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.