IT 360T – Old Dominion University – Exam 1 Study Guide and
Key Concepts
Operational Excellence - correct answer ✔✔ Seeks to improve the efficiency of their operations
in order to achieve higher profitability.
Operational Excellence - correct answer ✔✔ 'Walmart knowing, by purchase, when to send
more of certain items' is an example of what?
Business Model - correct answer ✔✔ Describes how a company produces, delivers and sells a
product or service to create wealth.
Business Model - correct answer ✔✔ 'Transferring CDs to iPods. (Apple's move)' is an example
of what?
Customer and Supplier Intimacy - correct answer ✔✔ o Customers that like the way they were
treated usually respond by purchasing more, raising profits and revenues.
o With suppliers, the better business responds, the more vital input & lower costs.
...purchasing more, raising profits and revenues. - correct answer ✔✔ Customers that like the
way they were treated usually respond by...
Better; more; lower - correct answer ✔✔ With suppliers, the ______ business responds, the
_____ vital input & ______ costs.
Customer and Supplier Intimacy - correct answer ✔✔ 'Hotel rooms changing to match preferred
customer settings automatically' is an example of?
,Improved Decision-Making - correct answer ✔✔ Makes it possible for managers to use real-
time data from the marketplace when making decisions.
Improved Decision-Making - correct answer ✔✔ 'Verizon is using a web-based digital dashboard
to provide customers with precise real-time information for customer complaints' is an example
of?
Competitive Advantage - correct answer ✔✔ Doing things better than your competitors,
charging for less for superior products and responding to customers and suppliers in real time
all add up to higher sales and higher profits that your competitors cannot match.
Survival - correct answer ✔✔ Sarbanes-Oxley (2002) and Dodd-Frank (2008) are part of what
section of Business Drivers of Information Systems?
- correct answer ✔✔ Act used to protect investors from fraudulent financial reporting by
corporations.
Sarbanes-Oxley (2002) - correct answer ✔✔ Mandated strict reforms to existing securities
regulations and imposed tough new penalties on law breakers.
- Created in response to highly publicized corporate financial scandals in the early 2000s.
- Also caused strict new rules for accountants, auditors, and corporate officers and imposed
more stringent record-keeping requirements.
- Added new criminal penalties for violating security laws.
Dodd-Frank (2008) - correct answer ✔✔ · Massive piece of financial reform legislation passed in
2010 in response to the financial crisis of 2008.
· Targeted the sectors of the financial system that were believed to have caused the 2008
financial crisis.
1. Operational Excellence
, 2. New Products, Services and Business Models
3. Customer and Supplier Intimacy
4. Improved Decision-Making
5. Competitive Advantage
6. Survival - correct answer ✔✔ What are the six Business Drivers of Information Systems?
Information System - correct answer ✔✔ A set of interrelated components that collect or
retrieve, process, or store and distribute information to support decision-making, coordinating
and control an organization.
Data - correct answer ✔✔ Streams of raw facts representing events occurred in organizations or
the physical environment before they have been organized and arranged into a form that
people can understand and use.
Information - correct answer ✔✔ Data that has been shaped into a form that is meaningful and
useful to human beings.
Information Literacy - correct answer ✔✔ Encompasses an understanding of the people and
organizational dimensions of systems, as well as the technical.
Computer Literacy - correct answer ✔✔ Focuses primarily on knowledge of information
technology.
Management Information System (MIS) - correct answer ✔✔ -Tries to achieve this broader
information systems literacy.
- Behavioral issues with technical issues surrounding the development, use and impact of
information systems used by managers and employees in the firm.
Key Concepts
Operational Excellence - correct answer ✔✔ Seeks to improve the efficiency of their operations
in order to achieve higher profitability.
Operational Excellence - correct answer ✔✔ 'Walmart knowing, by purchase, when to send
more of certain items' is an example of what?
Business Model - correct answer ✔✔ Describes how a company produces, delivers and sells a
product or service to create wealth.
Business Model - correct answer ✔✔ 'Transferring CDs to iPods. (Apple's move)' is an example
of what?
Customer and Supplier Intimacy - correct answer ✔✔ o Customers that like the way they were
treated usually respond by purchasing more, raising profits and revenues.
o With suppliers, the better business responds, the more vital input & lower costs.
...purchasing more, raising profits and revenues. - correct answer ✔✔ Customers that like the
way they were treated usually respond by...
Better; more; lower - correct answer ✔✔ With suppliers, the ______ business responds, the
_____ vital input & ______ costs.
Customer and Supplier Intimacy - correct answer ✔✔ 'Hotel rooms changing to match preferred
customer settings automatically' is an example of?
,Improved Decision-Making - correct answer ✔✔ Makes it possible for managers to use real-
time data from the marketplace when making decisions.
Improved Decision-Making - correct answer ✔✔ 'Verizon is using a web-based digital dashboard
to provide customers with precise real-time information for customer complaints' is an example
of?
Competitive Advantage - correct answer ✔✔ Doing things better than your competitors,
charging for less for superior products and responding to customers and suppliers in real time
all add up to higher sales and higher profits that your competitors cannot match.
Survival - correct answer ✔✔ Sarbanes-Oxley (2002) and Dodd-Frank (2008) are part of what
section of Business Drivers of Information Systems?
- correct answer ✔✔ Act used to protect investors from fraudulent financial reporting by
corporations.
Sarbanes-Oxley (2002) - correct answer ✔✔ Mandated strict reforms to existing securities
regulations and imposed tough new penalties on law breakers.
- Created in response to highly publicized corporate financial scandals in the early 2000s.
- Also caused strict new rules for accountants, auditors, and corporate officers and imposed
more stringent record-keeping requirements.
- Added new criminal penalties for violating security laws.
Dodd-Frank (2008) - correct answer ✔✔ · Massive piece of financial reform legislation passed in
2010 in response to the financial crisis of 2008.
· Targeted the sectors of the financial system that were believed to have caused the 2008
financial crisis.
1. Operational Excellence
, 2. New Products, Services and Business Models
3. Customer and Supplier Intimacy
4. Improved Decision-Making
5. Competitive Advantage
6. Survival - correct answer ✔✔ What are the six Business Drivers of Information Systems?
Information System - correct answer ✔✔ A set of interrelated components that collect or
retrieve, process, or store and distribute information to support decision-making, coordinating
and control an organization.
Data - correct answer ✔✔ Streams of raw facts representing events occurred in organizations or
the physical environment before they have been organized and arranged into a form that
people can understand and use.
Information - correct answer ✔✔ Data that has been shaped into a form that is meaningful and
useful to human beings.
Information Literacy - correct answer ✔✔ Encompasses an understanding of the people and
organizational dimensions of systems, as well as the technical.
Computer Literacy - correct answer ✔✔ Focuses primarily on knowledge of information
technology.
Management Information System (MIS) - correct answer ✔✔ -Tries to achieve this broader
information systems literacy.
- Behavioral issues with technical issues surrounding the development, use and impact of
information systems used by managers and employees in the firm.
