MIS 311 EXAM 1 QUESTIONS &
ANSWERS(RATED A+)
Fact - ANSWERThe conformation or validation of an event or object
Information Age - ANSWERWHen infinite quantities of fact are widely available to
anyone who can use a computer
Data - ANSWERRaw facts that describe the characteristics of an event or object
Information - ANSWERData converted into a meaningful and useful context
Variable - ANSWERA data characteristic that stands for a value that changes or
varies over time
Business Intelligence (BI) - ANSWERInfo collected from multiple sources such as
suppliers, customers, partners, and industries that analyzes patterns, trends, and
relationships for strategic decision making
3 advantages of data mining/ BI - ANSWER1. Firms can operate more efficiently
2. Improve forecasts
3. Identify trends
Knowledge - ANSWERIncludes the skills, experience, and expertise, coupled with
info and intelligence, that creates a person's intellectual resources
Knowledge workers - ANSWERIndividuals valued for their ability to interpret and
analyze info
Accounting - ANSWERRecords, measures, and reports monetary transactions
Finance - ANSWERDeals with strategic financial issues including money, banking,
credit, investments, and assets
Human Resources - ANSWERMaintains policies, plans, and procedures for the
effective management of employees
Marketing - ANSWERSupports sales by planning, pricing, and promoting goods or
services
Operations Management - ANSWERManages the process of converting or
transforming resources into goods and services
Sales - ANSWERPerforms the function of selling goods or service
System - ANSWERA collection of parts that link to achieve a common purpose
, Goods - ANSWERMaterial items or products that consumers will buy to satisfy a
want/ need
Services - ANSWERTasks performed by people that customers will buy to satisfy a
want/need
Production - ANSWERThe process where a business takes raw materials and
processes them or converts them into a finished product for its goods or services
Productivity - ANSWERThat rate at which goods and services are produced based
upon total output given total inputs
Systems thinking - ANSWERA way of monitoring th entire system by viewing
multiple inputs being processed or transformed to produce outputs while
continuously gathering feedback on each part
Feedback - ANSWERInfo that returns to its original transmitter and modifies the
transmitter's actions; helps the system maintain stability
MIS - ANSWERA business function, which moves info about people, products, and
processes across the company to facilitate decision making and problem solving;
incorporates systems thinking
Business strategy - ANSWERA leadership plan that achieves a specific set of goals
or objectives
Competitive advantage - ANSWERA feature of a product or service on which
customers place a greater value than they do on similar offerings from competitors
First-mover advantage - ANSWEROccurs when a company can significantly
increase its market share by being first with a new competitive advantage
Competitive intelligence - ANSWERThe process of gathering info about the
competitive environment, including competitors' plans, activities, and products, to
improve a company's ability to succeed
3 tools to analyze competitive intelligence and develop competitive advantages -
ANSWERThe Five Force's Model, the three generic strategies, and value chain
analysis
Pressures that can hurt potential sales (Porter's) - ANSWER• Knowledgeable
customers can force down prices by pitting rivals against each other
• Influential suppliers can drive down profits by charging higher prices for supplies
• Competition can steal customers
• New market entrants can steal potential investment capital
• Substitute products can steal customers
Porter's Five Forces Model - ANSWERAnalyzes the competitive forces within the
environment in which a company operates to assess the potential for profitability in
an industry
ANSWERS(RATED A+)
Fact - ANSWERThe conformation or validation of an event or object
Information Age - ANSWERWHen infinite quantities of fact are widely available to
anyone who can use a computer
Data - ANSWERRaw facts that describe the characteristics of an event or object
Information - ANSWERData converted into a meaningful and useful context
Variable - ANSWERA data characteristic that stands for a value that changes or
varies over time
Business Intelligence (BI) - ANSWERInfo collected from multiple sources such as
suppliers, customers, partners, and industries that analyzes patterns, trends, and
relationships for strategic decision making
3 advantages of data mining/ BI - ANSWER1. Firms can operate more efficiently
2. Improve forecasts
3. Identify trends
Knowledge - ANSWERIncludes the skills, experience, and expertise, coupled with
info and intelligence, that creates a person's intellectual resources
Knowledge workers - ANSWERIndividuals valued for their ability to interpret and
analyze info
Accounting - ANSWERRecords, measures, and reports monetary transactions
Finance - ANSWERDeals with strategic financial issues including money, banking,
credit, investments, and assets
Human Resources - ANSWERMaintains policies, plans, and procedures for the
effective management of employees
Marketing - ANSWERSupports sales by planning, pricing, and promoting goods or
services
Operations Management - ANSWERManages the process of converting or
transforming resources into goods and services
Sales - ANSWERPerforms the function of selling goods or service
System - ANSWERA collection of parts that link to achieve a common purpose
, Goods - ANSWERMaterial items or products that consumers will buy to satisfy a
want/ need
Services - ANSWERTasks performed by people that customers will buy to satisfy a
want/need
Production - ANSWERThe process where a business takes raw materials and
processes them or converts them into a finished product for its goods or services
Productivity - ANSWERThat rate at which goods and services are produced based
upon total output given total inputs
Systems thinking - ANSWERA way of monitoring th entire system by viewing
multiple inputs being processed or transformed to produce outputs while
continuously gathering feedback on each part
Feedback - ANSWERInfo that returns to its original transmitter and modifies the
transmitter's actions; helps the system maintain stability
MIS - ANSWERA business function, which moves info about people, products, and
processes across the company to facilitate decision making and problem solving;
incorporates systems thinking
Business strategy - ANSWERA leadership plan that achieves a specific set of goals
or objectives
Competitive advantage - ANSWERA feature of a product or service on which
customers place a greater value than they do on similar offerings from competitors
First-mover advantage - ANSWEROccurs when a company can significantly
increase its market share by being first with a new competitive advantage
Competitive intelligence - ANSWERThe process of gathering info about the
competitive environment, including competitors' plans, activities, and products, to
improve a company's ability to succeed
3 tools to analyze competitive intelligence and develop competitive advantages -
ANSWERThe Five Force's Model, the three generic strategies, and value chain
analysis
Pressures that can hurt potential sales (Porter's) - ANSWER• Knowledgeable
customers can force down prices by pitting rivals against each other
• Influential suppliers can drive down profits by charging higher prices for supplies
• Competition can steal customers
• New market entrants can steal potential investment capital
• Substitute products can steal customers
Porter's Five Forces Model - ANSWERAnalyzes the competitive forces within the
environment in which a company operates to assess the potential for profitability in
an industry
