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ISA 235 Exam 1 Miami University Question and answers verified to pass

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ISA 235 Exam 1 Miami University Question and answers verified to pass ISA 235 Exam 1 Miami University Drivers of the Information Age - correct answer data -> information -> business intelligence -> knowledge Information age - correct answer The present time, during which infinit...

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  • November 8, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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ISA 235 Exam 1 Miami University
Drivers of the Information Age - correct answer ✔data -> information ->
business intelligence -> knowledge


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


Business System - correct answer ✔A method of analyzing, defining and
designing the information to operate your business.


Business strategy - correct answer ✔A leadership plan that achieves a
specific set of goals or objectives


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


Management Information Systems (MIS) - 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


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

,Business process - correct answer ✔a standardized set of activities that
accomplish a specific task, such as a specific process


supply chain - correct answer ✔the connected chain of all of the business
entities, both internal and external to the company, that perform or support the
logistics function


Value Chain: Primary vs. Support Activities - correct answer ✔The primary
activities of the value chain include inbound logistics, operation outbound
logistics, marketing and sales, and service. Secondary activities or the support
activities include firm infrastructure, human resources management, and
procurement.


Data - correct answer ✔Facts and statistics collected together for reference
or analysis


Structured data - correct answer ✔20%: clearly defined and searchable


Unstructured data - correct answer ✔80%: stored in native formterm-5


technology development - correct answer ✔applies MIS to processes to add
value


Information - correct answer ✔Data converted into a meaningful and useful
context


Internet of Things - correct answer ✔the interconnection via the Internet of
computing devices embedded in everyday objects, enabling them to send and
receive data.

, Business Intelligence (BI) - correct answer ✔is information collected from
multiple sources such as suppliers, customers, competitors, partners, and
industries that analyzes patterns, trends, and relationships for strategic
decision making.


analytics (business analytics) - correct answer ✔Analytics is the science of
fact-based decision making. Business analytics is the scientific process of
transforming data into insight for making better decisions.


Knowledge - correct answer ✔Skills, experience, and expertise coupled with
information and intelligence that creates a person's intellectual resources


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


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
ex. baking a cake


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


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


Algorithms - correct answer ✔mathematical formulas placed in software that
performs an analysis on a data set

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