Business Information Systems Exam Questions With Verified Answers

Business Information Systems Exam Questions With Verified Answers Data - answerraw facts that describe the characteristics of an event or object. Why is data important - answerIt is your competitive advantage. Data allows you to make evidenced-based decisions to help you run your operations + analyze past data to make future predictions. Without it one would have little insight into how to run their business. Big Data - answera collection of large, complex datasets, which cannot be analyzed using traditional database methods and tools Algorithm - answerA precise sequence of instructions for processes that can be executed by a computer Analytics - answerA term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions. Anomaly detection - answerThe identification of unusual data records, that might be interesting or simply data errors and require further investigation. Business analytics - answerthe use of current business data to solve business problems using mathematical analysis Business intelligence - answerInformation collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making Business process - answera standardized set of activities that accomplish a specific task, such as processing a customer's order Business strategy - answeridentifies how a division or strategic business unit will compete in its product or service domain Business unit - answera segment of a company (such as accounting, production, marketing) representing a specific business function Buyer Power (Porter's Five Forces) - answerThe ability of buyers to affect the price of an item. Examples are switching the cost or a loyalty program. chief automation officer - answerdetermines if a person or business process can be replaced by a robot or software Chief data officer - answerresponsible for determining the types of information the enterprise will capture, retain, analyze, and share chief intellectual property officer - answermanages and defends intellectual property, copyrights, and patents Chief Information Officer (CIO) - answerresponsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives Chief Knowledge Officer (CKO) - answerResponsible for collecting, maintaining, and distributing the organization's knowledge Chief Privacy Officer (CPO) - answerresponsible for ensuring that the company complies with existing data privacy laws Chief Security Officer (CSO) - answerresponsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses chief sustainability officer (CSO) - answermanager responsible for the organization's sustainability activities and performance Chief Technology Officer (CTO) - answerresponsible for ensuring the speed, accuracy, availability, and reliability of the MIS chief user experience officer - answercreates the optimal relationship between user and technology Competitive advantage - answera set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition. *They are brief* Competitive intelligence - answerthe process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed Data democratization - answeris the ability for data to be collected, analyzed, and accessible to all users Data scientist - answerA person who focuses on data analysis, especially as it relates to data mining and big data analytics. These positions require even more advanced programming and analytical skills. Descriptive analytics - answerThe set of analytical techniques that describe what has happened in the past.