MIST 2611 FINAL EXAM|| 123
QUESTIONS AND ANSWERS (GRADED
A+)
What is the information age?
a) The time period when information was scarce and difficult to access
b) The present time when information is widely available to anyone with a computer
c) The time period before computers and the internet - ANSWER-b) The present time
when information is widely available to anyone with a computer
What is data?
a) Meaningful and useful context
b) Raw facts that describe the characteristics of an event or object
c) Information collected from multiple sources to analyze patterns, trends, and
relationships - ANSWER-b) Raw facts that describe the characteristics of an event or
object
What is knowledge?
a) Raw facts that describe the characteristics of an event or object
b) Skills, experience, and expertise coupled with information and intelligence
c) Information converted into a meaningful and useful context - ANSWER-b) Skills,
experience, and expertise coupled with information and intelligence
What is systems thinking?
a) A way of understanding complex systems by analyzing their components and their
interactions with each other and with their environment
b) The process of analyzing data to derive useful insights
c) The process of collecting and disseminating information across an organization -
ANSWER-a) A way of understanding complex systems by analyzing their components
and their interactions with each other and with their environment
How do management information systems enable business communications?
a) By providing a platform for collecting, storing, analyzing, and disseminating
information across the organization
b) By emphasizing the interconnectivity and interdependence of various parts of a
system
c) By supporting decision-making processes, facilitating communication and
collaboration, and supporting knowledge management and sharing - ANSWER-a) By
providing a platform for collecting, storing, analyzing, and disseminating information
across the organization
Why are competitive advantages temporary?
,a) Because competitors cannot duplicate them
b) Because competitors often find ways to duplicate them through acquiring new
technology, copying business operations, and hiring away key employees
c) Because competitive advantages are protected by intellectual property laws -
ANSWER-b) Because competitors often find ways to duplicate them through acquiring
new technology, copying business operations, and hiring away key employees
What is Porter's Five Forces Model?
a) A model for analyzing the competitive forces within the environment in which a
company operates
b) A model for analyzing the strengths, weaknesses, opportunities, and threats of a
company
c) A model for analyzing the internal and external factors that affect a company's
profitability - ANSWER-a) A model for analyzing the competitive forces within the
environment in which a company operates
What is the bargaining power of suppliers?
a) The power of competitors to enter a market
b) The power of suppliers to drive up prices of materials
c) The power of customers to purchase alternatives - ANSWER-b) The power of
suppliers to drive up prices of materials
What is Porter's Broad Cost Leadership strategy?
a) A strategy in which a company aims to become the lowest-cost producer in its
industry
b) A strategy in which a company aims to differentiate its products or services from
those of its competitors
c) A strategy in which a company focuses on a specific customer group, market
segment, or niche - ANSWER-a) A strategy in which a company aims to become the
lowest-cost producer in its industry
Define business intelligence. - ANSWER-Information collected from multiple sources
such as suppliers, customers, competitors, partners, and industries that analyze
patterns, trends, and relationships for strategic decision making.
Define data - ANSWER-Raw facts that describe the characteristics of an event or
object.
Define knowledge - ANSWER-Skills, experience, and expertise coupled with information
and intelligence that creates a person's intellectual resources.
Define management information systems. - ANSWER-A business function that moves
information about people, products, and processes across the company to facilitate
decision making and problem solving.
All parts need to be working or else the system will fail (like a car if the steering wheel
stops working)
, What are Porter's Five Forces Model. - ANSWER-1 Threat of new entrants: power of
competitors to enter a market
2 Bargaining power of suppliers: power of suppliers to drive up prices of materials
3 Bargaining power of buyers: power of customers to drive down prices
4 Threat of substitute products or services: power of customers to purchase alternatives
5 Rivalry among existing competitors: power of competitors
What are key performance indicators (KPIs)? A. Metrics a company uses to evaluate
progress toward critical success factors B. Key areas that must be focused on to ensure
the success of an MIS project C. Crucial steps companies perform to achieve their
goals and objectives and implement their strategies D. Information systems that support
the day-to-day operations of an organization - ANSWER-A. Metrics a company uses to
evaluate progress toward critical success factors
What is the purpose of key performance indicators? A. To monitor the performance of
an MIS project over time B. To identify areas of improvement and take corrective action
to ensure the project is meeting its objectives C. To communicate the progress of the
MIS project and demonstrate its value to the organization D. All of the above -
ANSWER-D. All of the above
What are operational support systems? A. Information systems that support middle
managers in planning, decision-making, and control B. Information systems that support
top-level executives in long-term planning and strategic decision-making C. Information
systems that support the day-to-day operations of an organization D. None of the above
- ANSWER-C. Information systems that support the day-to-day operations of an
organization
True or false: Porter's Broad Differentiation strategy involves a company becoming the
lowest-cost producer in its industry. - ANSWER-False. Porter's Broad Differentiation
strategy involves a company differentiating its products or services from those of its
competitors.
Define Porter's Five Forces Model - ANSWER-A model for analyzing the competitive
forces within the environment in which a company operates to assess the potential for
profitability in an industry.
Why are competitive advantages temporary? - ANSWER-competitors often quickly seek
ways to duplicate them
What are Porter's three generic strategies? - ANSWER-1 Broad Cost Leadership:
company aims to become the lowest-cost producer in its industry; can attract price-
sensitive customers and gain a competitive advantage.
2 Broad Differentiation: company aims to differentiate its products or services from
those of its competitors; can attract customers who are willing to pay a premium price
for the differentiated features.
