ISM 3541 FSU Exam 1 Questions with Correct Answers Latest Update 2025/2026
Analytics - Answers Ties the landscape together and allows a person to decompose the
ecosystem into manageable components
Data Modeling - Answers
Descriptive Modeling - Answers Leveraging known, historical data to create a story about how
an object (e.g. think noun) arrived in its current state
Predictive Modeling - Answers Creating modules on objects based on attributes gathered from
data sets to determine the future behavior of an object and being able to rationalize the
prediction based on a formula or algorithm that incorporates risk and probability. The type of
model for forecasting one path, and one path only based on assumptions. The date matures as
the model runs in iterative fashions.
Prescriptive Modeling - Answers Analytical modeling that supports complex forecasting that is
designed to provide insights on decision making. The type of model used for forecasting
multiple paths and advising problem solving construct using "what if" scenarios and risk
analysis.
Descriptive Analysis - Answers is "predictive analytics" on steroids where multiple paths for
future behavior are guesstimated based on probability, risk, impact, and priority and is
supported by an overall recommendation(s). Type of model for understanding the past
why/what
when
how - Answers The "schedule-scope-resources" defines the _______, the _______, and the _______.
Project Management Body of Knowledge (PMBOK) - Answers A process for defining the
"schedule-scope-resources" boundaries that evolve through a concept of progressive
elaboration over a period of time defined by a hard start and end date.
Schedule Performance Index (SPI) - Answers The project management analytic that speaks to
the overall timeline. Is a ratio of the earned value (EV) to the planned value (PV). If the SPI is
less than one, it indicates that the project is potentially behind schedule whereas a Schedule
Performance Index of greater than one, indicates the project is running ahead of schedule.
Cost Performance Index (CPI) - Answers It measures the value of work completed compared to
the actual cost spent on the project. As per the PMBOK Guide, "The CPI is a measure of the cost
efficiency of budgeted resources, expressed as a ratio of earned value to actual cost."
Earned Value (EV) - Answers is the value of work performed expressed in terms of the approved
budget assigned to that work for an activity or WBS component.
, Planned Value (PV) - Answers Planned Value is the approved value of the work to be completed
in a given time. It is the value that should have been earned as per the schedule. As per the
PMBOK Guide, "PV is the authorized budget assigned to work to be accomplished for an activity
or WBS component."
Progressive Elaboration - Answers a concept acknowledging the learning process humans
engage as projects are executed where as time progresses, the person gains greater level of
detail. The evolution of context with time is the reason the analytics are gathered to measure
the estimated time versus the actual time and as we become more accurate at defining and
estimating work then the data will show our effectiveness.
Actual Cost - Answers A project management analytical attribute that provides insights into the
actual cost of an activity.
Database Software - Answers Stores data
Data Structures - Answers Important in the analytics world because they ultimately influence our
answers, our assumptions, and the overall reliability of the analytics model.
Weather Channel, Bank of America portal, Dunkin Donughnuts app, or reports built on queries
(SQL) - Answers Give examples of applications that are designed to extended data into
information and sometimes information into knowledge.
Expert System - Answers Information that extends to knowledge or wisdom
Knowledge Management Systems - Answers Data extended to information and information
extending to knowledge
Management Information Systems - Answers Data extends to information
Big Data (data science) - Answers A strategy for many businesses and should be considered
when developing a company's vision for where they are heading.
App - Answers An executable file that is stored locally on a device and conducts some
processing of data locally and then passed back to the server
Web Application - Answers Implies a browser-based form that processes data through external
servers and presents the results on the device's screen
The two important factors are (a) the firm's management must think data analytically and (b)
the management must create a culture where data science methods, and data scientists, will
thrive. - Answers How does a business ensure that it gets the most from the wealth of data?
Knowledge Management Objects - Answers Where the customer (e.g., object that is a noun) is
both a consumer of product/service and a supplier of valuable information.
