Companies today are successful when they combine the power of the information age with traditional business methods. True False
2.
Competitive intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making. True False
3.
Business intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making. True False
4.
The information age is the present time, during which infinite quantities of facts are widely available to anyone who can use a computer. True False
5.
Technology provides countless business opportunities, but can also lead to pitfalls and traps for a business. True False
6.
Top managers use social intelligence to define the future of the business, analyzing markets, industries and economies to determine the strategic direction the company must follow to remain unprofitable. True False
7.
A variable is a business intelligence characteristic that stands for a value that cannot change over time. True False
8.
A fact is the confirmation or validation of an event or object. In the past, people primarily learned facts from books. True False
9.
Zappos is not a technology company; its primary business focus is to sell books. True False
10.
Order date, amount sold, and customer number are all forms of data. True False
11.
Choosing not to fire a sales representative who is underperforming knowing that person is experiencing family problems is a form of knowledge. True False
12.
Information is data converted into a meaningful and useful context. The truth about information is that its value is only as good as the people who use it. People using the same information can make different decisions depending on how they interpret or analyze the information. True False
13.
The Internet of Things (IoT) is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention. True False
14.
Machine to machine (M2M) refers to devices that connect directly to other devices. True False
15.
The Internet of Things (IoT) refers to devices that connect directly to other devices. True False
16.
Predictive analytics extracts information from data and uses it to predict future trends and identify behavioral patterns. True False
17.
Predictive analytics is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention. True False
18.
Top managers use predictive analytics to define the future of the business, analyzing markets, industries, and economies to determine the strategic direction the company must follow to remain profitable. Tony will set the strategic direction for his firm, which might include introducing new flavors of potato chips or sports drinks as new product lines or schools and hospitals as new market segments. True False
19.
Machine to machine (M2M) extracts information from data and uses it to predict future trends and identify behavioral patterns. True False
20.
Knowledge workers are individuals valued for their ability to mitigate risk and implement critical human resource rules and regulations. True False
21.
Using only data and information to make decisions and solve problems is the key to finding success in business. These are also the only core drivers of the information age and the building blocks of business systems. True False
22.
Big data is a collection of large complex data sets, including structured and unstructured, which cannot be analyzed using traditional database methods and tools. True False
23.
Big data is a view of data at a particular moment in time. True False
24.
A snapshot is a view of data at a particular moment in time. True False
25.
A static report can include updating daily stock market prices or the calculation of available inventory. True False
26.
A dynamic report can include updating daily stock market prices or the calculation of available inventory. True False
27.
Structured data extracts information from data and uses it to predict future trends and identify behavioral patterns. True False
28.
Unstructured data extracts information from data and uses it to predict future trends and identify behavioral patterns. True False
29.
Structured data is data that has a defined length, type, and format and includes numbers, dates, or strings such as customer address. True False
30.
Unstructured data is data that is not defined and does not follow a specified format and is typically free-form text such as emails, Twitter tweets, and text messages. True False
31.
Unstructured data is data that has a defined length, type, and format and includes numbers, dates, or strings such as customer address. True False
32.
Structured data is data that is not defined and does not follow a specified format and is typically free-form text such as emails, Twitter tweets, and text messages. True False
33.
34.
Companies update business strategies continuously as internal and external environments change. True False
35.
The Finance department performs the function of selling goods or services. True False
36.
The Marketing department supports sales by planning, pricing, and promoting goods or services. True False
37.
The Operations management department manages the process of converting or transforming resources into goods or services. True False
38.
The Accounting and Finance departments primarily use monetary data. True False
39.
The Sales and Marketing departments primarily use monetary data. True False
40.
For an organization to succeed, every department or functional area must work independently to be most effective. True False
41.
Successful companies today operate cross-functionally, integrating the operations of all departments. True False
42.
MIS is a tool that is most valuable when it leverages the talents of people who know how to use and manage it effectively. True False
43.
The chief technology officer is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks from hackers and viruses. True False
44.
The chief security officer is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks from hackers and viruses. True False
45.
The chief data officer is responsible for ensuring the speed, accuracy, availability, and reliability for MIS. True False
46.
The chief privacy officer is responsible for ensuring the ethical and legal use of information within a company. True False
47.
The business decisions made by the Marketing department include promotional data, sales data, and advertising data. True False
48.
The business decisions made by the Human Resources department include employee data, promotion data, and vacation data. True False
49.
The business decisions made by the Finance department include investment data, monetary data, and reporting data. True False
50.
The business decisions made by the Accounting department include transactional data, purchasing data, payroll data, and tax data. True False
51.