QUESTIONS AND ANSWERS (GRADED
A+)
What is the information age?
a) The time period when information was scarce and difficult to access
b) The present time when information is widely available to anyone with a computer
c) The time period before computers and the internet - ANSWER-b) The present time
when information is widely available to anyone with a computer
What is data?
a) Meaningful and useful context
b) Raw facts that describe the characteristics of an event or object
c) Information collected from multiple sources to analyze patterns, trends, and
relationships - ANSWER-b) Raw facts that describe the characteristics of an event or
object
What is knowledge?
a) Raw facts that describe the characteristics of an event or object
b) Skills, experience, and expertise coupled with information and intelligence
c) Information converted into a meaningful and useful context - ANSWER-b) Skills,
experience, and expertise coupled with information and intelligence
What is systems thinking?
a) A way of understanding complex systems by analyzing their components and their
interactions with each other and with their environment
b) The process of analyzing data to derive useful insights
c) The process of collecting and disseminating information across an organization -
ANSWER-a) A way of understanding complex systems by analyzing their components
and their interactions with each other and with their environment
How do management information systems enable business communications?
a) By providing a platform for collecting, storing, analyzing, and disseminating
information across the organization
b) By emphasizing the interconnectivity and interdependence of various parts of a
system
c) By supporting decision-making processes, facilitating communication and
collaboration, and supporting knowledge management and sharing - ANSWER-a) By
providing a platform for collecting, storing, analyzing, and disseminating information
across the organization
Why are competitive advantages temporary?
,a) Because competitors cannot duplicate them
b) Because competitors often find ways to duplicate them through acquiring new
technology, copying business operations, and hiring away key employees
c) Because competitive advantages are protected by intellectual property laws -
ANSWER-b) Because competitors often find ways to duplicate them through acquiring
new technology, copying business operations, and hiring away key employees
What is Porter's Five Forces Model?
a) A model for analyzing the competitive forces within the environment in which a
company operates
b) A model for analyzing the strengths, weaknesses, opportunities, and threats of a
company
c) A model for analyzing the internal and external factors that affect a company's
profitability - ANSWER-a) A model for analyzing the competitive forces within the
environment in which a company operates
What is the bargaining power of suppliers?
a) The power of competitors to enter a market
b) The power of suppliers to drive up prices of materials
c) The power of customers to purchase alternatives - ANSWER-b) The power of
suppliers to drive up prices of materials
What is Porter's Broad Cost Leadership strategy?
a) A strategy in which a company aims to become the lowest-cost producer in its
industry
b) A strategy in which a company aims to differentiate its products or services from
those of its competitors
c) A strategy in which a company focuses on a specific customer group, market
segment, or niche - ANSWER-a) A strategy in which a company aims to become the
lowest-cost producer in its industry
Define business intelligence. - ANSWER-Information collected from multiple sources
such as suppliers, customers, competitors, partners, and industries that analyze
patterns, trends, and relationships for strategic decision making.
Define data - ANSWER-Raw facts that describe the characteristics of an event or
object.
Define knowledge - ANSWER-Skills, experience, and expertise coupled with information
and intelligence that creates a person's intellectual resources.
Define management information systems. - ANSWER-A business function that moves
information about people, products, and processes across the company to facilitate
decision making and problem solving.
All parts need to be working or else the system will fail (like a car if the steering wheel
stops working)
, What are Porter's Five Forces Model. - ANSWER-1 Threat of new entrants: power of
competitors to enter a market
2 Bargaining power of suppliers: power of suppliers to drive up prices of materials
3 Bargaining power of buyers: power of customers to drive down prices
4 Threat of substitute products or services: power of customers to purchase alternatives
5 Rivalry among existing competitors: power of competitors
What are key performance indicators (KPIs)? A. Metrics a company uses to evaluate
progress toward critical success factors B. Key areas that must be focused on to ensure
the success of an MIS project C. Crucial steps companies perform to achieve their
goals and objectives and implement their strategies D. Information systems that support
the day-to-day operations of an organization - ANSWER-A. Metrics a company uses to
evaluate progress toward critical success factors
What is the purpose of key performance indicators? A. To monitor the performance of
an MIS project over time B. To identify areas of improvement and take corrective action
to ensure the project is meeting its objectives C. To communicate the progress of the
MIS project and demonstrate its value to the organization D. All of the above -
ANSWER-D. All of the above
What are operational support systems? A. Information systems that support middle
managers in planning, decision-making, and control B. Information systems that support
top-level executives in long-term planning and strategic decision-making C. Information
systems that support the day-to-day operations of an organization D. None of the above
- ANSWER-C. Information systems that support the day-to-day operations of an
organization
True or false: Porter's Broad Differentiation strategy involves a company becoming the
lowest-cost producer in its industry. - ANSWER-False. Porter's Broad Differentiation
strategy involves a company differentiating its products or services from those of its
competitors.
Define Porter's Five Forces Model - ANSWER-A model for analyzing the competitive
forces within the environment in which a company operates to assess the potential for
profitability in an industry.
Why are competitive advantages temporary? - ANSWER-competitors often quickly seek
ways to duplicate them
What are Porter's three generic strategies? - ANSWER-1 Broad Cost Leadership:
company aims to become the lowest-cost producer in its industry; can attract price-
sensitive customers and gain a competitive advantage.
2 Broad Differentiation: company aims to differentiate its products or services from
those of its competitors; can attract customers who are willing to pay a premium price
for the differentiated features.
