Technology And Data Analysis

Question 1

Components of MIS

Answer 1

People
Data
Business Procedure
Hardware
Software

Question 2

Key Features of ERP

Answer 2

Modular structure
Real time processing bye
Centralized database
Scalability and Interaction

Question 3

Importance of Enterprise Performance Management

Answer 3

1. Aligns strategy with Execution
2. Improves Decision-Making
3. A retail company uses EPM to forecast holiday sales, set revenue targets, and track actual sales againsy goals in realtime

Question 4

Common Functions of DMS

Answer 4

1. Administrative tasks
2. Storage
3. Concurrency control
4. Centralized view
5. Data manipulation
6. Data Independence
7. Back up Recovery

Question 5

Components of DMS

Answer 5

1. Storage engine
2. Metadata catalog
3. Database access language
4. Optimization engine
5. Data utilities
6. Query processor
7. Lock manager
8. Log manager
9. Reporting and Monitoring tools

Question 6

Benefits of DMS

Answer 6

1. Data integrity and concurrency
2. Central storage
3. Data sharing and redundancy
4. Logical and structural organization of data
5. Data back up and recovery
6. Multiple views
7. System modification

Question 7

Drawbacks of DMS

Answer 7

1. High investment and maintenance cost
2. Expertise requirement
3. Complexity
4. Server vulnerabilities

Question 8

Key Features of a Data Warehouse

Answer 8

1. Subject-oriented
2. Integrated
3. Time Variant
4. Non- volatile

Question 9

Types of Data mart

Answer 9

Dependent
Independent
Hybrid

Question 10

Why data governance matters?

Answer 10

1. Cost transparency
2. Identify wasteful spending
3. Enables better decision-making
4. Automation of cost reporting
5. Ensures compliance with financial standards

Question 11

Core components of data governance

Answer 11

1. Data ownership
2. Data quality
3. Data security and privacy
4. Compliance
5. Data stewardship
6. Metadata management

Question 12

Data Governance Frameworks

Answer 12

1. COSO FRAMEWORK ( Committee of Sponsoring Organization)
2. COBIT FRAMEWORK ( Control Objectives for Information and Related Technologies)

Question 13

5 components of COSO FRAMEWORK

Answer 13

1. Control environment
2. Risk assesment
3. Control activities
4. Information and communication
5. Monitoring

Question 14

4 DOMAINS OF COBIT FRAMEWORK

Answer 14

1. Plan and organize
2. Acquire and implement
3. Deliver and support
4. Monitor and Evaluate

Question 15

8 phases of life data cycle

Answer 15

1. Data capture
2. Data maintenance
3. Data synthesis
4. Data usage
5. Data analytics
6. Data publication
7. Data archival
8. Data purging

Question 16

Core technologies driving transformation

Answer 16

1. Robotic process automation
2. Artificial intellegence & machine learning
3. Cloud computing and SaaS in Finance
4. Blockchain

Question 17

4 types of data analysis for accountants

Answer 17

1. Descriptive analytics - right now?
2. Diagnostic analytics - why?
3. Predictive analytics - what will happen next?
4. Prescriptive analytics - what should we do?