The business decisions made by the Sales department include potential customer data, sales report data, commission data, and customer support data. True False
52.
The business decisions made by the Operations management department include manufacturing data, distribution data, and production data. True False
53.
The business decisions made by the Finance department include promotion data, sales data, and advertising data. True False
54.
The business decisions made by the Accounting department include employee data, promotion data, and vacation data. True False
55.
The business decisions made by the Human Resources department include investment data, monetary data, and reporting data. True False
56.
The business decisions made by the Marketing department include transactional data, purchasing data, payroll data and tax data. True False
57.
The business decisions made by the Human Resources department include potential customer data, sales report data, commission data, and customer support data. True False
58.
The business decisions made by the Accounting department include manufacturing data, distribution data, and production data. True False
59.
The chief data officer is responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives. True False
60.
The chief knowledge officer is responsible for collecting, maintaining, and distributing company knowledge. True False
61.
Most organizations maintain positions such as chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO) at the strategic level. True False
62.
The chief knowledge officer is responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives. True False
63.
64.
The chief data officer (CDO) is responsible for determining the types of information the enterprise will capture, retain, analyze, and share. True False
65.
The chief data office (CDO) is responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's information technology. True False
66.
The chief technology officer (CTO) is responsible for ensuring the security of MIS systems and developing strategies and MIS safeguards against attacks from hackers and viruses. True False
67.
The chief privacy officer (CPO) is responsible for ensuring the ethical and legal use of information within an organization. True False
68.
The chief intellectual property officer (CIPO) is responsible for collecting, maintaining, and distributing the organization's knowledge. True False
69.
The chief security officer (CSO) is responsible for ensuring the security of MIS systems and developing strategies and MIS safeguards against attacks from hackers and viruses. True False
70.
According to Fast Company magazine, a few executive levels you might see created over the next decade include chief intellectual property officer, chief automation officer, and chief user experience officer. True False
71.
The difference between existing MIS workplace knowledge and the knowledge required to fulfill the business goals and strategies is called an MIS skill set. True False
72.
Most CTOs do not possess a well-rounded knowledge of all aspects of MIS, such as hardware, software, and telecommunications. True False
73.
Many CPOs are lawyers by training, enabling them to understand the often complex legal issues surrounding the use of information. True False
74.
Common approaches to closing an MIS skills gap include social recruiting, off-site training, mentoring services, and competitive salaries. True False
75.
MIS skills gap is the difference between existing MIS workplace knowledge and the knowledge required to fulfill the business goals and strategies. True False
76.
Closing the MIS skills gap by aligning the current workforce with potential future business needs is a simple proposition. True False
77.
In many instances, an MIS job will remain unfilled for an extended period of time when an employer needs to hire someone who has a very specific set of skills. In recruiting lingo, such candidates are referred to as "purple turtles." True False
78.
Goods are material items or products that customer's will buy to satisfy a want or need. True False
79.
Waiting tables, teaching, and cutting hair are all examples of services that people pay for to fulfill their needs. True False
80.
An overview of systems thinking includes input, process, output, and finances. True False
81.
A stakeholder is a person or group that has an interest or concern in an organization. Stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change. True False
82.
It is not uncommon to find stakeholders' business strategies have conflicting interests such as investors looking to increase profits by eliminating employee jobs. True False
83.
Cars, groceries, and clothing are all examples of goods. True False
84.
Production is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services. True False
85.
Productivity is the rate at which goods and services are produced based upon total output given total inputs. True False
86.
Lettuce, tomatoes, patty, bun, and ketchup are included in the output of making a hamburger. True False
87.
Cooking a patty and putting the ingredients together are included in the process of making a hamburger. True False
88.
Bread, cheese, and butter are included in the process of making a grilled cheese sandwich. True False
89.
A grilled cheese sandwich is considered the final output of a making-a-sandwich process. True False
90.
If a business could produce the same hamburger with less expensive inputs it would probably see a decrease in profits. True False
91.
If a business could produce more hamburgers with the same inputs it would see a rise in productivity and possibly an increase in profits. True False
92.
A leadership plan that achieves a specific set of goals or objectives is a business strategy. True False
93.
When a company is the first to market with a competitive advantage, it gains a particular benefit known as competitive intelligence. True False
94.
To combat business challenge, leaders communicate and execute business strategies from the Greek words stratus for army and ago for leading. True False
95.
Businesses rarely need to update business strategies as the business environment remains relatively stable. True False
96.
Attracting new customers, decreasing costs, and entering new markets are all examples of successful business strategies. True False
97.
