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ISA 235 Final Exam Questions with complete solution

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ISA 235 Final Exam Questions with complete solution ISA 235 Final Exam Information age & its drivers - correct answer when infinite quantities of facts are widely available to anyone who can use a computer. The impact of IT on the global business environment is equal to the printing press's i...

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  • November 8, 2024
  • 11
  • 2024/2025
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ISA 235 Final Exam
Information age & its drivers - correct answer ✔when infinite quantities of
facts are widely available to anyone who can use a computer. The impact of
IT on the global business environment is equal to the printing press's impact
on publishing and electricity's impact on productivity
*Internet of things*: a world where interconnected internet-enabled devices or
"things" have the ability to collect and share data without human intervention


Differences between data, information, business intelligence, knowledge -
correct answer ✔•*Data*: Raw facts that describe the characteristics of an
event or object (order date, amount sold, customer number, quantity ordered)
•*Information*: Data converted into a meaningful and useful context (best
selling product, best customer, worst-selling product, worst customer)
•*Business Intelligence*: 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)
• *Knowledge*: The skills, expertise, and experience, couples with information
and intelligence that create a person's intellectual resources. (Choosing to not
fire a sales rep who is underperforming knowing that person is experiencing
family problems. Listing products that are about to expire first on the menu or
creating them as a daily special to move the product)


How different departments in a company are challenged in working together to
achieve success - correct answer ✔Each department (accounting, finance,
HR, marketing, operations management, sales) all have independent
functions within a business. But for the firm to be successful, all departments
must work together as a single unit sharing common information. All of the
data from each department comes together to make business decisions

, Systems thinking - correct answer ✔System: a collection of parts that link to
achieve a common purpose
Systems thinking: 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


How management information systems enable business communications -
correct answer ✔Management information systems: a bus function like
accounting or human resources which moves information about people,
products, and processes across a company to facilitate decision making and
problem solving. Incorporates systems thinking (a collection of parts that link
to achieve a common purpose) to help companies operate cross functionally.
MIS represents business success and innovation.


business strategy (and Porter's 5 forces as a way to define it but not the only
way) - correct answer ✔Business strategy: a leadership plan that achieves a
specific set of goals or objectives such as increasing sales, decreasing costs,
entering new markets, or developing new products or services. Porter's 5
forces model analyzes the competitive forces within the environment in which
a company operates to assess the potential for profitability in an industry. Its
purpose is to combat these competitive forces by identifying opportunities,
competitive advantages, and competitive advantages


MIS — not just a technology but a business function - correct answer
✔Management information systems: a bus function like accounting or human
resources which moves information about people, products, and processes
across a company to facilitate decision making and problem solving.


The departments that are responsible for MIS - correct answer ✔*Chief
Information Officer* (CIO): oversees all uses of information and technology &
ensures the strategic alignment of MIS with business goals and objectives.
Chief Data Officer (CDO): determines the time of info the org will capture,
retain, analyze, and share

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