Chapter 12

Question 1

Big Data

Answer 1

Big data: The term used to describe techniques and technologies that make it economical to deal with very large
data sets at the extreme end of the scale.

Question 2

Business Analytics

Answer 2

Business analytics: The use of data, analysis, and modeling to arrive at business decisions. Some organizations
use business analytics to create new innovations or to support the modification of existing products or services.

Question 3

Business Intelligence

Answer 3

Business intelligence: The term for the broad practice of using technology, applications, and processes to collect
and analyze data to support business decisions.

Question 4

Chief Analytics Officer (CAO)

Answer 4

Chief analytics officer (CAO): The individual at the helm of an organization’s analytics activities.

Question 5

Chief Data Officer

Answer 5

Chief data officer: An individual who has the responsibility for the data warehouse, organizational databases,
relationships with vendors who supply external data sources, and sometimes the algorithms that use these data
sources.

Question 6

Combination

Answer 6

Combination: The mode of knowledge conversion from explicit knowledge to explicit knowledge.

Question 7

Data

Answer 7

Data: A set of specific, objective facts or observations that standing alone have no intrinsic meaning.

Question 8

Data-Driven Culture

Answer 8

Data‐driven culture: The organizational environment that supports and encourages the use of analytics to support
decision making.

Question 9

Data Mining

Answer 9

Data mining: The process of analyzing databases for “gems” that will be useful in management decision making.
Typically, data mining is used to refer to the process of combing through massive amounts of customer data to
understand buying habits and to identify new products, features, and enhancements

Question 10

Data Scientist

Answer 10

Data scientist: A professional who has the skills to use the right analytics with the right data at the right time for
the right business problem.

Question 11

Data Warehouses

Answer 11

Data warehouse: A centralized collection of data designed to support management decision making. It sometimes
includes all the organization’s databases.

Question 12

Evidence-Based Management

Answer 12

Evidence‐based management: An approach in which evidence (data) and facts are analyzed as the first step in
decision making.

Question 13

Explicit Knowledge

Answer 13

Explicit knowledge: Objective, theoretical, and codified knowledge for transmission in a formal, systematic
method using grammar, syntax, and the printed word. (In contrast, see Tacit knowledge.)

Question 14

Externalization

Answer 14

Externalization: The mode of knowledge conversion from tacit knowledge to explicit knowledge.

Question 15

Folksonomy

Answer 15

Folksonomy: The collaborative creation and management of a structure for any type of collection, such as
ideas, data, or documents. The term is the merger of folk and taxonomy, meaning that it is a user‐generated
taxonomy.

Question 16

Information

Answer 16

Information: Data endowed with relevance and purpose.

Question 17

Intellectual Capital

Answer 17

Intellectual capital: The knowledge that has been identified, captured, and leveraged to produce high‐value goods
or services or some other competitive advantage for the firm.

Question 18

Intellectual Property (IP)

Answer 18

Intellectual property (IP): The term used to describe a creative information‐based output. It is information based 
and, unlike physical property, it is nonexclusive and has a negligible marginal cost to produce additional copies.

Question 18

Internalization

Answer 18

Internalization: The mode of knowledge conversion from explicit knowledge to tacit knowledge.

Question 19

Internet of Things

Answer 19

Internet of Things: The technology embedded in devices that streams sensor data from those devices to the
Internet to create rich databases of operational data.

Question 20

Knowledge

Answer 20

Knowledge: The information synthesized and contextualized to provide value.

Question 21

Knowledge Capture

Answer 21

Knowledge capture: The continuous processes of scanning, organizing, and packaging knowledge after it has
been generated.

Question 22

Knowledge Codification

Answer 22

Knowledge codification: The representation of knowledge in a manner that can be easily accessed and transferred.

Question 23

Knowledge Generation

Answer 23

Knowledge generation: All activities that discover “new” knowledge, whether such knowledge is new to the
individual, the firm, or the entire discipline.

Question 24

Knowledge Management

Answer 24

Knowledge management: The processes necessary to capture, codify, and transfer knowledge across the organization to achieve competitive advantage

Question 25

Knowledge Transfer

Answer 25

Knowledge transfer: The transmission of knowledge from one person or group to another and the absorption of that knowledge.

Question 26

Real-Time Data Source

Answer 26

Real‐time data source: A type of data stream that companies use in analytics programs that capture data as they occur.

