MIST 2090 Part A Final Exam Updated 9/26 correct 100%

What is the Core - ANSWER Dominant organizations, institutions, groups, and processes of the pre-Internet era What is Management Information Systems? - ANSWER A management information system is an organized integration of hardware and software technologies, data, processes, and human elements designed to produce timely, integrated, relevant, accurate, and useful information for decision-making purposes What is the Crowd - ANSWER New participants and practices enabled by the net and its attendant technologies How do you sell to your customers today? - ANSWER -shops operate online -more variety of products available -sophisticated ERP systems manage inventory, redict sales, etc Example of power of the core (oltan) - ANSWER ppl independently guessed weight diversity of guessers decentralized guessers with private local knowledge average guess was 1 pound off What's this course all about? - ANSWER -What are the technologies that are changing the business environment? -What business models are enabled by advances in technology? -What data is necessary to enable business success? -How is that data stored? Accessed? Used to transform business? -What are common MIS careers? What if you don't think you like coding? -How do you become a MIS major? Which two adjectives best describe the crowd? Name two difficult problems faced as a result. Name a possible solution. - ANSWER -nonhierarchical and messy -It can be hard to find what you're looking for in an ocean of uncontrolled information (The core can curate information, but there's just too much in the crowd) -Some of its members behave in hurtful ways (The core can evict bad actors, but that's hard to do on the web) -Effective solutions will probably leverage machine learning AI technologies What is Hayek - ANSWER The data from which economic calculus starts are not given to a single mind What is "machine"? - ANSWER Rapidly increasing and expanding capabilities of machine What is "platform"? - ANSWER Large and influential young companies that bear little resemblance to the established incumbents in their industries (yet are deeply disrupting them! What do markets allow buyer to do? - ANSWER Markets let people freely transact with each other without centralized control What is "crowd"? - ANSWER The startlingly large amount of human knowledge, expertise, and enthusiasm distributed all over the world, now able to be focused online Why does Hayek make sense? - ANSWER We can't tell all of what we know (what we have, what we want, and what we value) to a centralized core How do Prediction markets show the value of a crowd? - ANSWER There is value behind the crowd (they can predict future 70%) of the time "Events with final share prices of about $0.70 tend to actually happen about 70% of the time, making these prices pretty accurate probability estimates." ___ is an absurdly complex game mentioned in MPC - ANSWER Go How do you organize a crowd? - ANSWER -Openness -Noncredentialism -Verifiable and reversible contributions -Clear outcomes -Self-organization -Geeky leadership What is Polanyi's Paradox? - ANSWER we know more than we can tell What does crowd openness mean in relation to Linus - ANSWER Linus made his initial request for contributions as broad as possible AlphaGo was not programmed with strategies and heuristics; instead, it relied on _______ - ANSWER a deep learning system that could learn them on its own What does (crowd) geeky leadership mean in relation to Linus - ANSWER Linus was engaged and informed about the work What does (crowd) clear outcomes mean in relation to Linus - ANSWER The people who worked on Linux knew what the end result of their work would be (directly and indirectly) What does crowd self-organization mean in relation to Linus - ANSWER People decided for themselves which aspects of Linux to work on Machines are using more ______ systems than rule-based systems - ANSWER pattern cognition Example of how to organize a crowd - ANSWER Wikipedia vs. Nupedia -Nupedia failed bc contributors had to have a PhD (credentialism; hierarchal, not self-organizaed; no openness) -Wikipedia had no credentials but they could still eliminate bad actors (noncredentialism, reversible contributions, openness) What allows modern businesses to scale up rapidly? - ANSWER Businesses own mainly applications and code instead of physical assets What must platforms overcome before they can grow? Explain. - ANSWER "chicken or egg" problem; An example is an auction site like eBay, with the number of buyers driving attractiveness to sellers, and likewise the number of sellers driving attractiveness to buyers What are the best tasks for outsiders/crowd? - ANSWER Complex, multidisciplinary tasks with objective evaluations as to the potential solutions What does verifiable and reversible contributions mean - ANSWER Contributors can't irreversibly break or worsen the software Are the experts truly bad? - ANSWER -New knowledge is being created in other fields and it is slow to enter the core -Many problems, opportunities, and projects benefit from different perspectives, people, and team How do you take advantage of the crowd? - ANSWER -labor -info -other resources New combinations of minds and machines are changing the way businesses execute their most important ______. Explain - ANSWER processes; (ex. use algorithms for credit scores) What does crowd noncredentialism mean - ANSWER Diplomas, job titles, recommendation letters, experience, grades, etc. don't matter (if your work is good) Pioneering companies are bringing together products and platforms to transform their _______. Explain - ANSWER offerings; (ex. taxi's used to own cars; Uber is like a taxi service but drivers own cars, not the company) How did the core wake up to the crowd? What do you want to avoid when it comes to using the crowd? - ANSWER -Get work done (Wikipedia, mturk, Topcoder) -Finding the right resource (Upwork, TaskRabbit) -Conducing market research (GE, Veronica Mars) -Acquiring new customers (Lending Club, YouTube) -Acquiring innovation (Facebook: /Insta) -Trading (Quantitative finance AVOID: products for which safety and quality is paramount (medical devices) The core and the crowd are altering what __________ themselves look like, and how they work. Explain - ANSWER organizations; (ex. GE used Indiegogo to test idea of nugget ice machine for households) Does BTC follow the free, perfect, and instant economics of information good? - ANSWER NO -cannot spend same bitcoin over and over again When things get really complex, who should you go to? - ANSWER don't look to the experts. Instead, call in the outsider What is the counterpart for machine intelligence? Explain. - ANSWER human mind -Blockchain acts as a _____________ -Blocks on the chain have to be "mined" by _______________ - ANSWER -distributed/decentralized ledger system that logs transactions -performing increasing challenging computational problems (miners are rewarded with bitcoins)