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ISA 235 Question and answers rated A+ ISA 235 Information Age - correct answer The present time, during which infinite quantities of facts are widely available to anyone who can use a computer Internet of Things - correct answer a world where interconnected Internet-enabled devices or "t...

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  • November 8, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • isa 235
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ISA 235
Information Age - correct answer ✔The present time, during which infinite
quantities of facts are widely available to anyone who can use a computer


Internet of Things - correct answer ✔a world where interconnected Internet-
enabled devices or "things" have the ability to collect and share data without
human intervention


Data - correct answer ✔raw facts that describe the characteristics of an
event or object (order date, amount sold, quantity)


Information - correct answer ✔data converted to meaningful and useful
context (best customer, bestselling product)


Business Intelligence - correct answer ✔information collected from multiple
sources that analyzes patterns, trends, and relationships from strategic
decision making (lowest sales per week compared with the economic interest
rates)


Knowledge - correct answer ✔the skills, experience, and expertise, couples
with information and intelligence, that create a person's intellectual resources
(choosing not to fire a sales rep who is underperforming knowing that the
person is experiencing family problems)


System - correct answer ✔a collection of parts that link to achieve a common
purpose


For the firm to be successful, all departments must work together as a single
unit sharing common information and not operate independently or as a silo

,Systems Thinking - correct answer ✔a way of monitoring the entire system
by viewing multiple inputs being processes or transformed to produce outputs
while continuously gathering feedback on each part


Input -> Process -> Output (feedback along the way)


Management Information Systems (MIS) - correct answer ✔a business
function which moves information about people, products, and processing
across the company to facilitate decision making and problem solving


Helps companies operate cross functionally by using systems thinking and
through an MIS/IT department


Business Strategy - correct answer ✔a leadership plan that achieves a
specific goal of objective such as
o Developing new products or services
o Entering new markets
o Increasing customer loyalty
o Attracting new customers
o Increasing sales


Porter's Five Forces Model - correct answer ✔analyzes the competitive
forces within the environment in which a company operates to assess the
potential for profitability in an industry


Not the only way to define strategy

,SWOT Analysis - correct answer ✔evaluates an organization's strengths,
weaknesses, opportunities, and threats to identify significant influences that
work for or against business strategies


Management Information System - correct answer ✔a business function,
which moves information about people, products, and processes across the
company to facilitate decision making and problem solving


is a business function not a technology


is a tool that is most valuable when it leverages the talents of people who
know how to use and manage it effectively


To perform _ function effectively, almost all companies have an internal _
department called information technology (IT), information systems (IS), or
management information systems


Competitive Advantage - correct answer ✔a feature of a product of service
on which customers place a greater value than they do on similar offerings
from competitors


Provide the same product or service at a lower price or with additional value
that can fetch premium prices


Value Chain Analysis - correct answer ✔views a firm as a series of business
processes that each add value to the product or service


Primary Value Chain Activities - correct answer ✔Inbound logistics - acquires
raw materials and resource, and distributes

, Operations - transforms raw materials or inputs into goods and services


Outbound logistics - distributes goods and services to customers


Marketing and Sales - promotes, prices, and sells products to customers


Service - provides customer support


Support Value Chain Activities - correct answer ✔Firm infrastructure -
includes the company format or departmental structures, environment and
systems


Human Resources Management - Provides employee training, hiring, and
compensation


Technology Development - Applies MIS to processes to add value


Procurement - purchases inputs such as raw materials, resources, equipment,
and supplies


Supply Chain - correct answer ✔consists of all parties involved, directly or
indirectly, in obtaining raw materials or a product


Suppliers -> Companies -> Customers


Supply Chains are interlinked Value Chains. Each Value Chain is comprised
of Business Processes

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