BUS 303 Saylor Exam Questios with 100% Correct Answers

BUS 303 Saylor Exam Questios with 100% Correct Answers Information System - answerAn integrated and cooperating set of software directed information technologies supporting individual, group, organizational, or societal goals. SWOT - answerAn organization's strengths, weaknesses, opportunities, and threats. Used to evaluate their business strategy. Effectiveness - answer"Doing the right thing" A more effective firm can make better decisions and carry them out more successfully. Efficiency - answer"Doing things right". Less input effort but same output, or same amount of input effort producing more output. Fifth Wave - answerThe current state in time where computers are so fast and so inexpensive that they have become ubiquitous—woven into products in ways few imagined years before. Information Technology - answerHardware, software and telecommunication equipment that is used to capture, process, store and distribute information. Moore's Law - answerMeans that next generation chips should be twice as fast in eighteen months, but cost the same as today's models . Porter's Five Forces - answerSupplier Power Buyer Power Threat of Substitution Threat of New Entry affect your Competitive Rivalvry Also known as Industry and Competitive Analysis. Regulatory Compliance - answerAn organization's adherence to laws, regulations, guidelines and specifications relevant to its business. Return on Investment - answerMeasures the amount of return on an investment, relative to the investment's cost. (Gain from Investment - Cost of Investment) / Cost of Investment Data Standardization - answerThe critical process of bringing data into a common format that allows for collaborative research, large-scale analytics, and sharing of sophisticated tools and methodologies. Sustained Competitive Advantage - answerA long-term competitive advantage that is not easily duplicable or surpassable by the competitors. Business Process - answerA series of tasks that are repeated in order to produce a measurable output. Strategic management - answeris concerned with creating the general framework in which the business process are executed. Operational management - answercreates the workflow for formalizing and automating business processes and applying information systems, as appropriate, to support process execution. Administrative management - answer, typically the role of the IS unit, is responsible for developing the organizational and information systems infrastructure to support business processes. Data mart / warehouse - answerRepositories for large amounts of transactional data awaiting analytics and reporting. ePK - answerevent controlled chain of process diagrams Business process management - answerThis integrates an organization to make individual processes more efficient and can be used to fix one problem or create a unifying system to consolidate problems. Data mining - answerThe process of analyzing data warehouses for information that can be used in management decision making. Notable applications: