ISA 235 Exam #1 (Chapters 1-4) |264 Questions
with solutions
fact - -the confirmation or validation of an event or object
-information age - -the present time, during which infinite quantities of facts are widely
available to anyone who can use a computer
-Examples of coupling the power of the information age with traditional business methods
- -Amazon, Netflix, Zappos
-Internet of Things (IoT) - -a world where interconnected, Internet- enabled devices or
"things" can collect and share data without human intervention
-machine-to-machine (M2M) - -devices that connect directly to other devices
-4 Core Drivers of the Information Age - --Data
-Information
-Business Intelligence
-Knowledge
-data - -raw facts that describe the characteristics of an event or object
-examples of data - --Order Date
-Amount Sold
-Customer Number
-Quantity Ordered
-structured data - -data that has a defined length, type, and format and includes numbers,
dates, and strings such as Customer address
-machine-generated data - -data created by a machine WITHOUT human intervention
Includes:
-sensor data
- point of scale data
- web log data
-human-generated data - -data that humans, in interaction with computers,
Includes:
-input data
-click stream data
-gaming data
, -unstructured data - -data that is not defined and does not follow a specified format and is
typically free-form text such as emails, tweets, and texts
-makes up about 80% of data around us
-Sources of Unstructured data - -Machine Generated Unstructured Data
-satellite images, scientific atmosphere, radar
Human Generated Unstructured Data
-texts, social media, emails
-big data - -collection of large, complex data sets that cannot be analyzed using traditional
database methods and tools
-includes both structured and unstructured data
-snapshot - -view of data at a particular moment in time
-information - -data converted into a meaningful and useful context
-examples of information - --Best Selling Product
-Best Customer
-Worst Selling Product
-Worst Customer
-report - -document containing data organized in a table, matrix, or graphical format
allowing users to easily comprehend and understand information
-static report - -report created once based on data that does not change
Examples:
-sales report from last year
-salary report from five years ago
-dynamic report - -report that changes automatically during creation
Examples:
-updating daily stock market prices
-calculation of available inventory
-variable - -data characteristic that stands for a value that changes or varies over time
-Results of changing a variable - --able to create hypothetical scenarios to study future
possibilities
-anticipate how sales or cost increases
-how increase in costs improve profits
-business intelligence - -information collected from multiple sources such as suppliers,
customers, competitors, partners, and industries that analyzes patterns, trends, and
relationships for strategic decision making
, -examples of BI - --lowest sales per week compared with the economic interest rates
-best selling product by month compared to sports seasons and city team wins/losses
-What does business intelligence manipulate? - --manipulates multiple variables including
items like interest rates, weather conditions, and gas prices
-analytics - -science of fact-based decision making
-predictive analytics - -extracts information from data and uses it to predict future trends
and identify behavioral patterns
-Why use predictive analytics? - --define the future of a business
-analyze markets, industries, economies
-determine strategic direction of a company
-behavioral analytics - -uses data about people's behaviors to understand intent and
predict future actions
-knowledge - -skills, experience, and expertise coupled with information and intelligence
that creates a person's intellectual resources
-examples of knowledge - --choosing not to fire a sales representative who is under
performing knowing that person is experiencing family problems
-listing products that are about to expire first on the menu or creating them as a daily
special to move the product
-knowledge workers - -individuals valued for their ability to interpret and analyze
information
-use BI and personal experience to make decisions
-accounting - -records, measures, and reports monetary transactions
-accounting data types - --transactional data
-purchasing data
-payroll data
-tax data
-finance - -tracks strategic financial issues including money, banking, credit, investments,
and assets
-finance data types - --investment data
-monetary data
-reporting data
-human resources - -maintains policies, plans, and procedures for the effective
management of employees
with solutions
fact - -the confirmation or validation of an event or object
-information age - -the present time, during which infinite quantities of facts are widely
available to anyone who can use a computer
-Examples of coupling the power of the information age with traditional business methods
- -Amazon, Netflix, Zappos
-Internet of Things (IoT) - -a world where interconnected, Internet- enabled devices or
"things" can collect and share data without human intervention
-machine-to-machine (M2M) - -devices that connect directly to other devices
-4 Core Drivers of the Information Age - --Data
-Information
-Business Intelligence
-Knowledge
-data - -raw facts that describe the characteristics of an event or object
-examples of data - --Order Date
-Amount Sold
-Customer Number
-Quantity Ordered
-structured data - -data that has a defined length, type, and format and includes numbers,
dates, and strings such as Customer address
-machine-generated data - -data created by a machine WITHOUT human intervention
Includes:
-sensor data
- point of scale data
- web log data
-human-generated data - -data that humans, in interaction with computers,
Includes:
-input data
-click stream data
-gaming data
, -unstructured data - -data that is not defined and does not follow a specified format and is
typically free-form text such as emails, tweets, and texts
-makes up about 80% of data around us
-Sources of Unstructured data - -Machine Generated Unstructured Data
-satellite images, scientific atmosphere, radar
Human Generated Unstructured Data
-texts, social media, emails
-big data - -collection of large, complex data sets that cannot be analyzed using traditional
database methods and tools
-includes both structured and unstructured data
-snapshot - -view of data at a particular moment in time
-information - -data converted into a meaningful and useful context
-examples of information - --Best Selling Product
-Best Customer
-Worst Selling Product
-Worst Customer
-report - -document containing data organized in a table, matrix, or graphical format
allowing users to easily comprehend and understand information
-static report - -report created once based on data that does not change
Examples:
-sales report from last year
-salary report from five years ago
-dynamic report - -report that changes automatically during creation
Examples:
-updating daily stock market prices
-calculation of available inventory
-variable - -data characteristic that stands for a value that changes or varies over time
-Results of changing a variable - --able to create hypothetical scenarios to study future
possibilities
-anticipate how sales or cost increases
-how increase in costs improve profits
-business intelligence - -information collected from multiple sources such as suppliers,
customers, competitors, partners, and industries that analyzes patterns, trends, and
relationships for strategic decision making
, -examples of BI - --lowest sales per week compared with the economic interest rates
-best selling product by month compared to sports seasons and city team wins/losses
-What does business intelligence manipulate? - --manipulates multiple variables including
items like interest rates, weather conditions, and gas prices
-analytics - -science of fact-based decision making
-predictive analytics - -extracts information from data and uses it to predict future trends
and identify behavioral patterns
-Why use predictive analytics? - --define the future of a business
-analyze markets, industries, economies
-determine strategic direction of a company
-behavioral analytics - -uses data about people's behaviors to understand intent and
predict future actions
-knowledge - -skills, experience, and expertise coupled with information and intelligence
that creates a person's intellectual resources
-examples of knowledge - --choosing not to fire a sales representative who is under
performing knowing that person is experiencing family problems
-listing products that are about to expire first on the menu or creating them as a daily
special to move the product
-knowledge workers - -individuals valued for their ability to interpret and analyze
information
-use BI and personal experience to make decisions
-accounting - -records, measures, and reports monetary transactions
-accounting data types - --transactional data
-purchasing data
-payroll data
-tax data
-finance - -tracks strategic financial issues including money, banking, credit, investments,
and assets
-finance data types - --investment data
-monetary data
-reporting data
-human resources - -maintains policies, plans, and procedures for the effective
management of employees
