COSC 1307 TEST QUESTIONS WITH
REVISED ANSWERS
What evaluates an organization's strengths, weaknesses, opportunities, and threats to
identify significant influences that work for or against business strategies? - Answer-
SWOT Analysis
True or false: The threat of substitute products or services is low when there are many
alternatives to a product or service and high when there are few alternatives from which
to choose. - Answer-False
What analyzes the competitive forces within the environment in which a company
operates to assess the potential for profitability in an industry? - Answer-Porter's Five
Forces Model
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
______ power is the ability of buyers to affect the price they must pay for an item. -
Answer-Buyer
What is high when competition is fierce in a market and low when competitors are more
complacent? - Answer-Rivalry among existing competitors
What consists of all parties involved, directly or indirectly, in obtaining raw materials or a
product? - Answer-Supply chain
What is data converted into a meaningful and useful context? - Answer-Information
In the Blank______ age infinite quantities of facts are widely available to anyone who
can use a computer. - Answer-information
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
Select all that apply
A fact is the ___________ or ______________ of an event or object. - Answer-
confirmation
validation
What is the science of fact-based decision making? - Answer-Analytics
, What is a world where interconnected Internet-enabled devices or "things" have the
ability to collect and share data without human intervention? - Answer-Internet of Things
______ analytics is the scientific process of transforming data into insight for making
better decisions. - Answer-Business
Select the question that can be answered using only raw data. - Answer-What is the
date, amount sold, and customer number for a sale transaction?
A data Blank______ extracts knowledge from data by performing statistical analysis,
data mining, and advanced analytics on big data to identify trends, market changes, and
other relevant information. - Answer-scientist
Information is __________ (one word) converted into a meaningful and useful context. -
Answer-data
Business intelligence (BI) is information collected from multiple sources that analyzes
patterns, trends, and relationships for strategic decision making. Select the multiple
sources. - Answer-Suppliers, customers, competitors, partners, and industries
__________ is the science of fact-based decision making. - Answer-Analytics
What type of analytics is best described with a report that includes charts and graphs
explaining past performance? - Answer-Descriptive analytics
What age are we currently living in when infinite quantities of facts are widely available
to anyone who can use a computer? - Answer-Information age
A(n) _____ is the confirmation or validation of an event or object. - Answer-fact
The Internet of Things (IoT) is a world where interconnected Internet-enabled devices or
"things" have the ability to collect and share data without __________ intervention. -
Answer-human
Data are the raw facts that describe the Blank______ of an event or object. - Answer-
characteristics
What is the scientific process of transforming data into insight for making better
decisions? - Answer-Business analytics
_________ includes the skills, experience, and expertise, coupled with information and
intelligence, that creates a person's intellectual resources. - Answer-Knowledge
REVISED ANSWERS
What evaluates an organization's strengths, weaknesses, opportunities, and threats to
identify significant influences that work for or against business strategies? - Answer-
SWOT Analysis
True or false: The threat of substitute products or services is low when there are many
alternatives to a product or service and high when there are few alternatives from which
to choose. - Answer-False
What analyzes the competitive forces within the environment in which a company
operates to assess the potential for profitability in an industry? - Answer-Porter's Five
Forces Model
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
______ power is the ability of buyers to affect the price they must pay for an item. -
Answer-Buyer
What is high when competition is fierce in a market and low when competitors are more
complacent? - Answer-Rivalry among existing competitors
What consists of all parties involved, directly or indirectly, in obtaining raw materials or a
product? - Answer-Supply chain
What is data converted into a meaningful and useful context? - Answer-Information
In the Blank______ age infinite quantities of facts are widely available to anyone who
can use a computer. - Answer-information
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
Select all that apply
A fact is the ___________ or ______________ of an event or object. - Answer-
confirmation
validation
What is the science of fact-based decision making? - Answer-Analytics
, What is a world where interconnected Internet-enabled devices or "things" have the
ability to collect and share data without human intervention? - Answer-Internet of Things
______ analytics is the scientific process of transforming data into insight for making
better decisions. - Answer-Business
Select the question that can be answered using only raw data. - Answer-What is the
date, amount sold, and customer number for a sale transaction?
A data Blank______ extracts knowledge from data by performing statistical analysis,
data mining, and advanced analytics on big data to identify trends, market changes, and
other relevant information. - Answer-scientist
Information is __________ (one word) converted into a meaningful and useful context. -
Answer-data
Business intelligence (BI) is information collected from multiple sources that analyzes
patterns, trends, and relationships for strategic decision making. Select the multiple
sources. - Answer-Suppliers, customers, competitors, partners, and industries
__________ is the science of fact-based decision making. - Answer-Analytics
What type of analytics is best described with a report that includes charts and graphs
explaining past performance? - Answer-Descriptive analytics
What age are we currently living in when infinite quantities of facts are widely available
to anyone who can use a computer? - Answer-Information age
A(n) _____ is the confirmation or validation of an event or object. - Answer-fact
The Internet of Things (IoT) is a world where interconnected Internet-enabled devices or
"things" have the ability to collect and share data without __________ intervention. -
Answer-human
Data are the raw facts that describe the Blank______ of an event or object. - Answer-
characteristics
What is the scientific process of transforming data into insight for making better
decisions? - Answer-Business analytics
_________ includes the skills, experience, and expertise, coupled with information and
intelligence, that creates a person's intellectual resources. - Answer-Knowledge
