D081 Innovative & Strategic Thinking Exam Questions and Correct Answers

Breakthrough - CORRECT ANSWER-The development of an entirely new product or process. Business Analysis - CORRECT ANSWER-Use of data about the internal and external business environment to identify business needs and objectives. Business Model - CORRECT ANSWER-A company's plan for creating value, including the types of products and services it will offer to earn revenue. Cost-Benefit Analysis (CBA) - CORRECT ANSWER-Evaluation of the total cost of ownership of a solution compared to the expected return on investment. Creativity - CORRECT ANSWER-Generation of novel or unique ideas. Critical Thinking - CORRECT ANSWER-Disciplined process of rational, evidencedbased, and open-minded thinking that involves analysis and evaluation of inputs to reach an answer. Customer Value - CORRECT ANSWER-The benefit (vs. cost) a customer receives from a product or service offering Data Analysis - CORRECT ANSWER-Process of evaluating and interpreting data using analytical and statistical tools to uncover business insights Decision Making Process - CORRECT ANSWER-A seven-step process to make strategic decisions informed by data. Defined Benefit Plan - CORRECT ANSWER-Stage of Design Thinking process that builds on observations of users to identify and refine a problem statement Departmentalization - CORRECT ANSWER-Grouping of processes, activities, and resources into functional units. Descriptive Analytics - CORRECT ANSWER-A process by which historical data is analyzed and interpreted to provide business insights. Descriptive Analytics - CORRECT ANSWER-Process by which historical data is analyzed and interpreted to provide business insights. Design Thinking - CORRECT ANSWER-A human-centered process for innovation consisting of six iterative stages-empathize, define, ideate, prototype, test, and implement. Differentiation Strategy - CORRECT ANSWER-Business-level strategy of establishing competitive advantage through adding value to a product or service to accompany a higher price point. Empathize - CORRECT ANSWER-Stage of Design Thinking process that seeks to understand and develop empathy f