifications d. Open contribution e. Curation

Curation

This type of financing involves borrowing money from a lender that you'll have to pay back--typically with interest. a. None of these b. Debt financing c. Cashflow financing d. Equity financing

Debt financing

Which type of financing would you choose if you wanted to maintain complete control over your start-up company? a. Equity financing b. Debt financing

Debt financing

This type of financing generally requires you to give up some degree of operational control (aka: "decisionmaking power") in your company. a. Debt financing b. Present value financing c. None of these d. Equity financing

Equity financing

This represents a business process element that happens instantly: a. Flow b. None of these c. Gateway d. Event e. Task

Event

Given the difficulty of accurate long-term predictions and the successes of data-driven decision systems, McAfee and Brynjolfsson argue that organizations should do more of this in order to be effective: a. Big bets and long-term predictions b. Experimentation and iteration c. Decrease the size of the top management team d. Transform business processes from bits to molecules

Experimentation and iteration

True or False: According to McAfee and Brynjolfsson, the iPhone would have been even more successful if Apple had prevented third-party developers from writing apps for the device.

False

True or False: Companies only create Key Partnerships with other companies that they do not ordinarily compete with.

False

True or False: In the context of information security, confidentiality is essentially the same as privacy.

False

True or False: Information security primarily relies on technical approaches such as multifactor authentication or data encryption.

False

True or False: Key Resources describes the most important actions a company must take to operate successfully.

False

True or False: Key partnerships, as described by the Business Model Canvas, can only take occur between companies that do not ordinarily compete with one another.

False

True or False: Management Information Systems is essentially synonymous with Information Technology.

False

True or False: Organizations should always be sure not to ignore any potential customer segments that they could be serving.

False

True or False: Revenue from customers is the only way to bring operating cash into the firm.

False

True or False: User experience design is just one step of the user interface design process.

False

This type of thinking referenced in Machine, Platform, Crowd is most likely to be influenced by human biases: a. System 3 b. System 1 c. System 0 c. System 2

System 1

According to the authors of Machine, Platform, Crowd, if you had an effective algorithmic model and a pool of human experts, which would lead to a superior decision making outcome? Assume that the algorithmic model and the pool of experts have access to the same data. a. The judgment of the human experts acting alone b. Combining the judgment of human experts with the algorithmic model c. The algorithmic model acting alone

The algorithmic model acting alone

An information asymmetry between two parties in a platform marketplace is harmful for: a. None of these b. Neither party to the transaction c. The less informed party to the transaction d. The more informed party to the transaction e. The entire market

The entire market

Brynjolfsson and McAfee argue that artificial intelligence "machines" _____ currently able to produce creative works. a. are not b. are

are

The social engineering hack example from the video involved hacking into someone's account at their_____. a. credit card company b. None of these c. primary email address d. cell phone provider e. place of employment

cell phone provider

A defining property of "_____ goods" is that their demand curves interact very closely with one another. a. experience b. None of these c. fungible d. complementary e. information

complementary

McAfee and Brynjolfsson say that _____ is one of the earliest examples of fully-automated decision making. a. None of these b. airline management c. credit scores d. television advertising e. auto manufacturing

credit scores

A management information system is defined as an "organized integration of hardware and software technologies, data, processes, and human elements designed to produce timely, integrated, relevant, accurate, and useful information for _____." a. decision making purposes b. value creation and delivery c. engaging machines, platforms, and the crowd d. business profits e. None of these

decision making purposes