Decreasing customer loyalty, increasing costs, and decreasing sales are all examples of business strategies. True False
98.
A first-mover advantage is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed. True False
99.
FedEx created a first-mover advantage by developing its customer self-service software, which allows people to request parcel pickups, print mailing slips, and track parcels online. True False
100.
A SWOT analysis will evaluate potential internal strengths, internal weaknesses, and external opportunities. True False
101.
A SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies. True False
102.
A SWOT analysis evaluates an organization's strengths, weaknesses, objectives, and threats. True False
103.
A SWOT analysis evaluates an organization's strengths, worries, opportunities, and technologies to identify significant influences that work for or against business strategies. True False
104.
In a SWOT analysis, strengths and weaknesses originate inside an organization, or internally. Opportunities and threats originate outside an organization, or externally and cannot always be anticipated or controlled. True False
105.
In a SWOT analysis, potential internal strengths are helpful when they identify all key strengths associated with the competitive advantage including cost advantages, new and/or innovative services, special expertise and/or experience, proven market leader, improved marketing campaigns, and so on. True False
106.
In a SWOT analysis, potential internal weaknesses are harmful when they identify all key areas that require improvement. Weaknesses focus on the absence of certain strengths, including absence of an Internet marketing plan, damaged reputation, problem areas for service, outdated technology, employee issues, and so on. True False
107.
In a SWOT analysis, potential external opportunities are helpful when they identify all significant trends along with how the organization can benefit from each, including new markets, additional customer groups, legal changes, innovative technologies, population changes, competitor issues, and so on. True False
108.
In a SWOT analysis, potential external threats are harmful when they identify all threats or risks detrimental to your organization, including new market entrants, substitute products, employee turnover, differentiating products, shrinking markets, adverse changes in regulations, economic shifts, and so on. True False
109.
Competitive advantages provide the same product or service either at a lower price or with additional value that can fetch premium prices. True False
110.
Mark Peterson identified the Porter's Five Forces Model, which analyzes the competitive forces within a business environment. True False
111.
Porter's Five Forces Model outlines the process for a sales strategy. True False
112.
With the Five Forces Model, companies should watch the forces in the market. If the forces are strong competition generally increases and if the forces are weak competition typically decreases. True False
113.
There are many challenges to changing doctors, including transferring medical records and losing the doctor-patient relationship along with the doctor's knowledge of the patient's history. Changing doctors provides a great example of switching costs. True False
114.
Supplier power is one of Porter's Five Forces and it measures the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services). True False
115.
Polaroid had a unique competitive advantage for many years until it forgot to observe competitive intelligence. The firm went bankrupt when people began taking digital pictures. Polaroid provides a great example of Porter's supplier power. True False
116.
Product differentiation occurs when a company develops unique differences in its products or services with the intent to influence demand. True False
117.
Buyer power is the ability of buyers to affect the price they must pay for an item. True False
118.
Rivalry among existing competitors refers to the ability of buyers to affect the price they must pay for an item. True False
119.
The threat of substitute products or services refers to the power of customers to purchase alternatives. True False
120.
The threat of substitute products or services refers to the power of competitors to enter a new market. True False
121.
Tiffany & Company competes in the marketplace by offering high cost custom jewelry. Tiffany & Company is following a broad market and cost leadership strategy. True False
122.
Porter has identified three generic business strategies including focused, broad cost leadership, and switching strategy. True False
123.
According to Porter's Three Generic Strategies, Walmart is following a business strategy that focuses on "broad market and low cost." True False
124.
According to Porter, it is recommended to adopt only one of the Three Generic Strategies. True False
125.
Buyer power is included as one of Porter's Three Generic Strategies. True False
126.
Value chain analysis views a firm as a series of business processes that each adds value to the product or service. True False
127.
A standardized set of activities that accomplish a specific task is called a supply chain component. True False
128.
The value chain will group a company's activities into two categories: primary value activities and support value activities. True False
129.
A business process is a standardized set of activities that accomplish a specific task, such as processing a customer's order. True False
130.
A primary value activity is a standardized set of activities that accomplish a specific task, such as processing a customer's order. True False
131.
Inbound logistics and operations are part of the primary value activities. True False
132.
Inbound logistics and operations are part of the support value activities. True False
133.
Firm infrastructure and human resource management are part of the primary value activities. True False
134.
Firm infrastructure and human resource management are part of the support value activities. True False
Multiple Choice Questions
135.
Which of the following is not considered a core driver of the information age?
A.
Information
B.
Business intelligence
C.
