MIS 3305 EXAM 1 – MANAGEMENT INFORMATION SYSTEMS STUDY GUIDE,
PRACTICE TEST & REVIEW 2026/2027
Core Drivers of the Information Age - ANS ✔✔Data
Information
Business intelligence
Knowledge
Data - ANS ✔✔Raw facts that describe the characteristics of an event or object.
Information - ANS ✔✔Data converted into a meaningful and useful context.
Business Intelligence - ANS ✔✔Information collected from multiple sources that analyze patterns,
trends, and relationships for strategic decision making.
Knowledge - ANS ✔✔Skills, experience, and expertise coupled with information and intelligence that
creates a person's intellectual resources.
Knowledge worker - ANS ✔✔Individual valued for their ability to interpret and analyze information.
Systems thinking - ANS ✔✔A way of monitoring the entire system by viewing multiple inputs being
processed or transformed to produce outputs while continuously gathering feedback on each part.
MIS - ANS ✔✔A business function, which moves information about people, products, and processes
across the company to facilitate decision making and problem-solving.
Competitive Advantage - ANS ✔✔A product or service that an organization's customers place a greater
value on than similar offerings from a competitor.
First-mover advantage - ANS ✔✔Occurs when an organization can significantly impact its market share
by being first to market with a competitive advantage.
5 Forces - ANS ✔✔Buyer Power
Supplier Power
Threat of Substitute Product
Threat of New Entrants
Rivalry Among Existing Competitors
Buyer power - ANS ✔✔The ability of buyers to affect the price of an item.
Switching cost - ANS ✔✔Manipulating costs that make customers reluctant to switch to another product.
Loyalty program - ANS ✔✔Rewards customers based on the amount of business they do with a
particular organization.
Supplier power - ANS ✔✔The suppliers' ability to influence the prices they charge for supplies.
PRACTICE TEST & REVIEW 2026/2027
Core Drivers of the Information Age - ANS ✔✔Data
Information
Business intelligence
Knowledge
Data - ANS ✔✔Raw facts that describe the characteristics of an event or object.
Information - ANS ✔✔Data converted into a meaningful and useful context.
Business Intelligence - ANS ✔✔Information collected from multiple sources that analyze patterns,
trends, and relationships for strategic decision making.
Knowledge - ANS ✔✔Skills, experience, and expertise coupled with information and intelligence that
creates a person's intellectual resources.
Knowledge worker - ANS ✔✔Individual valued for their ability to interpret and analyze information.
Systems thinking - ANS ✔✔A way of monitoring the entire system by viewing multiple inputs being
processed or transformed to produce outputs while continuously gathering feedback on each part.
MIS - ANS ✔✔A business function, which moves information about people, products, and processes
across the company to facilitate decision making and problem-solving.
Competitive Advantage - ANS ✔✔A product or service that an organization's customers place a greater
value on than similar offerings from a competitor.
First-mover advantage - ANS ✔✔Occurs when an organization can significantly impact its market share
by being first to market with a competitive advantage.
5 Forces - ANS ✔✔Buyer Power
Supplier Power
Threat of Substitute Product
Threat of New Entrants
Rivalry Among Existing Competitors
Buyer power - ANS ✔✔The ability of buyers to affect the price of an item.
Switching cost - ANS ✔✔Manipulating costs that make customers reluctant to switch to another product.
Loyalty program - ANS ✔✔Rewards customers based on the amount of business they do with a
particular organization.
Supplier power - ANS ✔✔The suppliers' ability to influence the prices they charge for supplies.
