ISA 235 Exam 1 Questions With
Complete Solutions
/. Information Age - Answer-✅present time, infinite quantities of facts are widely
available to anyone w/ a computer
/.Internet of Things (IoT) - Answer-✅and device connected to the Internet w/ goal of
increasing performance w/out human help
/.Core drivers of the Information Age - Answer-✅data, information, business intelligence
(BI), knowledge
/.Data - Answer-✅raw facts describing characteristics of event/object
fact = confirmation/validation of event/object
can be structured or unstructured
/.big data - Answer-✅large volumes of data with increased variety, veracity, velocity
veracity = uncertainty/untrustworthiness of data
can be structured or unstructured
/.information - Answer-✅data converted into meaningful context
report = data organized into table/matrix/graph
static and dynamic reports
/.business intelligence (BI) - Answer-✅info collected from multiple sources to find
patterns
sources include suppliers, customers, partners
incorporates analytics, algorithms, business analytics
data scientists extract knowledge from data via statistical analysis
/.4 categories of analytics - Answer-✅descriptive = describes past performance, find
trends
diagnostic = why did it happen, causes of outcomes
predictive = extracts info to predict future trends
prescriptive = indicates best courses of action
/.knowledge - Answer-✅skills, expertise, experience, added to info and intelligence, that
creates intellectual resources
knowledge assets = resources available to an org
knowledge workers = individuals valued for ability to interpret and analyze info
, /.data silo - Answer-✅when 1 dept isn't able to freely communicate w/ other depts
no cross-functional work
/.system - Answer-✅collection of parts linking to achieve a goal
ex: goods, services, production, productivity
/.systems thinking - Answer-✅monitoring a system by viewing multiple inputs to outputs
and gathering feedback
inputs -> process -> outputs
all use feedback
approaches problems/changes from a system perspective
/.business process - Answer-✅standardized set of activities that accomplish a specific
task
/.business model - Answer-✅plan detailing how a company creates, delivers, captures
value to generate revenue
/.swot analysis - Answer-✅finds strengths, weaknesses, opportunities, threats of a
company
strengths and weaknesses are internal
opportunities and threats are external
/.5 forces model - Answer-✅analyzes competitive forces w/in environment that a
company operates in to assess potential profitability
find opportunities, competitive advantages, intelligence to combat
/.5 elements of 5 forces model - Answer-✅buyer power, supplier power, threat of
substitute products/services, threat of new entries, rivalry among existing competitors
/.3 generic strategies - Answer-✅broad cost leadership, broad differentiation, focused
strategy (adopt 1 of the 3)
cost leadership = low cost, broad market
differentiation = high cost, broad market
focused strategy = all costs, narrow market
/.critical success factors (CSFs) - Answer-✅crucial steps companies perform to achieve
goals/objectives and implement strategies
/.key performance indicators (KPIs) - Answer-✅quantifiable metrics company uses to
evaluate towards CSFs
more specific than CSFs
focus on tasks/processes management has determined are most important to reach
goals/targets
Complete Solutions
/. Information Age - Answer-✅present time, infinite quantities of facts are widely
available to anyone w/ a computer
/.Internet of Things (IoT) - Answer-✅and device connected to the Internet w/ goal of
increasing performance w/out human help
/.Core drivers of the Information Age - Answer-✅data, information, business intelligence
(BI), knowledge
/.Data - Answer-✅raw facts describing characteristics of event/object
fact = confirmation/validation of event/object
can be structured or unstructured
/.big data - Answer-✅large volumes of data with increased variety, veracity, velocity
veracity = uncertainty/untrustworthiness of data
can be structured or unstructured
/.information - Answer-✅data converted into meaningful context
report = data organized into table/matrix/graph
static and dynamic reports
/.business intelligence (BI) - Answer-✅info collected from multiple sources to find
patterns
sources include suppliers, customers, partners
incorporates analytics, algorithms, business analytics
data scientists extract knowledge from data via statistical analysis
/.4 categories of analytics - Answer-✅descriptive = describes past performance, find
trends
diagnostic = why did it happen, causes of outcomes
predictive = extracts info to predict future trends
prescriptive = indicates best courses of action
/.knowledge - Answer-✅skills, expertise, experience, added to info and intelligence, that
creates intellectual resources
knowledge assets = resources available to an org
knowledge workers = individuals valued for ability to interpret and analyze info
, /.data silo - Answer-✅when 1 dept isn't able to freely communicate w/ other depts
no cross-functional work
/.system - Answer-✅collection of parts linking to achieve a goal
ex: goods, services, production, productivity
/.systems thinking - Answer-✅monitoring a system by viewing multiple inputs to outputs
and gathering feedback
inputs -> process -> outputs
all use feedback
approaches problems/changes from a system perspective
/.business process - Answer-✅standardized set of activities that accomplish a specific
task
/.business model - Answer-✅plan detailing how a company creates, delivers, captures
value to generate revenue
/.swot analysis - Answer-✅finds strengths, weaknesses, opportunities, threats of a
company
strengths and weaknesses are internal
opportunities and threats are external
/.5 forces model - Answer-✅analyzes competitive forces w/in environment that a
company operates in to assess potential profitability
find opportunities, competitive advantages, intelligence to combat
/.5 elements of 5 forces model - Answer-✅buyer power, supplier power, threat of
substitute products/services, threat of new entries, rivalry among existing competitors
/.3 generic strategies - Answer-✅broad cost leadership, broad differentiation, focused
strategy (adopt 1 of the 3)
cost leadership = low cost, broad market
differentiation = high cost, broad market
focused strategy = all costs, narrow market
/.critical success factors (CSFs) - Answer-✅crucial steps companies perform to achieve
goals/objectives and implement strategies
/.key performance indicators (KPIs) - Answer-✅quantifiable metrics company uses to
evaluate towards CSFs
more specific than CSFs
focus on tasks/processes management has determined are most important to reach
goals/targets
