Management 3300 Mizzou Exam 1
UPDATED ACTUAL Exam Questions and
CORRECT Answers
6 Major Roles of Information Systems - CORRECT ANSWER - Supporting customer
interactions
managing operations
improving individual productivity
making decisions
collaborating on teams
gaining competitive advantage
Tactics to help reduce churn - CORRECT ANSWER - Call customers to that are canceling
and find out why
Measure customer engagement
Figure out what features make your product sticky
Allocate best reps to the job of saving customers that call to cancel
consider testing a long term contract
look for other factors that correlate with churn
operations management - CORRECT ANSWER - the management of systems and processes
that create goods and or provide services
virtual team - CORRECT ANSWER - a group of individuals who work together from
different geographic locations and rely on communication technology to collaborate
competitive advantage - CORRECT ANSWER - anything that gives a firm a lead over its
rivals
it can be gained through the development and application of innovative information systems.
,losers - CORRECT ANSWER - competition is for
monopoly - CORRECT ANSWER - new companies should always strive for
Customer Relations Management (CRM) - CORRECT ANSWER - acquiring new
relationships
enhancing existing relationships
retaining customer relationships
an information system used to build customer relationships, enhance loyalty, and manage
interactions with customer
churn - CORRECT ANSWER - # of customers lost in a period/# of total customers at
beginning of period
or
$ of recurring revenue lost in period/ $ of total customers at beginning of period
customer life time value (CLV) - CORRECT ANSWER - average revenue per user/churn rate
data - CORRECT ANSWER - refers to individual facts or pieces of information
raw ingredient for every information system
converted into digital format, integrated and shared across systems
information - CORRECT ANSWER - refers to data or facts that are assembled and analyzed
to add meaning and usefulness
knowledge - CORRECT ANSWER - leads to a course of action or decision, requires
synthesizing info from various sources
, Three important aspects of info that determine quality - CORRECT ANSWER - Timeliness
Accuracy
Completeness
timeliness - CORRECT ANSWER - is the information current with respect to the business
requirements?
accuracy - CORRECT ANSWER - are all the values correct?
completeness - CORRECT ANSWER - are there any values missing?
adds considerable value to information, particularly as a means to avoid spin or bias
four components of an information system - CORRECT ANSWER - people, technology,
processes, and data
people - CORRECT ANSWER - leaders, managers and staff, information technology team,
user-generated content
technology - CORRECT ANSWER - hardware, software, telecommunications
processes - CORRECT ANSWER - set of activities to achieve a task
business _________ management
business process management (BPM) - CORRECT ANSWER - is the field that focuses on
designing, optimizing, and streaming processes, taking into account the human element
UPDATED ACTUAL Exam Questions and
CORRECT Answers
6 Major Roles of Information Systems - CORRECT ANSWER - Supporting customer
interactions
managing operations
improving individual productivity
making decisions
collaborating on teams
gaining competitive advantage
Tactics to help reduce churn - CORRECT ANSWER - Call customers to that are canceling
and find out why
Measure customer engagement
Figure out what features make your product sticky
Allocate best reps to the job of saving customers that call to cancel
consider testing a long term contract
look for other factors that correlate with churn
operations management - CORRECT ANSWER - the management of systems and processes
that create goods and or provide services
virtual team - CORRECT ANSWER - a group of individuals who work together from
different geographic locations and rely on communication technology to collaborate
competitive advantage - CORRECT ANSWER - anything that gives a firm a lead over its
rivals
it can be gained through the development and application of innovative information systems.
,losers - CORRECT ANSWER - competition is for
monopoly - CORRECT ANSWER - new companies should always strive for
Customer Relations Management (CRM) - CORRECT ANSWER - acquiring new
relationships
enhancing existing relationships
retaining customer relationships
an information system used to build customer relationships, enhance loyalty, and manage
interactions with customer
churn - CORRECT ANSWER - # of customers lost in a period/# of total customers at
beginning of period
or
$ of recurring revenue lost in period/ $ of total customers at beginning of period
customer life time value (CLV) - CORRECT ANSWER - average revenue per user/churn rate
data - CORRECT ANSWER - refers to individual facts or pieces of information
raw ingredient for every information system
converted into digital format, integrated and shared across systems
information - CORRECT ANSWER - refers to data or facts that are assembled and analyzed
to add meaning and usefulness
knowledge - CORRECT ANSWER - leads to a course of action or decision, requires
synthesizing info from various sources
, Three important aspects of info that determine quality - CORRECT ANSWER - Timeliness
Accuracy
Completeness
timeliness - CORRECT ANSWER - is the information current with respect to the business
requirements?
accuracy - CORRECT ANSWER - are all the values correct?
completeness - CORRECT ANSWER - are there any values missing?
adds considerable value to information, particularly as a means to avoid spin or bias
four components of an information system - CORRECT ANSWER - people, technology,
processes, and data
people - CORRECT ANSWER - leaders, managers and staff, information technology team,
user-generated content
technology - CORRECT ANSWER - hardware, software, telecommunications
processes - CORRECT ANSWER - set of activities to achieve a task
business _________ management
business process management (BPM) - CORRECT ANSWER - is the field that focuses on
designing, optimizing, and streaming processes, taking into account the human element
