BMGT 301 Exam 2 UPDATED Exam
Questions and CORRECT Answers
Chapter 15 - CORRECT ANSWER - The Data Asset: Databases, Business Intelligence,
Analytics, Big Data, and Competitive Advantage
Big Data - CORRECT ANSWER - Big data is a general term used to describe the massive
amount of data available to today's managers. Big data are often unstructured and are too big and
costly to easily work through use of conventional databases, but new tools are making these
massive datasets available for analysis and insight.
Data=chances for opportunities - CORRECT ANSWER - Research has found that
companies ranked in the top third of their industry in the use of data-driven decision making
were on average 5 percent more productive and 6 percent more profitable than competitors.
business intelligence (BI) - CORRECT ANSWER - A term combining aspects of
reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis.
Analytics - CORRECT ANSWER - A term describing the extensive use of data, statistical
and quantitative analysis, explanatory and predictive models, and fact-based management to
drive decisions and actions.
Business Intelligence and Analytics - CORRECT ANSWER - You'll often hear business
intelligence and analytics used interchangeably to mean the same thing—using data for better
decision making
Machine Learning - CORRECT ANSWER - A type of artificial intelligence that leverages
massive amounts of data so that computers can improve the accuracy of actions and predictions
on their own without additional programming.
Firms that are basing decisions on hunches aren't managing, they're gambling. And today's
markets have no tolerance for uninformed managerial dice rolling. - CORRECT
ANSWER - -Have to make decisions based on data
,Changing pricing based on demand conditions is known as dynamic pricing - CORRECT
ANSWER - -Movie prices cheaper in the mornings
-it is especially tricky in situations where consumers make repeated purchases and are more
likely to remember past prices, and when they have alternative choices, like grocery or
department store shopping)
In many organizations, available data is not exploited to advantage. However new tools
supporting big data, business intelligence, and analytics are helping managers make sense of this
data torrent.
Data is oftentimes considered a defensible source of competitive advantage; however,
advantages based on capabilities and data that others can acquire will be short-lived. -
CORRECT ANSWER -
Data - CORRECT ANSWER - raw facts and figures
-alone it tells you nothing
-Goal is to turn data into information
Information - CORRECT ANSWER - Data presented in a context so that it can answer a
question or support decision making.
Knowledge - CORRECT ANSWER - Insight derived from experience and expertise.
-when information is combined with manager's knowledge, stronger decisions can be made
Database - CORRECT ANSWER - A single table or a collection of related tables.
Database management systems (DBMS) - CORRECT ANSWER - Sometimes called
"database software"; software for creating, maintaining, and manipulating data.
,Structured query language (SQL) - CORRECT ANSWER - A language used to create and
manipulate databases.
-relational database system
Database administrator (DBA) - CORRECT ANSWER - Job title focused on directing,
performing, or overseeing activities associated with a database or set of databases. These may
include (but not necessarily be limited to): database design, creation, implementation,
maintenance, backup and recovery, policy setting and enforcement, and security.
A Table or a file - CORRECT ANSWER - A list of data, arranged in columns (fields) and
rows (records).
Column or Field - CORRECT ANSWER - A column in a database table. Columns
represent each category of data contained in a record (e.g., first name, last name, ID number, date
of birth).
A row or record - CORRECT ANSWER - A row in a database table. Records represent a
single instance of whatever the table keeps track of (e.g., student, faculty, course title).
A key - CORRECT ANSWER - A key is the field or fields used to relate tables in a
database.
Primary Key - CORRECT ANSWER - There's only one unique STUDENT_ID value for
each record (row) in the "Student" table, so STUDENT_ID is a primary key in the student table.
Foreign Key - CORRECT ANSWER - But in the "Enrollment" table, STUDENT_ID is the
foreign key. It appears several times and relates back to the primary key in the "Student" table, so
we can find out more information about each unique student that is enrolled in a particular
course.
Relational Databases - CORRECT ANSWER - The most common standard for expressing
databases, whereby tables (files) are related based on common keys.
, Where does data come from? - CORRECT ANSWER -
Transaction processing systems - CORRECT ANSWER - Systems that record a
transaction (some form of business-related exchange), such as a cash register sale, ATM
withdrawal, or product return.
Loyalty card - CORRECT ANSWER - Systems that provide rewards and usage incentives,
typically in exchange for a method that provides a more detailed tracking and recording of
customer activity. In addition to enhancing data collection, loyalty cards can represent a
significant switching cost.
Grocers and retailers can link you to cash transactions if they can convince you to use a loyalty
card which, in turn, requires you to give up information about yourself in exchange for some
kind of financial incentive such as points or discounts.
Enterprise Software (CRM, SCM, and ERP) - CORRECT ANSWER - -CRM or customer
relationship management systems are often used to empower employees to track and record data
at nearly every point of customer contact.
-Enterprise software includes not just CRM systems but also categories that touch every aspect
of the value chain, including supply chain management (SCM) and enterprise resource planning
(ERP) systems.
Can get data from surveys - CORRECT ANSWER - ex. zara
-FreshDirect surveys customers weekly and has used this feedback to drive initiatives from
reducing packaging size to including star ratings on produce.
Artificial Intelligence - CORRECT ANSWER - Computer software that seeks to
reproduce or mimic (perhaps with improvements) human thought, decision making, or brain
functions.
