BMGT301F Exam 2 UPDATED ACTUAL
Exam Questions and CORRECT Answers
Is data a source of competitive advantage? - CORRECT ANSWER - YES, data can be a
source of competitive advantage when the data is big enough to create an advantage
-ex: Netflix's data ab customer preferences creates an advantage over competition because they
have information compiled the no other competitor can get
To have competitive advantage data must be: - CORRECT ANSWER - -RARE
-VALUABLE
-IMPERFECTLY IMITABLE (CAN'T BE MIMICKED)
-LACKING IN SUBSTITUTES
-3 V's: volume, variety, velocity
Three V's describe how 80% of CORPORATE data is messy and unstructured so it requires a
new breed of technology to analyze it - CORRECT ANSWER - -VOLUME: large
amounts of data
-VARIETY: comes in many different forms (structured, unstructured, emails, audio, etc.)
-VELOCITY: data streams in high speed, and is dealt with in a timely manner
When might data not yield sustainable advantage? - CORRECT ANSWER - "advantages
based on formulas, algorithms, and data that others can also acquired will be short-lived"
-Complexity:
,Databases have complex hardware & software systems. The databases have software modules
for displaying the data, accessing & modification, it requires experienced designers & significant
persons to handle it.
-Security:
Organizations or companies should have their database systems which can securely store data,
including sensitive employee & customer information.
Cost:
A huge data storage need to store data in large number of systems which leads to costlier
systems. The database also requires a place or environment where the can be securely stored i.e.
the data warehouse.
Are advantages based on analytics and modeling potentially sustainable? Why or why not? -
CORRECT ANSWER - -if more data brings more accurate modeling, moving early to
capture this rare asset can be the difference between a dominating firm and an also-ran
- YES, these advantages are potentially sustainable IF the company can continually adapt and
maintain data that gives competitive advantages
-need to employ the DELTA model
DELTA Model - CORRECT ANSWER - D: DATA- that is unique, accessible and
available to you
E: ENTERPRISE- wide focus where data and analytics available to the whole firm
L: LEADERS - at all levels that promote data analytics culture
, T: TARGETS- dealing with identifying business areas that benefit from this approach
A: ANALYSTS- to execute this strategy
Database - CORRECT ANSWER - a single table or collection of related tables
Database Management Systems (DBMS) - CORRECT ANSWER - software for creating,
maintaining, and manipulating data
- known as DATABASE software
-data warehouse
-data marts
-data mining
data warehouse - CORRECT ANSWER - -stores current and historical data from many
core operation transaction systems
-consolidates and standardizes information for use across enterprise, but date cannot be altered
-data warehouse system will provide query, analysis, and reporting tools
data marts - CORRECT ANSWER - -subset of data warehouse
-summarized or highly focused portion of a firms' data for use by specific population of users
-typically focuses on single subject or line of business
Exam Questions and CORRECT Answers
Is data a source of competitive advantage? - CORRECT ANSWER - YES, data can be a
source of competitive advantage when the data is big enough to create an advantage
-ex: Netflix's data ab customer preferences creates an advantage over competition because they
have information compiled the no other competitor can get
To have competitive advantage data must be: - CORRECT ANSWER - -RARE
-VALUABLE
-IMPERFECTLY IMITABLE (CAN'T BE MIMICKED)
-LACKING IN SUBSTITUTES
-3 V's: volume, variety, velocity
Three V's describe how 80% of CORPORATE data is messy and unstructured so it requires a
new breed of technology to analyze it - CORRECT ANSWER - -VOLUME: large
amounts of data
-VARIETY: comes in many different forms (structured, unstructured, emails, audio, etc.)
-VELOCITY: data streams in high speed, and is dealt with in a timely manner
When might data not yield sustainable advantage? - CORRECT ANSWER - "advantages
based on formulas, algorithms, and data that others can also acquired will be short-lived"
-Complexity:
,Databases have complex hardware & software systems. The databases have software modules
for displaying the data, accessing & modification, it requires experienced designers & significant
persons to handle it.
-Security:
Organizations or companies should have their database systems which can securely store data,
including sensitive employee & customer information.
Cost:
A huge data storage need to store data in large number of systems which leads to costlier
systems. The database also requires a place or environment where the can be securely stored i.e.
the data warehouse.
Are advantages based on analytics and modeling potentially sustainable? Why or why not? -
CORRECT ANSWER - -if more data brings more accurate modeling, moving early to
capture this rare asset can be the difference between a dominating firm and an also-ran
- YES, these advantages are potentially sustainable IF the company can continually adapt and
maintain data that gives competitive advantages
-need to employ the DELTA model
DELTA Model - CORRECT ANSWER - D: DATA- that is unique, accessible and
available to you
E: ENTERPRISE- wide focus where data and analytics available to the whole firm
L: LEADERS - at all levels that promote data analytics culture
, T: TARGETS- dealing with identifying business areas that benefit from this approach
A: ANALYSTS- to execute this strategy
Database - CORRECT ANSWER - a single table or collection of related tables
Database Management Systems (DBMS) - CORRECT ANSWER - software for creating,
maintaining, and manipulating data
- known as DATABASE software
-data warehouse
-data marts
-data mining
data warehouse - CORRECT ANSWER - -stores current and historical data from many
core operation transaction systems
-consolidates and standardizes information for use across enterprise, but date cannot be altered
-data warehouse system will provide query, analysis, and reporting tools
data marts - CORRECT ANSWER - -subset of data warehouse
-summarized or highly focused portion of a firms' data for use by specific population of users
-typically focuses on single subject or line of business
