BMGT 301 TEST PAPER QUESTIONS AND
CORRECT ANSWERS COMPREHENSIVE
LEARNING GUIDE
●● amount of data being created...
Answer: doubles every 2 years
●● data-driven decision making leads to
Answer: 5% more productivity and 6% more profitability
●● data-driven, fact-based decision making is enabled by
Answer: standardized corporate data and access to rich, third-party data
sets
●● business intelligence
Answer: term combining aspects of reporting, data exploration,
modeling and analysis; interchangeable with analytics
●● analytics
Answer: term describing extensive use of data, statistical and
quantitative analysis, explanatory and predictive models, + face-based
management to drive decisions
,●● machine learning
Answer: category of AI that leverages a ton of data so that computers
can learn and improve accuracy of actions and predictions on their own
●● data leveraging lies...
Answer: at center of COMPETITIVE advantage for many firms like
Spotify, Google, Amazon, Netflix, Zara
●● Leveragable data asset
Answer: difficult to obtain as data in many organizations lies dormant as
it is spread across inconsistent formats and incompatible systems;
requires complex infrastructure
●● Data is a true strategic asset/ sustainable competitive advantage
when...
Answer: it is valuable, rare, imperfectly imitable and non-substitutable
*differentiation is key
●● Qcue
Answer: data-analytics firm helps national sports teams price tickets
based on dynamic pricing: $45 on a weekend, but $8 on a weeknight
●● Dynamic pricing
,Answer: -adjusting prices continually to meet the characteristics and
needs of individual customers and situations
-works in markets where supply is constrained and subject to demand
spikes
-sets supply-demand equilibrium while boosting the bottom line
-Uber
●● data
Answer: raw facts and figures; alone tells you nothing
●● information
Answer: data presented in a context to support decision making or
answer a question
●● information combined with knowledge
Answer: knowledge is insight derived from experience and expertise and
helps for stronger decisions
●● trusting your data
Answer: the ability to look at data and think about it critically +
determine its reliability is a vital managerial skill
●● trusting your data gone wrong example
, Answer: United Airlines
-UAL bankruptcy article during low traffic Internet time accidentally
went viral
-investment firm posted to Bloomberg
-investors sold stock; triggered automated systems to sell the stock
-stock dropped from $12 to $3
●● Database in a traditional file environment
Answer: -single table or collection of related tables
-often focused on a functional area, regional area, or business unit
●● DBMS (Database Management System)
Answer: software for creating, maintaining and manipulating data;
"database software"; range from single-user to web-based to open-source
(vary across scale and capabilities)
●● Oracle
Answer: world's largest database software vendor
●● SQL (Structured Query Language)
Answer: the most common language used to create and manipulate
database; non-procedural, declarative language
CORRECT ANSWERS COMPREHENSIVE
LEARNING GUIDE
●● amount of data being created...
Answer: doubles every 2 years
●● data-driven decision making leads to
Answer: 5% more productivity and 6% more profitability
●● data-driven, fact-based decision making is enabled by
Answer: standardized corporate data and access to rich, third-party data
sets
●● business intelligence
Answer: term combining aspects of reporting, data exploration,
modeling and analysis; interchangeable with analytics
●● analytics
Answer: term describing extensive use of data, statistical and
quantitative analysis, explanatory and predictive models, + face-based
management to drive decisions
,●● machine learning
Answer: category of AI that leverages a ton of data so that computers
can learn and improve accuracy of actions and predictions on their own
●● data leveraging lies...
Answer: at center of COMPETITIVE advantage for many firms like
Spotify, Google, Amazon, Netflix, Zara
●● Leveragable data asset
Answer: difficult to obtain as data in many organizations lies dormant as
it is spread across inconsistent formats and incompatible systems;
requires complex infrastructure
●● Data is a true strategic asset/ sustainable competitive advantage
when...
Answer: it is valuable, rare, imperfectly imitable and non-substitutable
*differentiation is key
●● Qcue
Answer: data-analytics firm helps national sports teams price tickets
based on dynamic pricing: $45 on a weekend, but $8 on a weeknight
●● Dynamic pricing
,Answer: -adjusting prices continually to meet the characteristics and
needs of individual customers and situations
-works in markets where supply is constrained and subject to demand
spikes
-sets supply-demand equilibrium while boosting the bottom line
-Uber
●● data
Answer: raw facts and figures; alone tells you nothing
●● information
Answer: data presented in a context to support decision making or
answer a question
●● information combined with knowledge
Answer: knowledge is insight derived from experience and expertise and
helps for stronger decisions
●● trusting your data
Answer: the ability to look at data and think about it critically +
determine its reliability is a vital managerial skill
●● trusting your data gone wrong example
, Answer: United Airlines
-UAL bankruptcy article during low traffic Internet time accidentally
went viral
-investment firm posted to Bloomberg
-investors sold stock; triggered automated systems to sell the stock
-stock dropped from $12 to $3
●● Database in a traditional file environment
Answer: -single table or collection of related tables
-often focused on a functional area, regional area, or business unit
●● DBMS (Database Management System)
Answer: software for creating, maintaining and manipulating data;
"database software"; range from single-user to web-based to open-source
(vary across scale and capabilities)
●● Oracle
Answer: world's largest database software vendor
●● SQL (Structured Query Language)
Answer: the most common language used to create and manipulate
database; non-procedural, declarative language