Can Technology "Cure" U.S. Health Care? - CORRECT ANSWER - -Makes things more
efficient and accurate
Questions and CORRECT Answers
Chapter 15 - CORRECT ANSWER - The Data Asset: Databases, Business Intelligence,
Analytics, Big Data, and Competitive Advantage
Big Data - CORRECT ANSWER - Big data is a general term used to describe the massive
amount of data available to today's managers. Big data are often unstructured and are too big and
costly to easily work through use of conventional databases, but new tools are making these
massive datasets available for analysis and insight.
Data=chances for opportunities - CORRECT ANSWER - Research has found that
companies ranked in the top third of their industry in the use of data-driven decision making
were on average 5 percent more productive and 6 percent more profitable than competitors.
business intelligence (BI) - CORRECT ANSWER - A term combining aspects of
reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis.
Analytics - CORRECT ANSWER - A term describing the extensive use of data, statistical
and quantitative analysis, explanatory and predictive models, and fact-based management to
drive decisions and actions.
Business Intelligence and Analytics - CORRECT ANSWER - You'll often hear business
intelligence and analytics used interchangeably to mean the same thing—using data for better
decision making
Machine Learning - CORRECT ANSWER - A type of artificial intelligence that leverages
massive amounts of data so that computers can improve the accuracy of actions and predictions
on their own without additional programming.
Firms that are basing decisions on hunches aren't managing, they're gambling. And today's
markets have no tolerance for uninformed managerial dice rolling. - CORRECT
ANSWER - -Have to make decisions based on data
,Changing pricing based on demand conditions is known as dynamic pricing - CORRECT
ANSWER - -Movie prices cheaper in the mornings
-it is especially tricky in situations where consumers make repeated purchases and are more
likely to remember past prices, and when they have alternative choices, like grocery or
department store shopping)
In many organizations, available data is not exploited to advantage. However new tools
supporting big data, business intelligence, and analytics are helping managers make sense of this
data torrent.
Data is oftentimes considered a defensible source of competitive advantage; however,
advantages based on capabilities and data that others can acquire will be short-lived. -
CORRECT ANSWER -
Data - CORRECT ANSWER - raw facts and figures
-alone it tells you nothing
-Goal is to turn data into information
Information - CORRECT ANSWER - Data presented in a context so that it can answer a
question or support decision making.
Knowledge - CORRECT ANSWER - Insight derived from experience and expertise.
-when information is combined with manager's knowledge, stronger decisions can be made
Database - CORRECT ANSWER - A single table or a collection of related tables.
Database management systems (DBMS) - CORRECT ANSWER - Sometimes called
"database software"; software for creating, maintaining, and manipulating data.
,Structured query language (SQL) - CORRECT ANSWER - A language used to create and
manipulate databases.
-relational database system
Database administrator (DBA) - CORRECT ANSWER - Job title focused on directing,
performing, or overseeing activities associated with a database or set of databases. These may
include (but not necessarily be limited to): database design, creation, implementation,
maintenance, backup and recovery, policy setting and enforcement, and security.
A Table or a file - CORRECT ANSWER - A list of data, arranged in columns (fields) and
rows (records).
Column or Field - CORRECT ANSWER - A column in a database table. Columns
represent each category of data contained in a record (e.g., first name, last name, ID number, date
of birth).
A row or record - CORRECT ANSWER - A row in a database table. Records represent a
single instance of whatever the table keeps track of (e.g., student, faculty, course title).
A key - CORRECT ANSWER - A key is the field or fields used to relate tables in a
database.
Primary Key - CORRECT ANSWER - There's only one unique STUDENT_ID value for
each record (row) in the "Student" table, so STUDENT_ID is a primary key in the student table.
Foreign Key - CORRECT ANSWER - But in the "Enrollment" table, STUDENT_ID is the
foreign key. It appears several times and relates back to the primary key in the "Student" table, so
we can find out more information about each unique student that is enrolled in a particular
course.
Relational Databases - CORRECT ANSWER - The most common standard for expressing
databases, whereby tables (files) are related based on common keys.
, Where does data come from? - CORRECT ANSWER -
Transaction processing systems - CORRECT ANSWER - Systems that record a
transaction (some form of business-related exchange), such as a cash register sale, ATM
withdrawal, or product return.
Loyalty card - CORRECT ANSWER - Systems that provide rewards and usage incentives,
typically in exchange for a method that provides a more detailed tracking and recording of
customer activity. In addition to enhancing data collection, loyalty cards can represent a
significant switching cost.
Grocers and retailers can link you to cash transactions if they can convince you to use a loyalty
card which, in turn, requires you to give up information about yourself in exchange for some
kind of financial incentive such as points or discounts.
Enterprise Software (CRM, SCM, and ERP) - CORRECT ANSWER - -CRM or customer
relationship management systems are often used to empower employees to track and record data
at nearly every point of customer contact.
-Enterprise software includes not just CRM systems but also categories that touch every aspect
of the value chain, including supply chain management (SCM) and enterprise resource planning
(ERP) systems.
Can get data from surveys - CORRECT ANSWER - ex. zara
-FreshDirect surveys customers weekly and has used this feedback to drive initiatives from
reducing packaging size to including star ratings on produce.
Artificial Intelligence - CORRECT ANSWER - Computer software that seeks to
reproduce or mimic (perhaps with improvements) human thought, decision making, or brain
functions.
Can Technology "Cure" U.S. Health Care? - CORRECT ANSWER - -Makes things more
efficient and accurate
