BCOR 2020 – Final (100% correct answers)
managers correct answers have the responsibility to plan, coordinate, organize and lead their organizations to better performance
3 types of decision making correct answers strategic, tactical (managerial), operational
strategic decision making correct answers high level issues concerned with overall direction of the organization
tactical (managerial) decision making correct answers about how the organization should achieve
the goals and objectives set by its strategy
operational correct answers affect how the firm runs its day-to-day operations
decision making process correct answers identify and define the problem -> determine the criteria -> determine the set of alternative soltions -> evaluate the alternatives -> choose an alternative
common approaches to decision making correct answers tradition, intuition, rules of thumb, using relevant data
challenges of decision making correct answers uncertainties, lots of alternatives
business analytics correct answers the science process of transforming data into insights for making better decisions
business analytics categories correct answers descriptive analytics, predictive analytics, prescriptive analytics
descriptive analytics correct answers encompasses the set of techniques that describe what has happened in the past (data queries, reports, descriptive statistics, etc)
predictive analytics correct answers Consists of techniques that use models constructed from past
data to predict the future or ascertain the impact of one variable on another
prescriptive analytics correct answers indicates a best course of action to take (provides a forecast or prediction but not a decision)
what is data? correct answers raw facts: alphanumeric, audio, image, video
what is information? correct answers a collection of data organized in such a way that they have value beyond the facts themselves
what is knowledge? correct answers awareness and understanding of a set of information and the
ways it can be made useful to support a task what is a process? correct answers a set of logically related tasks performed to achieve a defined outcome (turning data into information is a process)
information system (IS) correct answers a set of interrelated elements that: collect input, process,
store, disseminate data and info, provides a feedback mechanism
computer based information system (CBIS) correct answers A single set of hardware, software, databases, telecommunications, people, and procedures that are configured to collect, manipulate, store, and process data into information.
procedure correct answers defines the steps to follow to achieve a specific end result (such as enter a customer order, pay a supplier invoice, or request a inventory report)
personal IS correct answers includes information systems that improve the productivity of individual users
group IS correct answers includes information systems that improve communications and support collaboration among members of a workgroup
enterprise IS correct answers includes information systems that organizations sue to define structured interactions among their own employees and or external customers, suppliers, government agencies
organization correct answers a group of people that are structured and managed to meet its mission or set of group goals
value chain correct answers a series of activities that an organization performs to transform inputs into outputs
supply chain correct answers key value chain in a manufacturing organization
supply chain management correct answers encompasses all the activities required to get the right product into the right customers hands in the right quantity at the right time and at the right cost
2 types of innovation correct answers sustaining and disruptive
sustaining innovation correct answers results in enhancements to existing products, services, and ways of operating
disruptive innovation correct answers one that initially provides a lower level of performance than the marketplace has grown to accept
reengineering (BPR) correct answers involves redesign of business processes, organizational structures, information systems, and values of the organization to achieve a breakthrough in business results
managers correct answers have the responsibility to plan, coordinate, organize and lead their organizations to better performance
3 types of decision making correct answers strategic, tactical (managerial), operational
strategic decision making correct answers high level issues concerned with overall direction of the organization
tactical (managerial) decision making correct answers about how the organization should achieve
the goals and objectives set by its strategy
operational correct answers affect how the firm runs its day-to-day operations
decision making process correct answers identify and define the problem -> determine the criteria -> determine the set of alternative soltions -> evaluate the alternatives -> choose an alternative
common approaches to decision making correct answers tradition, intuition, rules of thumb, using relevant data
challenges of decision making correct answers uncertainties, lots of alternatives
business analytics correct answers the science process of transforming data into insights for making better decisions
business analytics categories correct answers descriptive analytics, predictive analytics, prescriptive analytics
descriptive analytics correct answers encompasses the set of techniques that describe what has happened in the past (data queries, reports, descriptive statistics, etc)
predictive analytics correct answers Consists of techniques that use models constructed from past
data to predict the future or ascertain the impact of one variable on another
prescriptive analytics correct answers indicates a best course of action to take (provides a forecast or prediction but not a decision)
what is data? correct answers raw facts: alphanumeric, audio, image, video
what is information? correct answers a collection of data organized in such a way that they have value beyond the facts themselves
what is knowledge? correct answers awareness and understanding of a set of information and the
ways it can be made useful to support a task what is a process? correct answers a set of logically related tasks performed to achieve a defined outcome (turning data into information is a process)
information system (IS) correct answers a set of interrelated elements that: collect input, process,
store, disseminate data and info, provides a feedback mechanism
computer based information system (CBIS) correct answers A single set of hardware, software, databases, telecommunications, people, and procedures that are configured to collect, manipulate, store, and process data into information.
procedure correct answers defines the steps to follow to achieve a specific end result (such as enter a customer order, pay a supplier invoice, or request a inventory report)
personal IS correct answers includes information systems that improve the productivity of individual users
group IS correct answers includes information systems that improve communications and support collaboration among members of a workgroup
enterprise IS correct answers includes information systems that organizations sue to define structured interactions among their own employees and or external customers, suppliers, government agencies
organization correct answers a group of people that are structured and managed to meet its mission or set of group goals
value chain correct answers a series of activities that an organization performs to transform inputs into outputs
supply chain correct answers key value chain in a manufacturing organization
supply chain management correct answers encompasses all the activities required to get the right product into the right customers hands in the right quantity at the right time and at the right cost
2 types of innovation correct answers sustaining and disruptive
sustaining innovation correct answers results in enhancements to existing products, services, and ways of operating
disruptive innovation correct answers one that initially provides a lower level of performance than the marketplace has grown to accept
reengineering (BPR) correct answers involves redesign of business processes, organizational structures, information systems, and values of the organization to achieve a breakthrough in business results
