Exam 1

Question 1

Characteristics of good data

Answer 1

• Accurate
• Timely
• Relevant (in all ways)(to context and to subject)
• Just sufficient (just what you need and nothing else)
• Worth its cost

Question 2

Non Routine marketable skills

Answer 2

• collaboration
• abstract reasoning
• systems thinking
• experiment

Question 3

collaboration

Answer 3

develop ideas and plans with others. provide and receive critical feedback

Question 4

abstract reasoning

Answer 4

construct a model or representation

Question 5

systems thinking

Answer 5

model system components and show how components inputs and outputs relate to one another

Question 6

experiment

Answer 6

create and test promising new alternatives, consistent with available resources

Question 7

Metcalfe’s Law

Answer 7

network value equal to square of number of users connected to it (google, amazon, ebay exist due to large numbers of internet)

Question 8

MIS key elements

Answer 8

• management
• development and use
• achieving strategies

Question 9

management

Answer 9

develop, maintain and adapt; create an IS that meets your needs

Question 10

development and use

Answer 10

active role, understand needs and requirements; consider users needs during development

Question 11

achieving strategies

Answer 11

IS systems exist to help people in a business achieve the business strategy

Question 12

Porters 5 forces

Answer 12

• bargaining power of customers
• threat of substitutes
• bargaining power of suppliers
• threat of new entrant
• rivalry

Question 13

Primary activities of the value chain

Answer 13

• inbound logistics
• operations/manufacturing
• outbound logistics
• sales and marketing
• customer service

Question 14

inbound logistics

Answer 14

receiving, storing and disseminating inputs to the products

Question 15

operations/manufacturing

Answer 15

transforming inputs into the final product

Question 16

outbound logistics

Answer 16

collecting, storing and physically distributing the products to the buyers

Question 17

sales and marketing

Answer 17

inducing buyers to purchase the products and providing a means for them to do so

Question 18

customer service

Answer 18

assisting the customers use of the products and thus maintaining and enhancing the product value

Question 19

What is BI?

Answer 19

a technology driven process for analyzing data and presenting actionable information to help corporate executives, business managers and other end users make more informed business decisions

Question 20

Activities in the BI process

Answer 20

• acquire data
• perform analysis
• publish results

Question 21

acquire data

Answer 21

obtain, cleanse, organize and relate, catalog

Question 22

perform analysis

Answer 22

reporting, data mining, big data, knowledge

Question 23

publish results

Answer 23

print, web servers, report servers, automation

Question 24

components of BI system

Answer 24

• operational
• social
• purchased
• employee knowledge

Question 25

How do organizations use BI?

Answer 25

- project management - problem solving - deciding - informing

Question 26

project management

Answer 26

particulars of opening a new branch

Question 27

problem solving

Answer 27

how do we decrease our overall budget

Question 28

deciding

Answer 28

should we cancel this product line

Question 29

informing

Answer 29

compare sales to forecasts

Question 30

unsupervised data mining

Answer 30

- does not use a priori hypothesis or model - findings obtained solely by data analysis - hypothesized model created to explain patters found - ex: cluster analysis

Question 31

Supervised data mining

Answer 31

- uses priori model - prediction, such as regression analysis - ex: cellphoneweekendminutes

Question 32

data mart

Answer 32

addresses a particular component or functional area of the business

Question 33

market based analysis

Answer 33

an unsupervised data mining technique for determining sales patterns (statistical methods to identify sales patterns in large volumes of data, products customers tend to buy together, identify cross selling opportunities)

Question 34

wrong granularity

Answer 34

- too fine - not fine enough

Question 35

reporting applications

Answer 35

create meaningful information from disparate data sources

Question 36

basic operations in reporting applications

Answer 36

- sorting - filtering - grouping - calculating

Question 37

Moore's law

Answer 37

computer price/performance ratio decreases

Question 38

goals

Answer 38

- gain competitive advantage - improve business processes - gain knowledge about your business

Question 39

intangible (nonphysical)

Answer 39

- patents - property rights - trademarks - goodwill - employee moral - intellectual properties

Question 40

tangible (physical)

Answer 40

- buildings - computers - any kind of equipment