MISY Test 1 questions with verified solutions 2023/2024

MISY Test 1MIS is a business function, like accounting or sales, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. What does MIS stand for? - correct answer Management Information System How are the majority of companies today typically organized? - correct answer By departments or functional areas. Which of the following is a common approach to closing an MIS skills gap? - correct answer Off-site training. Mentoring services. Social recruiting. A grilled cheese sandwich is considered the final output of a making-a-sandwich process. - correct answer True Which of the following is considered a good? - correct answer Milk and eggs What is buyer power? - correct answer The ability of buyers to affect the price they must pay for an item What are business analytics? - correct answer The scientific process of transforming data into insight for making better decisions What type of report can include a sales report from last year or salary report from five years ago? - correct answer Static report. Broad differentiation, broad cost leadership, and ________ create the three generic strategies identified by Porter. - correct answer Focused strategy An overview of systems thinking includes input, process, output, and finances. - correct answer False What is business intelligence? - correct answer Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making. MIS skills gap is the difference between existing MIS workplace knowledge and the knowledge required to fulfill the business goals and strategies. - correct answer True What are Porter's three generic strategies? - correct answer Generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service. When a company is the first to market with a competitive advantage, it gains a particular benefit known as competitive intelligence. - correct answer False What is included in a SWOT analysis? - correct answer Strengths, weaknesses, opportunities, and threats. Structured data extracts information from data and uses it to predict future trends and identify behavioral patterns. - correct answer False What is a snapshot? - correct answer view of data at a particular moment in time. Which of the following represents the core drivers of the information age? - correct answer Data, Information, Business Intelligence, Knowledge What is Porter's Five Forces Model? - correct answer Analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry What is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making? - correct answer Business intelligence.