Competitive intelligence
D.
Data
136.
Knowledge
Variables
137.
Which of the following is considered a core driver of the information age?
Fact
Goods
138.
All of these choices
139.
Why do students need to study information technology?
Information technology is everywhere in business
Information technology is rarely discussed in business
Information technology is rarely used in organizations
Information technology is found in only a few businesses
140.
Information technology is frequently discussed in business
Information technology is frequently used in organizations
141.
What is the confirmation or validation of an event or object?
Information technology
Business Intelligence
142.
The age we live in has infinite quantities of facts that are widely available to anyone who can use a computer. What age is this statement referring to?
Data age
Information age
Business intelligence age
Internet of Things
143.
Which of the following is not a technology company but used technology to revamp the business process of selling books?
Netflix
Dell
Zappos
Amazon
144.
Which of the following is not a technology company but used technology to revamp the business process of renting videos?
145.
Which of the following is not a technology company but used technology to revamp the business process of selling shoes?
146.
What is data?
Raw facts that describe the characteristics of an event or object
Data converted into a meaningful and useful context
Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making
Skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources
147.
What is information?
Skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources
148.
What is business intelligence?
Skills, experience, and expertise, coupled with information and intelligence, which creates a person's intellectual resources
149.
What is knowledge?
150.
Which of the following is considered information?
Quantity sold
Date sold
Best-selling item by month
Product sold
151.
Which of the following is considered data?
Best customer by month
Worst-selling item by month
152.
Cheryl Steffan is the Operations Manager for Nature's Bread Company, which specializes in providing natural products for health conscious individuals. Cheryl is responsible for compiling, analyzing, and evaluating daily sales numbers to determine the company's profitability and forecast production for the next day. Which of the following is an example of a piece of data Cheryl would be using to successfully perform her job?
Craig Newmark is customer number 15467.
Compare the costs of supplies including energy over the last five years to determine the best-selling product by month.
Best-selling product by day.
Best-selling product changes when Tony, the best baker, is working.
153.
Cheryl Steffan is the Operations Manager for Nature's Bread Company, which specializes in providing natural products for health conscious individuals. Cheryl is responsible for compiling, analyzing, and evaluating daily sales numbers to determine the company's profitability and forecast production for the next day. Which of the following is an example of the type of information Cheryl would be using to successfully perform her job?
Flour Power is supplier number 8745643.
154.
Cheryl Steffan is the Operations Manager for Nature's Bread Company, which specializes in providing natural products for health conscious individuals. Cheryl is responsible for compiling, analyzing, and evaluating daily sales numbers to determine the company's profitability and forecast production for the next day. Which of the following is an example of knowledge that Cheryl would be using to successfully perform her job?
Best-selling product changes when Tony the best baker is working.
155.
Data is useful for understanding individual sales, but to gain deeper insight into a business data needs to be turned into information. Which of the following offers an example of turning data into information?
Who are my best customers?
What is my best-selling product?
What is my worst-selling product?
156.
Which of the following provides an example of information?
Who is customer number 12345XX?
What is product number 12345XX?
What customer number is Bob Smith?
157.
Which of the following provides an example of data?
158.
Business intelligence is information collected from multiple sources. Which of the following provides an example of a source that would be included in business intelligence?
Suppliers
Customers
Competitors
159.
Which of the following represents the core drives of the information age?
Data, information, business intelligence, knowledge
Fact, data, intelligence, experience
Fact, intelligence, business skills, knowledge
Data, intelligence, business information, knowledge
160.
Which of the following is not a core driver of the information age?
161.
Which of the following represents the definition of a variable?
A data characteristic that is collected through competitive intelligence and cannot change over time
A data characteristic that stands for a value that changes or varies over time
A data characteristic that stands for a value that does not change or vary over time
A data characteristic that is collected only through competitive intelligence and can change over time
162.
Today's workers are referred to as _______________ and they use BI along with personal experience to make decisions based on both information and intuition, a valuable resource for any company.
knowledge workers
knowledge thinkers
knowledge resources
knowledge players
163.
What is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making?
Supplier's intelligence
Social intelligence
Employee intelligence
164.
Information is data converted into useful, meaningful context. What are data characteristics that change or vary over time?
Facts
Supplies
Services
165.
Which of the below is the key term that defines the confirmation or validation of an event or object?
Buyer power
Entry barrier
166.
What is data converted into a meaningful and useful context?
First-mover advantage
167.
What is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention?
Predictive analytics
Machine to machine
Flat world
168.
What refers to devices that connect directly to other devices?
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