To gather data as a long-term strategic opportunity by leveraging Big Data - Answers In today's
Analytics - Answers Ties the landscape together and allows a person to decompose the
ecosystem into manageable components
Data Modeling - Answers
Descriptive Modeling - Answers Leveraging known, historical data to create a story about how
an object (e.g. think noun) arrived in its current state
Predictive Modeling - Answers Creating modules on objects based on attributes gathered from
data sets to determine the future behavior of an object and being able to rationalize the
prediction based on a formula or algorithm that incorporates risk and probability. The type of
model for forecasting one path, and one path only based on assumptions. The date matures as
the model runs in iterative fashions.
Prescriptive Modeling - Answers Analytical modeling that supports complex forecasting that is
designed to provide insights on decision making. The type of model used for forecasting
multiple paths and advising problem solving construct using "what if" scenarios and risk
analysis.
Descriptive Analysis - Answers is "predictive analytics" on steroids where multiple paths for
future behavior are guesstimated based on probability, risk, impact, and priority and is
supported by an overall recommendation(s). Type of model for understanding the past
why/what
when
how - Answers The "schedule-scope-resources" defines the _______, the _______, and the _______.
Project Management Body of Knowledge (PMBOK) - Answers A process for defining the
"schedule-scope-resources" boundaries that evolve through a concept of progressive
elaboration over a period of time defined by a hard start and end date.
Schedule Performance Index (SPI) - Answers The project management analytic that speaks to
the overall timeline. Is a ratio of the earned value (EV) to the planned value (PV). If the SPI is
less than one, it indicates that the project is potentially behind schedule whereas a Schedule
Performance Index of greater than one, indicates the project is running ahead of schedule.
Cost Performance Index (CPI) - Answers It measures the value of work completed compared to
the actual cost spent on the project. As per the PMBOK Guide, "The CPI is a measure of the cost
efficiency of budgeted resources, expressed as a ratio of earned value to actual cost."
Earned Value (EV) - Answers is the value of work performed expressed in terms of the approved
budget assigned to that work for an activity or WBS component.
, Planned Value (PV) - Answers Planned Value is the approved value of the work to be completed
in a given time. It is the value that should have been earned as per the schedule. As per the
PMBOK Guide, "PV is the authorized budget assigned to work to be accomplished for an activity
or WBS component."
Progressive Elaboration - Answers a concept acknowledging the learning process humans
engage as projects are executed where as time progresses, the person gains greater level of
detail. The evolution of context with time is the reason the analytics are gathered to measure
the estimated time versus the actual time and as we become more accurate at defining and
estimating work then the data will show our effectiveness.
Actual Cost - Answers A project management analytical attribute that provides insights into the
actual cost of an activity.
Database Software - Answers Stores data
Data Structures - Answers Important in the analytics world because they ultimately influence our
answers, our assumptions, and the overall reliability of the analytics model.
Weather Channel, Bank of America portal, Dunkin Donughnuts app, or reports built on queries
(SQL) - Answers Give examples of applications that are designed to extended data into
information and sometimes information into knowledge.
Expert System - Answers Information that extends to knowledge or wisdom
Knowledge Management Systems - Answers Data extended to information and information
extending to knowledge
Management Information Systems - Answers Data extends to information
Big Data (data science) - Answers A strategy for many businesses and should be considered
when developing a company's vision for where they are heading.
App - Answers An executable file that is stored locally on a device and conducts some
processing of data locally and then passed back to the server
Web Application - Answers Implies a browser-based form that processes data through external
servers and presents the results on the device's screen
The two important factors are (a) the firm's management must think data analytically and (b)
the management must create a culture where data science methods, and data scientists, will
thrive. - Answers How does a business ensure that it gets the most from the wealth of data?
Knowledge Management Objects - Answers Where the customer (e.g., object that is a noun) is
both a consumer of product/service and a supplier of valuable information.
To gather data as a long-term strategic opportunity by leveraging Big Data - Answers In today's