Question 27

Sentiment Analysis

Answer 27

Sentiment analysis: The type of analytics that uses algorithms to analyze text to extract subjective information such as emotional statements, preferences, likes/dislikes, and so on.

Question 28

Socialization

Answer 28

Socialization: The mode of knowledge conversion from tacit knowledge to tacit knowledge using the process of sharing experiences; it occurs through observation, imitation, and practice.

Question 29

Social Media Analytics

Answer 29

``` Social media analytics: A class of tools to measure the impact of social IT investments (i.e., tweets, blogs, Facebook) on the business. ```

Question 30

Structured and Unstructured Data

Answer 30

Structured data: The facts gathered from external sources that are clear and easily categorized when stored in databases or used. Unstructured data: The facts that are embedded (i.e., in blogs, tweets, conversations) that have to be extracted before they can become useful information. They are not straightforward.

Question 31

Tacit Knowledge

Answer 31

Tacit knowledge: The personal, context‐specific knowledge that is hard to formalize and communicate. It consists of experiences, beliefs, and skills and is entirely subjective and often acquired through physically practicing a skill or activity. (In contrast, see Explicit knowledge.)

Question 32

Tagging

Answer 32

Tagging: The process in which users list key words that codify information or a document at hand and that create an ad hoc codification system, sometimes referred to as a folksonomy.

Question 33

1. Knowledge management is the process that generates, captures, codifies and __________ knowledge across an organization in order to achieve a competitive advantage. a) Analyzes b) Transfers c) Applies d) Limits e) Saves

Answer 33

b) Transfers

Question 34

2. An organization’s only sustainable competitive advantage lies in: a) The data warehouse. b) The creation of unrealistic expectations. c) The employees’ knowledge and how they apply that knowledge to business problems. d) The use of business intelligence. e) The business processes.

Answer 34

c) The employees’ knowledge and how they apply that knowledge to business problems.

Question 35

3. This allows individuals to own their creativity and innovation in a way similar to owning physical property. a) Intellectual property b) Open source license agreement c) Economies of scale d) Intellectual capital e) Patents

Answer 35

a) Intellectual property

Question 36

4. Business analytics fuel ________ decision making. a) social b) fact-based c) profit-driven d) intuition-based e) top-down

Answer 36

b) fact-based

Question 37

5. Unlike other baseball teams at the time, the Oakland A’s used this to manage the team and carry themselves to the playoffs. a) Players with lots of determination b) Young players with the willingness to play c) Factual data d) High player salaries e) High batting averages

Answer 37

c) Factual data

Question 38

6. Knowledge that has been identified, captured, and leveraged to produce higher-value goods or services or some other competitive advantage for the firm is called: a) Information b) Intellectual capital c) Competitive advantage data d) Business intelligence e) System data

Answer 38

b) Intellectual capital

Question 39

7. All of the following are main processes of knowledge management EXCEPT: a) The generation of knowledge b) The capturing of knowledge c) The absorption of knowledge d) The codification of knowledge e) The transfer of knowledge

Answer 39

c) The absorption of knowledge

Question 40

8. These are collections of data designed to support management decision making, and sometimes serve as repositories of organizational knowledge. a) Data-marts b) Data containers c) Data warehouses d) Data storage centers e) RAID

Answer 40

c) Data warehouses

Question 41

9. ________________ is hard to explain, hard to transfer, and highly personal to the source. a) Data b) Tacit knowledge c) Implicit knowledge d) Explicit knowledge e) Information

Answer 41

b) Tacit knowledge

Question 42

10. IT is traditionally focused on _________________________. a) data b) tacit knowledge c) implicit knowledge d) explicit knowledge e) information

Answer 42

d) explicit knowledge

Question 43

11. All of the following are common elements of a BI system EXCEPT for:? a) Reporting b) Dashboards c) Querying d) Supply chain management e) Scorecards

Answer 43

d) Supply chain management

Question 44

12. ________________ is the process of analyzing data warehouses for “gems”. a) Data combing b) Data translation c) Data mining d) Data searching e) Data manipulation

Answer 44

c) Data mining

Question 45

13. _______________ includes the movement from tacit knowledge to explicit knowledge. a) Externalization b) Socialization c) Internalization d) Combination e) Appropriation

Answer 45

a) Externalization

Question 46

14. This is an ad-hoc codification system that manages tags for annotating and categorizing content. a) Collaborative data store b) Folksonomy c) Data mart d) Socio-content e) Social Network

