CIS 2200 Midterm Exam Questions and Answers All Correct

CIS 2200 Midterm Exam Questions and Answers All Correct Feedback - Answer-Information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions Productivity is the ____ at which goods and services are produced based upon total output given total inputs. - Answer-Rate Three examples of goods: - Answer-Groceries, clothing, cars Accounting - Answer-Records, measures and reports monetary transactions Finance - Answer-Deals with strategic financial issues including money, banking, credit investments and assets Human Resources - Answer-Maintains policies, plans, and procedures for the effective management of employees Marketing - Answer-Supports sales by planning, pricing, and promoting goods or services Operations Management - Answer-Manages the process of converting or transforming or resources into goods or services Sales - Answer-Performs the function of selling goods or services Variable - Answer-is a data characteristic that stands for a value that changes or varies over time Three examples of services: - Answer-Personal training, waiting tables, cutting hair Which of the following are confirmed or validated with a fact? - Answer-Object, Event _________ workers are individuals valued for their ability to interpret and analyze information - Answer-Knowledge In the ___________ age infinite quantities of facts are widely available to anyone who can use a computer - Answer-Information Data - Answer-Raw facts that describe the characteristics of an event or object 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? - Answer-Business Intelligence Production is the process where a business takes raw materials and processes or converts them into finished _____ or services. - Answer-Goods A ______ is a collection of parts that link to achieve a common purpose. Systems are the primary enabler of cross-functional operations. - Answer-System _________ includes the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources. - Answer-Knowledge What is 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? - Answer-Systems Thinking What is a business function, which moves information about people, products, and processes across the company to facilitate decision making and problem solving? - Answer-Management Information Systems Fact - Answer-The confirmation or validation of an event or object A business _____ is a standardized set of activities that accomplish a specific task, such as processing a customer's order. - Answer-Process What is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market? - Answer-Threat of new entrants What are the three generic business strategies Porter identified for entering a new market? - Answer-Focused strategy, broad cost leadership, broad differentiation Business Strategy - Answer-A leadership plan that achieves a specific set of goals or objectives Switching Costs - Answer-Costs that make customers reluctant to switch to another product or service Support Value Activities: - Answer-Firm infrastructure, technology development Firm Infrastructure - Answer-Includes the company format or departmental structures, environment, and systems Human Resource Management - Answer-Provides employee training, hiring, and compensation Technology Development - Answer-Applies MIS to processes to add value Procurement - Answer-Purchases inputs such as raw materials. resources, equipment, and supplies Product Differentiation - Answer-Occurs when a company develops unique differences in its products or services with the intent to influence demand Companies can reduce buyer power with loyalty programs, which reward customers based on their ________. - Answer-Spending