BUSMHR 2292 exam 1
1. VUCA world in- Volatility, Uncertainity, Complexity, and Ambiguity
cludes
2. Volatility Speed and turbulence of change
3. Uncertainity Lack of predictability
4. Complexity The sheer number of factors we must consider and how interconnected they are
5. Ambiguity The gray areas, no clear answers or precedent
6. Machine Learn- A subset of AI enabling computers to learn from data without explicit programming
ing
7. Deep Learning A ML technique using artificial networks to model complex patterns in data
8. AI Model A mathematical representation that enables machines to learn, predict, or make
decisions
9. Training The process of adjusting a model's parameters using data to improve its perfor-
mance
10. Transfer Learn- Leveraging pre-trained models to improve learning efficiency and performance in
ing new tasks
11. Hallucinations AI-generated outputs that seem coherent but are not accurate or based on actual
data
12. Bias AI can perpetuate and amplify existing biases in data
13. Understanding AI lacks true comprehension of context and nuance
14. Resources AI requires significant computational power and energy
15. Using to much AI so your critical thinking diminishes
1/7
, BUSMHR 2292 exam 1
Misuse and
over-alliance
16. Business The art of creating, buying, or selling goods and services with the goal of making
a profit
17. Sole Proprietor- A business owned and operate by a single individual. The owner is personally liable
ship for all business debts and obligations
18. Partnership A business owned by two or more people who share profits and losses of the
business
19. Corporation A legal entity that is owned by shareholders and has separate legal and tax
existence from its owners. Corporations can issue stock to raise capital and have
limited protection from their shareholders
20. Limitied-Liability A business structure that combines the liability protection of a corporation with the
Company (LLC) tax benefits of a partnership. LLCs are owned by members, and their liability is
limited to the amount of investment in the company
21. Cooperative A business owned and operated by a group of individuals for their mutual benefit.
Cooperatives are often formed by farmers, credit unions, and other groups
22. Franchise A business model where a franchise (individual or group) purchases the right to
operate a business using the trademark, products, and services of a franchisor
23. Nonprofit A business organization that operates for a charitable, educational, or other public
purpose. Nonprofits do not have owners or shareholders, and any profits are
reinvested in the organizations mission
24. Economic Factors Refer to the conditions that affect the economy in which businesses operate. ex:
inflation, interests rate, and economic growth
25. When the Fed raises rates, it becomes more expensive to borrow money
2/7
1. VUCA world in- Volatility, Uncertainity, Complexity, and Ambiguity
cludes
2. Volatility Speed and turbulence of change
3. Uncertainity Lack of predictability
4. Complexity The sheer number of factors we must consider and how interconnected they are
5. Ambiguity The gray areas, no clear answers or precedent
6. Machine Learn- A subset of AI enabling computers to learn from data without explicit programming
ing
7. Deep Learning A ML technique using artificial networks to model complex patterns in data
8. AI Model A mathematical representation that enables machines to learn, predict, or make
decisions
9. Training The process of adjusting a model's parameters using data to improve its perfor-
mance
10. Transfer Learn- Leveraging pre-trained models to improve learning efficiency and performance in
ing new tasks
11. Hallucinations AI-generated outputs that seem coherent but are not accurate or based on actual
data
12. Bias AI can perpetuate and amplify existing biases in data
13. Understanding AI lacks true comprehension of context and nuance
14. Resources AI requires significant computational power and energy
15. Using to much AI so your critical thinking diminishes
1/7
, BUSMHR 2292 exam 1
Misuse and
over-alliance
16. Business The art of creating, buying, or selling goods and services with the goal of making
a profit
17. Sole Proprietor- A business owned and operate by a single individual. The owner is personally liable
ship for all business debts and obligations
18. Partnership A business owned by two or more people who share profits and losses of the
business
19. Corporation A legal entity that is owned by shareholders and has separate legal and tax
existence from its owners. Corporations can issue stock to raise capital and have
limited protection from their shareholders
20. Limitied-Liability A business structure that combines the liability protection of a corporation with the
Company (LLC) tax benefits of a partnership. LLCs are owned by members, and their liability is
limited to the amount of investment in the company
21. Cooperative A business owned and operated by a group of individuals for their mutual benefit.
Cooperatives are often formed by farmers, credit unions, and other groups
22. Franchise A business model where a franchise (individual or group) purchases the right to
operate a business using the trademark, products, and services of a franchisor
23. Nonprofit A business organization that operates for a charitable, educational, or other public
purpose. Nonprofits do not have owners or shareholders, and any profits are
reinvested in the organizations mission
24. Economic Factors Refer to the conditions that affect the economy in which businesses operate. ex:
inflation, interests rate, and economic growth
25. When the Fed raises rates, it becomes more expensive to borrow money
2/7
