BMGT 301 Final Exam questions well
answered to pass
Is data a source of competitive advantage? - correct answer ✔✔Combining:
---Big Data: Refers to the vast amount of volumes and types of data that a company can collect and
process using increasingly high tech systems
---Effective Analytics: Is the use of math and statistics to derive meanings from data in order to help us
make better and informed decisions
gives the company a key competitive advantage
When might data not yield sustainable advantage? - correct answer ✔✔When it's not: rare, valuable,
imperfectly imitable, and lacking in substitutes
Are advantages based on analytics and modeling potentially sustainable? Why or why not? - correct
answer ✔✔there's no monopoly on math. Advantages based on formulas, algorithms, and data that
others can also acquire will be short-lived.
Define a database - correct answer ✔✔◦Single table or a collection of related tables
◦Serves many applications by centralizing data and controlling redundant data
Define A DBMS - correct answer ✔✔◦Software for creating, maintaining, and manipulating data
◦Interfaces between applications and physical data files
◦Separates logical and physical views of data
◦Solves problems of traditional file environmentControls redundancy
---Eliminates inconsistency
---Uncouples programs and data
---Enables organization to centrally manage data and data security
,Be familiar with the hierarchy of Data - correct answer ✔✔◦Database: Group of related files
◦File: Group of records of the same type
◦Record: Group of related fields
◦Field: Group of characters as word(s) or number
---Describes an entity (person, place, thing on which we store data)
----Attribute: Each characteristic, or quality, describing entity
◦Byte: Bits grouped together to represent one character, number, or symbol.
◦Bit: represents either a 0 or a 1
What are relational databases? - correct answer ✔✔◦Represent data as two-dimensional tables called
relations or files
◦Each table contains data on entity and attributes
◦Rows (tuples): Records for different entities
◦Fields (columns): Represents attribute for entity
◦Primary key: Field in table used to uniquely identify a table
◦Foreign key: Primary key used in second table as look-up field to identify records from original table
What are the capabilities of DBMS? - correct answer ✔✔◦Data Definition Language: Specifies structure
of database content, used to create tables and define characteristics of fields
◦Data dictionary: Automated or manual file storing definitions of data elements and their characteristics
◦Data Manipulation Language: Used to add, change, delete, retrieve data from database
---Structured Query Language (SQL)
---Microsoft Access uses tools for generation SQL
◦Many DBMS have report generation capabilities for creating polished reports
What role do technology and timing play in realizing advantages from the data asset? - correct answer
✔✔
, Why would a firm use a loyalty card? What is the incentive for the firm? What is the incentive for
consumers to opt in and use loyalty cards? What kinds of strategic assets can these systems create? -
correct answer ✔✔---Firm incentives: creating goodwill with customers, customers will have more
reason to come back to the store.
---Customer incentives: Better deals on products they purchase often.
---ADD
How might firms leverage this data (Database) to better serve you and improve their performance? -
correct answer ✔✔---Predictive analysis
◦Uses data mining techniques, historical data, and assumptions about future conditions to predict
outcomes of events
◦E.g., Probability a customer will respond to an offer
---Text mining
◦Extracts key elements from large unstructured data sets (e.g., stored e-mails)
Are you concerned about data security? - correct answer ✔✔You should be!!!
Self-regulation is often proposed as an alternative to legislative efforts. What kinds of efforts would
provide "teeth" to self-regulation. - correct answer ✔✔---Establishing clear rules to users about how to
protect their data
---giving users chances to hide their data more
---making it clear to employees of how to protect users data
---have punishments set in place for those who don't protect the data.
