©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 1:52PM.
MIST 2090 FINAL EXAM Questions And
Answers 2025 Update.
Definition of MIST - Answer✔an organized integration of hardware and software technologies,
data, processes, and human elements to produce timely, integrated, relevant, accurate, and
useful information for decision-making purposes
definition of a business model - Answer✔describes the rationale of how an organization
creates, delivers, and captures value
9 Business Model Canvas (BMC) boxes - Answer✔customer segments, value proposition,
channels, customer relationships, cost structure, revenue streams, key partners, key resources,
key activities
(BMC) customer segments - Answer✔how a company groups customers into distinct groups
with common interests and needs
(BMC) value proposition - Answer✔what unique product or service you offer; WHY CHOOSE
YOUR COMPANY?
(BMC) channels - Answer✔how the company communicates with and reaches the customer to
deliver a value proposition (web sales, partner stores, owned stores, etc.)
(BMC) customer relationships - Answer✔the relationships a company establishes with its
customer segments (can be personal or automated)
(BMC) cost structure - Answer✔all costs incurred to operate a business model
(BMC) revenue streams - Answer✔cash that a company generates from its customer segments
(can be one-time transactions, or recurring transactions from ongoing payments)
(BMC) key partners - Answer✔strategic alliances to optimize the business model, reduce risk, or
acquire resources
(BMC) key resources - Answer✔the most important assets required for the company to work
(physical, financial, intellectual, human)
1
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 1:52PM.
(BMC) key activities - Answer✔the most important actions required for the company to operate
successfully
relationship between revenue and financing (venture capital) - Answer✔revenue might not be
enough for the business to support its operations; might turn to some kind of financing to gain
capital
debt financing - Answer✔taking on debt from a lender that you must later pay back with
interest
equity financing - Answer✔give partial ownership of your business to an investor in exchange
for capital
Red Dress Boutique Shark Tank Pitch - Answer✔--600k for 5% equity
--wanted a new website and back-end system for data analytics
(MPC) Two phases of the Second Machine Age - Answer✔Phase 1 (mid 1990s)--takeover of
routine tasks such as processing payroll, welding car parts together, sending invoices to
customers, etc.
Phase 2 (2010-present)--when science fiction technologies begin appearing in the real world,
such as fully autonomous cars
(MPC) Difference between two phases of Second Machine Phase - Answer✔phase 2
technologies can perform nonroutine tasks and learn things on their own
(MPC) Re-engineering movement and business processes - Answer✔how technology re-
engineers the way that companies execute their most important processes
E.g.: when businesses began to "electrify" (transition from steam power to electricity), many
successful incumbent companies failed
(MPC) "Reengineering the Corporation" (book) - Answer✔explained how businesses should
think of themselves not as conducting tasks within departments, but instead as executing
business processes
(MPC) System 1 vs System 2 thinking - Answer✔System 1: "intuition"--fast, automatic,
evolutionarily ancient
System 2: slow, conscious, evolutionarily recent
**system 1 is prone to bias
2
MIST 2090 FINAL EXAM Questions And
Answers 2025 Update.
Definition of MIST - Answer✔an organized integration of hardware and software technologies,
data, processes, and human elements to produce timely, integrated, relevant, accurate, and
useful information for decision-making purposes
definition of a business model - Answer✔describes the rationale of how an organization
creates, delivers, and captures value
9 Business Model Canvas (BMC) boxes - Answer✔customer segments, value proposition,
channels, customer relationships, cost structure, revenue streams, key partners, key resources,
key activities
(BMC) customer segments - Answer✔how a company groups customers into distinct groups
with common interests and needs
(BMC) value proposition - Answer✔what unique product or service you offer; WHY CHOOSE
YOUR COMPANY?
(BMC) channels - Answer✔how the company communicates with and reaches the customer to
deliver a value proposition (web sales, partner stores, owned stores, etc.)
(BMC) customer relationships - Answer✔the relationships a company establishes with its
customer segments (can be personal or automated)
(BMC) cost structure - Answer✔all costs incurred to operate a business model
(BMC) revenue streams - Answer✔cash that a company generates from its customer segments
(can be one-time transactions, or recurring transactions from ongoing payments)
(BMC) key partners - Answer✔strategic alliances to optimize the business model, reduce risk, or
acquire resources
(BMC) key resources - Answer✔the most important assets required for the company to work
(physical, financial, intellectual, human)
1
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 1:52PM.
(BMC) key activities - Answer✔the most important actions required for the company to operate
successfully
relationship between revenue and financing (venture capital) - Answer✔revenue might not be
enough for the business to support its operations; might turn to some kind of financing to gain
capital
debt financing - Answer✔taking on debt from a lender that you must later pay back with
interest
equity financing - Answer✔give partial ownership of your business to an investor in exchange
for capital
Red Dress Boutique Shark Tank Pitch - Answer✔--600k for 5% equity
--wanted a new website and back-end system for data analytics
(MPC) Two phases of the Second Machine Age - Answer✔Phase 1 (mid 1990s)--takeover of
routine tasks such as processing payroll, welding car parts together, sending invoices to
customers, etc.
Phase 2 (2010-present)--when science fiction technologies begin appearing in the real world,
such as fully autonomous cars
(MPC) Difference between two phases of Second Machine Phase - Answer✔phase 2
technologies can perform nonroutine tasks and learn things on their own
(MPC) Re-engineering movement and business processes - Answer✔how technology re-
engineers the way that companies execute their most important processes
E.g.: when businesses began to "electrify" (transition from steam power to electricity), many
successful incumbent companies failed
(MPC) "Reengineering the Corporation" (book) - Answer✔explained how businesses should
think of themselves not as conducting tasks within departments, but instead as executing
business processes
(MPC) System 1 vs System 2 thinking - Answer✔System 1: "intuition"--fast, automatic,
evolutionarily ancient
System 2: slow, conscious, evolutionarily recent
**system 1 is prone to bias
2