Answer 46

b) Folksonomy

Question 47

15. All of the following are examples of socialization EXCEPT for: a) Sharing war stories b) Apprenticeships c) Conferences d) Non-structured activities, like an office party or lunch discussion e) Project management

Answer 47

e) Project management

Question 48

16. Capital One found ________ in combination with business analytics to be a very low-cost way to design and develop new products and services for customers. a) Socialization b) Experimentation c) Absorption d) Externalization e) Globalization

Answer 48

b) Experimentation

Question 49

17. By utilizing business analytics, a company can learn which one of the following? a) Which products are moving slowly versus which products are moving quickly b) Which products have been sold in the past 3 months c) Who is likely to buy the product in a given period of time d) Where each product sits (warehouse, store or factory location) e) The suppliers who contributed to the manufacturing of the product

Answer 49

c) Who is likely to buy the product in a given period of time

Question 50

18. All of the following are components of business analytics EXCEPT for: a) A data repository b) Software tools c) Project stakeholders d) Data driven environment e) A skilled workforce

Answer 50

c) Project stakeholders

Question 51

19. This company approach is one in which facts are gathered and analyzed as the first step in decision making. a) Information-driven management b) Hierarchical structure c) Network structure d) Evidence-based management e) Social analytics

Answer 51

d) Evidence-based management

Question 52

20. This is the term used to describe the techniques and technology that make it possible to deal with very large volumes of information that are created and stored for analysis. a) Data warehouse b) Database c) Big data d) Data analytics e) Business intelligence

Answer 52

c) Big data

Question 53

21. To support the analytical needs of an organization, data warehouses need to be all of the following EXCEPT: a) Scalable b) Compatible with the IT infrastructure c) Agile to support changing requirements d) Secure e) Inaccessible

Answer 53

e) Inaccessible

Question 54

22. The four main types of intellectual property are all of the following EXCEPT: a) Patent b) Trademarks c) Designs d) Data warehouse e) Copyrights

Answer 54

d) Data warehouse

Question 55

23. Companies that use big data and analytics can be helped by making information more hidden, and making sure to avoid experimentation (which can become reckless).

Answer 55

F

Question 56

24. The CEO-level sponsorship of and passion for analytics enabled firms like Caesars and Capital One to achieve the success they did.

Answer 56

T

Question 57

25. A company that is using statistical analysis tools to report on why something happened has achieved a higher level of analytical maturity than a company that’s using tools to predict what will happen next.

Answer 57

F

Question 58

26. “False discoveries” are a downside to the analysis of big data.

Answer 58

T

Question 59

27. Data is more important than knowledge.

Answer 59

F

Question 60

28. More human contribution goes into creating information than knowledge.

Answer 60

F

Question 61

29. Tacit knowledge is easy to formalize.

Answer 61

F

Question 62

30. Knowledge is valuable information from the human mind while information is data with relevance and purpose

Answer 62

T

Question 63

31. Data is defined as simple observations of the state of the world, and it is easily captured on machines.

Answer 63

T

Question 64

32. This is the process of combing through massive amounts of data to identify previously unknown relationships among data.

Answer 64

Ans: Data mining

Question 65

33. Business intelligence is a more specific form of knowledge management that seeks to extract knowledge from ______.

Answer 65

Ans: data

Question 66

34. Researchers at the University of Arizona are able to predict asthma-related emergency room visits with ______ percent accuracy.

Answer 66

Ans: 70

Question 67

35. This tool displays key metrics in a graphical form and has drill down capabilities that get to the next level of detail.

Answer 67

Ans: Dashboard

Question 68

36. Netflix is credited with accurately predicting viewer preferences, and collects detailed information about viewer behavior. What does Netflix use to gain such capabilities?

Answer 68

Ans: Big data and/or analytics

Question 69

37. Business analytics tools are used with data in the _____________ to gain insight and support decision making.

Answer 69

Ans: Data warehouse

Question 70

38. These are tools that analyze the impact social IT has on a business.

Answer 70

Ans: Social analytics or social media analytics

Question 71

39. This is one of the features of Google Analytics that allows an organization see how specific search queries drive traffic to the organization’s web site.

Answer 71

Ans: search optimization