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ISA 235 exam 1 Question and answers already passed ISA 235 exam 1 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. Big data - correct answer A collection of large,...

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  • November 8, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ISA 235
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ISA 235 exam 1
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.


Big data - correct answer ✔A collection of large, complex data sets, including
structured and unstructured data, which cannot be analyzed using traditional
database methods and tools.


Example of structured data - correct answer ✔Sensor data, weblog data,
financial data, click-stream data, point of sales data, accounting data)


Management information systems - correct answer ✔A business function like
accounting and human resources, which moves information about people,
products, and processes across the company to facilitate decision making and
problem solving.


Competitive advantage - correct answer ✔A product or service that an
organization's customers place a greater value on than similar offerings from a
competitor.


Swot analysis - correct answer ✔Evaluates project position, Strengths,
weaknesses, opportunities, and threats, to identify significant influences that
work for or against the business strategies.


What are three genetic strategies - correct answer ✔(1) broad cost
leadership, (2) broad differentiation, and (3) focused strategy. Broad
strategies reach a large market segment, whereas focused strategies target a
niche or unique market with either cost leadership or differentiation. Trying to
be all things to all people is a recipe for disaster, since doing so makes it

, difficult to project a consistent image to the entire marketplace. For this
reason, Porter suggests adopting only one of the three generic strategies.


Business intelligence - correct answer ✔Information collected from multiple
sources that analyzes patterns, trends and relationships for strategic decision
making. (lowest sales per week compared with the economic interest rates),
(best selling product by month compared to sports season and city team wins
and losses)


System thinking - correct answer ✔A way of monitoring the entire system by
viewing multiple inputs being processed or transformed to produce outputs
while continuously gathering feedback on each part.


Describe the information age, and the differences between data, information,
business intelligence, and knowledge? - correct answer ✔The information
age is the present time, during which infinite quantities of facts are widely
available to anyone who can use a computer. Data is the raw facts used by
the company to carry out processes and describe objects, events, or actions.
Information is the transforming of data into a useful context for business
managers. Business intelligence is the collection of information from multiple
sources that analyzes patterns and trends for strategic decision making.
Knowledge is the combination of skills experience with information and
intelligence compiled from analysis and data.


Demonstrate how a company can add value by using porters value chain of
analysis? - correct answer ✔Value chain analyses view a firm as a series of
business processes that each add value to the product or service. A company
can add value by using value chain analysis to be a useful tool for determining
how to create the greatest possible value for customers. The main goal of
value chain analysis is to identify processes in which the firm can add value
for the customer and create a competitive advantage for itself, with a cost
advantage or product differentiation.

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