ISM 3541 FSU EXAM QUESTIONS WITH VERIFIED SOLUTIONS GRADED A+
Planning for success - Answers understanding and setting up your time investment via activities
and milestones.
Project Management Body of Knowledge (PMBOK) - Answers is 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 date and end date.
PMBOK analytics - Answers help assess the time and resource elements against the evolution
of the scope.
where data is stored - Answers in a database
data is extended to - Answers information via applications, queries and reports
information is extended into - Answers knowledge through decision making
knowledge is extended into - Answers wisdom through smart decisions based on high quality
data and experience.
Descriptive Analytics: - Answers leveraging known, historical data to create a story about how
an object (e.g. think noun) arrived in its current state
Predictive Analytics: - 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
Decision Analytics: - 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)
The world of Business Analytics and Data Science - Answers is a "green field"
"green field" implies - Answers that we are in frontier discovery mode.
planned value - Answers is the approved value of the work to be completed in a given time. is
the value that should have being earned as per schedule. "PV is the authorized budget assigned
to work to be accomplished for an activity or WBS component."
Cost Performance Index (CPI) - Answers it measure the value of work completed compared to
actual cost spent on the project. "The CPI is a measure of the cost efficiency of budgeted
resources, expressed as a ratio of earned value to actual cost."
Earned Value - Answers is the value of work performed expressed in terms of the approved
budget assigned to that work 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.
Schedule Performance Index (SPI) - Answers 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.
App - Answers refers to 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.
"How does a business ensure that it gets the most from the wealth of data?" - Answers twofold.
The two important factors are:
(a) the firm's management must think data analytically. (b) the management must create a
culture where data science methods, and data scientists, will thrive.
Planning for Success Framework - Answers - Scope
- Schedule
- Resources
Schedule - Answers Time and Prioritization - when
Resources - Answers Cost, Budget, and human
Scope - Answers Features, functionality
Intelligence - Answers The ability to acquire and apply knowledge and skills; a person or being
with the ability to acquire and apply knowledge; the collection of information of military or
political value
Analytics - Answers The systematic computational analysis of data or statistics; information
resulting from the systematic analysis of data or statisticso Business Intelligence is on the
decline and Business Analytics is on the rise
Academic View of Defining Analytics - Answers - Increasing knowledge through progressive
elaboration
- Markets for products and services have consumers and suppliers
- Data is stored and extended through the MIS and KIS constructs
Planning for success - Answers understanding and setting up your time investment via activities
and milestones.
Project Management Body of Knowledge (PMBOK) - Answers is 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 date and end date.
PMBOK analytics - Answers help assess the time and resource elements against the evolution
of the scope.
where data is stored - Answers in a database
data is extended to - Answers information via applications, queries and reports
information is extended into - Answers knowledge through decision making
knowledge is extended into - Answers wisdom through smart decisions based on high quality
data and experience.
Descriptive Analytics: - Answers leveraging known, historical data to create a story about how
an object (e.g. think noun) arrived in its current state
Predictive Analytics: - 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
Decision Analytics: - 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)
The world of Business Analytics and Data Science - Answers is a "green field"
"green field" implies - Answers that we are in frontier discovery mode.
planned value - Answers is the approved value of the work to be completed in a given time. is
the value that should have being earned as per schedule. "PV is the authorized budget assigned
to work to be accomplished for an activity or WBS component."
Cost Performance Index (CPI) - Answers it measure the value of work completed compared to
actual cost spent on the project. "The CPI is a measure of the cost efficiency of budgeted
resources, expressed as a ratio of earned value to actual cost."
Earned Value - Answers is the value of work performed expressed in terms of the approved
budget assigned to that work 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.
Schedule Performance Index (SPI) - Answers 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.
App - Answers refers to 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.
"How does a business ensure that it gets the most from the wealth of data?" - Answers twofold.
The two important factors are:
(a) the firm's management must think data analytically. (b) the management must create a
culture where data science methods, and data scientists, will thrive.
Planning for Success Framework - Answers - Scope
- Schedule
- Resources
Schedule - Answers Time and Prioritization - when
Resources - Answers Cost, Budget, and human
Scope - Answers Features, functionality
Intelligence - Answers The ability to acquire and apply knowledge and skills; a person or being
with the ability to acquire and apply knowledge; the collection of information of military or
political value
Analytics - Answers The systematic computational analysis of data or statistics; information
resulting from the systematic analysis of data or statisticso Business Intelligence is on the
decline and Business Analytics is on the rise
Academic View of Defining Analytics - Answers - Increasing knowledge through progressive
elaboration
- Markets for products and services have consumers and suppliers
- Data is stored and extended through the MIS and KIS constructs
