BTM Exam chapters 1-4 Questions With Correctly Solved Solutions.

Data - Symbols that represent the properties of objects and events Information - Consists of processed data, the processing directed at increasing its usefulness Knowledge - Conveyed by instructions, answers how to questions Understanding - conveyed by explanations, answers to why questions Wisdom - Deals with values. it involves the exercise of judgement. whether is actually a good thing to do Moore's law - power of computing will double every 18-24 months cost constant Metcalf's law - the law of network economics, the value of a network increases with the square of a number of nodes or users Management Information Systems (MIS) - -Processes, information systems, and information -Management and use (use = protecting data) - Achieve strategies Figure 1-6 ( organizational strategy determines MIS) - look at it on own Competitive forces - -Competition from substitutes -Competition from new entrants - Competition from existing rivalsBargaining Power Forces - - Bargaining power of suppliers - Bargaining power of customers Value Chain - the network of value creating activities Primary activities - - Inbound Logistics: Receiving, storing, and disseminating inputs to products - Operations /manufacturing: Transforming inputs into final products - Outbound logistics: Collecting, storing, and physically distributing products to buyers - Sales and marketing: Inducing buyers to purchase products and providing a means for them to do so - Customer service: Assisting customers' use of products and thus maintaining and enhancing the products' values support activities - - Procurement: involves the selection of vendors and negotiations surrounding purchasing activities - Technology: research and development - human resources: includes activites such as recruiting, compensations, and the training of employees - firm infrastructure: includes general management, finance, accounting, legal, and government affairs Value chain linkages - Interactions across value chain activitiesBusiness Process model and Notation (BPMN) - global standard for documentation (figure 2-2)