MIST 2090 FINAL EXAM NEWEST ACTUAL EXAM
COMPLETE 100 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
definition of MIST - ANSWER: an organized integration of hardware and software
technologies, data, processes, and human elements to produce timely, integrated,
relevant, accurate, and useful information for decision-making purposes
definition of a business model - ANSWER: describes the rationale of how an
organization creates, delivers, and captures value
9 Business Model Canvas (BMC) boxes - ANSWER: customer segments, value
proposition, channels, customer relationships, cost structure, revenue streams, key
partners, key resources, key activities
(BMC) customer segments - ANSWER: how a company groups customers into distinct
groups with common interests and needs
(BMC) value proposition - ANSWER: what unique product or service you offer; WHY
CHOOSE YOUR COMPANY?
(BMC) channels - ANSWER: how the company communicates with and reaches the
customer to deliver a value proposition (web sales, partner stores, owned stores,
etc.)
(BMC) customer relationships - ANSWER: the relationships a company establishes
with its customer segments (can be personal or automated)
(BMC) cost structure - ANSWER: all costs incurred to operate a business model
(BMC) revenue streams - ANSWER: cash that a company generates from its customer
segments (can be one-time transactions, or recurring transactions from ongoing
payments)
(BMC) key partners - ANSWER: strategic alliances to optimize the business model,
reduce risk, or acquire resources
(BMC) key resources - ANSWER: the most important assets required for the company
to work (physical, financial, intellectual, human)
(BMC) key activities - ANSWER: the most important actions required for the company
to operate successfully
relationship between revenue and financing (venture capital) - ANSWER: revenue
might not be enough for the business to support its operations; might turn to some
kind of financing to gain capital
, debt financing - ANSWER: taking on debt from a lender that you must later pay back
with interest
equity financing - ANSWER: give partial ownership of your business to an investor in
exchange for capital
Red Dress Boutique Shark Tank Pitch - ANSWER: --600k for 5% equity
--wanted a new website and back-end system for data analytics
(MPC) Two phases of the Second Machine Age - ANSWER: Phase 1 (mid 1990s)--
takeover of routine tasks such as processing payroll, welding car parts together,
sending invoices to customers, etc.
Phase 2 (2010-present)--when science fiction technologies begin appearing in the
real world, such as fully autonomous cars
(MPC) Difference between two phases of Second Machine Phase - ANSWER: phase 2
technologies can perform nonroutine tasks and learn things on their own
(MPC) Re-engineering movement and business processes - ANSWER: how technology
re-engineers the way that companies execute their most important processes
E.g.: when businesses began to "electrify" (transition from steam power to
electricity), many successful incumbent companies failed
(MPC) "Reengineering the Corporation" (book) - ANSWER: explained how businesses
should think of themselves not as conducting tasks within departments, but instead
as executing business processes
(MPC) System 1 vs System 2 thinking - ANSWER: System 1: "intuition"--fast,
automatic, evolutionarily ancient
System 2: slow, conscious, evolutionarily recent
**system 1 is prone to bias
(MPC) Standard partnership - ANSWER: refers to the division of labor between man
and machine
**places too much emphasis on human judgment; RELYING SOLELY ON
ALGORITHMS AND FORMULAS OFTEN YIELDS BETTER RESULTS
(MPC) strengths and weaknesses of human intelligence - ANSWER: Strengths--
humans have more common sense than computers and can see certain factors that
machines cannot anticipate (e.g. broken leg anecdote)
COMPLETE 100 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
definition of MIST - ANSWER: an organized integration of hardware and software
technologies, data, processes, and human elements to produce timely, integrated,
relevant, accurate, and useful information for decision-making purposes
definition of a business model - ANSWER: describes the rationale of how an
organization creates, delivers, and captures value
9 Business Model Canvas (BMC) boxes - ANSWER: customer segments, value
proposition, channels, customer relationships, cost structure, revenue streams, key
partners, key resources, key activities
(BMC) customer segments - ANSWER: how a company groups customers into distinct
groups with common interests and needs
(BMC) value proposition - ANSWER: what unique product or service you offer; WHY
CHOOSE YOUR COMPANY?
(BMC) channels - ANSWER: how the company communicates with and reaches the
customer to deliver a value proposition (web sales, partner stores, owned stores,
etc.)
(BMC) customer relationships - ANSWER: the relationships a company establishes
with its customer segments (can be personal or automated)
(BMC) cost structure - ANSWER: all costs incurred to operate a business model
(BMC) revenue streams - ANSWER: cash that a company generates from its customer
segments (can be one-time transactions, or recurring transactions from ongoing
payments)
(BMC) key partners - ANSWER: strategic alliances to optimize the business model,
reduce risk, or acquire resources
(BMC) key resources - ANSWER: the most important assets required for the company
to work (physical, financial, intellectual, human)
(BMC) key activities - ANSWER: the most important actions required for the company
to operate successfully
relationship between revenue and financing (venture capital) - ANSWER: revenue
might not be enough for the business to support its operations; might turn to some
kind of financing to gain capital
, debt financing - ANSWER: taking on debt from a lender that you must later pay back
with interest
equity financing - ANSWER: give partial ownership of your business to an investor in
exchange for capital
Red Dress Boutique Shark Tank Pitch - ANSWER: --600k for 5% equity
--wanted a new website and back-end system for data analytics
(MPC) Two phases of the Second Machine Age - ANSWER: Phase 1 (mid 1990s)--
takeover of routine tasks such as processing payroll, welding car parts together,
sending invoices to customers, etc.
Phase 2 (2010-present)--when science fiction technologies begin appearing in the
real world, such as fully autonomous cars
(MPC) Difference between two phases of Second Machine Phase - ANSWER: phase 2
technologies can perform nonroutine tasks and learn things on their own
(MPC) Re-engineering movement and business processes - ANSWER: how technology
re-engineers the way that companies execute their most important processes
E.g.: when businesses began to "electrify" (transition from steam power to
electricity), many successful incumbent companies failed
(MPC) "Reengineering the Corporation" (book) - ANSWER: explained how businesses
should think of themselves not as conducting tasks within departments, but instead
as executing business processes
(MPC) System 1 vs System 2 thinking - ANSWER: System 1: "intuition"--fast,
automatic, evolutionarily ancient
System 2: slow, conscious, evolutionarily recent
**system 1 is prone to bias
(MPC) Standard partnership - ANSWER: refers to the division of labor between man
and machine
**places too much emphasis on human judgment; RELYING SOLELY ON
ALGORITHMS AND FORMULAS OFTEN YIELDS BETTER RESULTS
(MPC) strengths and weaknesses of human intelligence - ANSWER: Strengths--
humans have more common sense than computers and can see certain factors that
machines cannot anticipate (e.g. broken leg anecdote)
