BMGT 301 EXAM 2 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. big data
Answer:
the massive amount of data available to today's managers that is often
unstructured, too big and too costly to work through with conventional databases
Question:
2. amount of data being created...
Answer:
doubles every 2 years
Question:
3. data-driven decision making leads to
Answer:
5% more productivity and 6% more profitability
Question:
4. data-driven, fact-based decision making is enabled by
Answer:
standardized corporate data and access to rich, third-party data sets
Question:
5. business intelligence
Answer:
term combining aspects of reporting, data exploration, modeling and analysis;
interchangeable with analytics
Question:
6. analytics
Answer:
term describing extensive use of data, statistical and quantitative analysis,
explanatory and predictive models, + face-based management to drive decisions
,Question:
7. 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
Question:
8. data leveraging lies...
Answer:
at center of COMPETITIVE advantage for many firms like Spotify, Google,
Amazon, Netflix, Zara
Question:
9. 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
Question:
10. Data is a true strategic asset/ sustainable competitive
advantage when...
Answer:
it is valuable, rare, imperfectly imitable and non-substitutable
*differentiation is key
Question:
11. Qcue
Answer:
data-analytics firm helps national sports teams price tickets based on dynamic
pricing: $45 on a weekend, but $8 on a weeknight
Question:
12. 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
, Question:
13. data
Answer:
raw facts and figures; alone tells you nothing
Question:
14. information
Answer:
data presented in a context to support decision making or answer a question
Question:
15. information combined with knowledge
Answer:
knowledge is insight derived from experience and expertise and helps for
stronger decisions
Question:
16. trusting your data
Answer:
the ability to look at data and think about it critically + determine its reliability is a
vital managerial skill
Question:
17. 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
Question:
18. 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
AND CORRECT ANSWERS
Question:
1. big data
Answer:
the massive amount of data available to today's managers that is often
unstructured, too big and too costly to work through with conventional databases
Question:
2. amount of data being created...
Answer:
doubles every 2 years
Question:
3. data-driven decision making leads to
Answer:
5% more productivity and 6% more profitability
Question:
4. data-driven, fact-based decision making is enabled by
Answer:
standardized corporate data and access to rich, third-party data sets
Question:
5. business intelligence
Answer:
term combining aspects of reporting, data exploration, modeling and analysis;
interchangeable with analytics
Question:
6. analytics
Answer:
term describing extensive use of data, statistical and quantitative analysis,
explanatory and predictive models, + face-based management to drive decisions
,Question:
7. 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
Question:
8. data leveraging lies...
Answer:
at center of COMPETITIVE advantage for many firms like Spotify, Google,
Amazon, Netflix, Zara
Question:
9. 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
Question:
10. Data is a true strategic asset/ sustainable competitive
advantage when...
Answer:
it is valuable, rare, imperfectly imitable and non-substitutable
*differentiation is key
Question:
11. Qcue
Answer:
data-analytics firm helps national sports teams price tickets based on dynamic
pricing: $45 on a weekend, but $8 on a weeknight
Question:
12. 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
, Question:
13. data
Answer:
raw facts and figures; alone tells you nothing
Question:
14. information
Answer:
data presented in a context to support decision making or answer a question
Question:
15. information combined with knowledge
Answer:
knowledge is insight derived from experience and expertise and helps for
stronger decisions
Question:
16. trusting your data
Answer:
the ability to look at data and think about it critically + determine its reliability is a
vital managerial skill
Question:
17. 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
Question:
18. 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