What is Big Data - correct answer ✔✔---Refers to the vast amount of volumes and types of data that a
company can collect and process using increasingly high tech systems
---Sources of data are internal and external
---Data is both structured such as customer's sales data from retail stores and unstructured such as
internet search results and smartphone texts; or tweets (more than 92% of all data is unstructured)
---All data has to be put in a structured format to be analyzed
What are the V3 in Big Data - correct answer ✔✔---Volume: How much data you have
answered to pass
Is data a source of competitive advantage? - correct answer ✔✔Combining:
---Big Data: Refers to the vast amount of volumes and types of data that a company can collect and
process using increasingly high tech systems
---Effective Analytics: Is the use of math and statistics to derive meanings from data in order to help us
make better and informed decisions
gives the company a key competitive advantage
When might data not yield sustainable advantage? - correct answer ✔✔When it's not: rare, valuable,
imperfectly imitable, and lacking in substitutes
Are advantages based on analytics and modeling potentially sustainable? Why or why not? - correct
answer ✔✔there's no monopoly on math. Advantages based on formulas, algorithms, and data that
others can also acquire will be short-lived.
Define a database - correct answer ✔✔◦Single table or a collection of related tables
◦Serves many applications by centralizing data and controlling redundant data
Define A DBMS - correct answer ✔✔◦Software for creating, maintaining, and manipulating data
◦Interfaces between applications and physical data files
◦Separates logical and physical views of data
◦Solves problems of traditional file environmentControls redundancy
---Eliminates inconsistency
---Uncouples programs and data
---Enables organization to centrally manage data and data security
,Be familiar with the hierarchy of Data - correct answer ✔✔◦Database: Group of related files
◦File: Group of records of the same type
◦Record: Group of related fields
◦Field: Group of characters as word(s) or number
---Describes an entity (person, place, thing on which we store data)
----Attribute: Each characteristic, or quality, describing entity
◦Byte: Bits grouped together to represent one character, number, or symbol.
◦Bit: represents either a 0 or a 1
What are relational databases? - correct answer ✔✔◦Represent data as two-dimensional tables called
relations or files
◦Each table contains data on entity and attributes
◦Rows (tuples): Records for different entities
◦Fields (columns): Represents attribute for entity
◦Primary key: Field in table used to uniquely identify a table
◦Foreign key: Primary key used in second table as look-up field to identify records from original table
What are the capabilities of DBMS? - correct answer ✔✔◦Data Definition Language: Specifies structure
of database content, used to create tables and define characteristics of fields
◦Data dictionary: Automated or manual file storing definitions of data elements and their characteristics
◦Data Manipulation Language: Used to add, change, delete, retrieve data from database
---Structured Query Language (SQL)
---Microsoft Access uses tools for generation SQL
◦Many DBMS have report generation capabilities for creating polished reports
What role do technology and timing play in realizing advantages from the data asset? - correct answer
✔✔
, Why would a firm use a loyalty card? What is the incentive for the firm? What is the incentive for
consumers to opt in and use loyalty cards? What kinds of strategic assets can these systems create? -
correct answer ✔✔---Firm incentives: creating goodwill with customers, customers will have more
reason to come back to the store.
---Customer incentives: Better deals on products they purchase often.
---ADD
How might firms leverage this data (Database) to better serve you and improve their performance? -
correct answer ✔✔---Predictive analysis
◦Uses data mining techniques, historical data, and assumptions about future conditions to predict
outcomes of events
◦E.g., Probability a customer will respond to an offer
---Text mining
◦Extracts key elements from large unstructured data sets (e.g., stored e-mails)
Are you concerned about data security? - correct answer ✔✔You should be!!!
Self-regulation is often proposed as an alternative to legislative efforts. What kinds of efforts would
provide "teeth" to self-regulation. - correct answer ✔✔---Establishing clear rules to users about how to
protect their data
---giving users chances to hide their data more
---making it clear to employees of how to protect users data
---have punishments set in place for those who don't protect the data.
What is Big Data - correct answer ✔✔---Refers to the vast amount of volumes and types of data that a
company can collect and process using increasingly high tech systems
---Sources of data are internal and external
---Data is both structured such as customer's sales data from retail stores and unstructured such as
internet search results and smartphone texts; or tweets (more than 92% of all data is unstructured)
---All data has to be put in a structured format to be analyzed
What are the V3 in Big Data - correct answer ✔✔---Volume: How much data you have
