MIS 2101 EXAM 2

Question 1

What does ERP stand for?

Answer 1

Enterprise Resource Planning

Question 2

What is ERP?

Answer 2

a software or system that integrates functions, streamlines processes, and manage core business

Question 3

How does ERP create value?

Answer 3

• Integrated Database (One copy of data)
• Collaboration (Improves decision making)
• Flexibility & Mobility (Access anywhere/anytime)
• Lower costs

Question 4

What does CRM stand for?

Answer 4

Customer Relationship Management

Question 5

Who uses CRM?

Answer 5

Sales, Marketing, HR, Accounting

Question 6

What are the benefits of CRM?

Answer 6

• Maximize Profits
• Understand your customer-data (Analyze buying patterns, Problem solve)
• Accountability
• Customer Communication

Question 7

What is the difference between CRM & ERP?

Answer 7

ERP- About the business & processes (Internal Focus)
CRM- About the customer (External Focus)
Both- Shared data & Increased Profit

Question 8

What is data analytics?

Answer 8

The use of tools and people to uncover hidden patterns in the data that might not be readily available to the naked eye

Question 9

What are the 3 types of analytics?

Answer 9

• Descriptive - Dashboards (BI)
• Predictive - use past data to model future
• Prescriptive - Optimization - advise on how best to do your job

Question 10

Why should we care about Data Investments?

Answer 10

• Decrease expenses
• Find new innovations
• Launch new products/ Services
• Increase efficiency
• Transform Business
• Establish data-driven culture

Question 11

What is data analysis?

Answer 11

an exploratory process that often starts with specific questions

Question 12

What is data visualization?

Answer 12

the visual representation of data, ranging from single charts to comprehensive dashboards

Question 13

What is Business Intelligence (BI)?

Answer 13

BI leverages software & services to transform data into actional intelligence that informs the organization’s business decisions

Question 14

What are legacy systems?

Answer 14

Something we moved away from; information would get lost because of the three different things/databases

Question 15

What is the significance of McDonald’s case study with big data?

Answer 15

• Improved customer experience (Mass Personalization)
• Infrastructure
• Technology Transformation (Algorithms crunch data & Machine learning)
• Replacing stagnant signs (Digital Displays)

Question 16

BI is what type of analytic?

Answer 16

Descriptive analytics: describes a past or current state

Question 17

Where can Analytical findings be presented in?

Answer 17

Reports, summaries, dashboards, graphs, charts, maps

Question 18

What is Google Analytics used for?

Answer 18

It is used to track website engagement, number of sessions, number of pages visited, bounce rate, and conversion rate

Question 19

What is Supply Chain Management?

Answer 19

It includes many components, but mainly it is planning backwards in order to execute a project

Question 20

Why do we use the cross functional approach?

Answer 20

It improves trust and collaboration, inventory visibility & velocity, and company long-term performance

Question 21

What does RFID stand for and what is it?

Answer 21

Radio Frequency Identification. It is wireless technology that lets you identify objects that have been fitted with special RF identification tabs

Question 22

What is RFID good for?

Answer 22

Inventory control, access control

Question 23

How does RFID work?

Answer 23

Antenna reads electromagnetic energy; can penetrate non-metallic solid objects

Question 24

What is the Disney Magic Band and why is it important?

Answer 24

Used RFID to track customer data at the parks & hotels. Everything was linked together, including customers’ credit cards, tickets, and trip itinerary, allowing for Disney to come up with better ideas for the parks

Question 25

What are digital platforms?

Answer 25

They facilitate commercial interactions between at least two different groups

Question 26

What are some core functions of a platform?

Answer 26

Audience Building, Matchmaking, and Providing Core Tools and Services

Question 27

What are the benefits of digital platforms?

Answer 27

- Easier to find customers - Monetize underutilized assets - Reduce transaction costs - Reduce barriers to entry - Reduce search costs

Question 28

What are Network Effects and what are some examples?

Answer 28

The indirect value goods and services gain as more people use them (EX: Uber, Dating Sites); a company will make more money and work better if more people are using the good/service

Question 29

What are the pros of cloud computing?

Answer 29

- Collaboration - Environment - Cost - Ease of Use

Question 30

What are the cons of cloud computing?

Answer 30

- Security - Data Integrity - Availability - Privacy

Question 31

What does API stand for?

Answer 31

Application Programming Interface

Question 32

What is an API?

Answer 32

- Connects computer software components, enabling organizations to open their back-end data for use - Contract Data Interaction, facilitating interactions between front & backend IT systems (Web API's) - Facilitate development of applications: Web, Mobile, Cloud - Reusable Asset- It's a product

Question 33

What are the three basic service types to consider when looking at Cloud Computing?

Answer 33

1. Infrastructure as a Service (IaaS); (Amazon Web Service) 2. Platform as a Service (PaaS); (EX: Google App Engine, Microsoft Azure) 3. Software as a Service (SaaS); (EX: Dropbox, G-Suite)

Question 34

What are Product Managers and what are they adept at?

Answer 34

Analytics gurus who are adept at applying machine learning concepts to augment the product manager's decision making; help products reach success

Question 35

A product manager's maturity can be assed in what 6 different areas?

Answer 35

1. Customer-experience grounding 2. Market Orientation 3. Business acumen 4. Technical Skills 5. Soft Skills 6. Enablers

Question 36

What are the 5 questions for threat modeling?

Answer 36

5 Questions for threat modeling (must answer together): 1. What do you want to protect? 2. Who do you want to protect it from? 3. How likely is it that you will need to protect it? 4. How bad are the consequences if you fail? 5. How much trouble are you willing to go through in order to prevent these consequences?

Question 37

What are the 5 key BUILD elements?

Answer 37

BUILD 1. do/not do 2. risk/ cost ratios 3. industry risk profile 4. growth perspective 5. sustainability

Question 38

What is the regulation created for Privacy and Personal Data Protection?

Answer 38

California Consumer Privacy Act (CCPA)

Question 39

What are the regulations created for Federal Cybersecurity?

Answer 39

1996-HIPPA 1999- Gramm-Leach-Biley Act 2002- Homeland Security Act, includes Federal Information Security Management Act (FIMSA)

Question 40

When developing systems at every single point such as ERPs, what must IT professionals consider?

Answer 40

regulatory acts

Question 41

What are the three types of Artificial Intelligence?

Answer 41

- Narrow (ANI) - General (AGI) - Superintelligence (ASI)

Question 42

What are some General (AGI) Tests?

Answer 42

- The Turing Test - The Coffee Test - The College Student Test - The Employment Test

Question 43

What is Narrow Intelligence?

Answer 43

Only does one or two tasks that are very very simple