WITH COMPLETE SOLUTIONS 2025
What is the difference between data, information, knowledge, and wisdom in the context
of a business? Know the definition and two examples - ANSWERData- raw facts that
describe the characteristics of an event or object
Information-Data converted into a meaningful and useful context.
Knowledge- the skills, experience, and expertise, coupled with information and
intelligence that create a person's intellectual resources.
Wisdom- the quality of having experience, knowledge, and good judgment.
The ability to think and act using knowledge, experience, understanding, common
sense, and insight.
What is a "fact"? What criteria can we use to evaluate if a piece of information is a
"good fact"? - ANSWER-A fact is a type of data that is indisputably the case.
-A statement that can be proven with evidence.
-verifiability.
Know an example of "triangulation" and "corroboration" when you see it. -
ANSWERTriangulation: taking a "read" from different sources to measure a single
variable
-Corroboration is the charts we've seen statement in the beginning and a confirmation of
them at the end.
Where does "business intelligence" fit in the
hierarchy of information: data, information, knowledge, or wisdom? Why? -
ANSWERBusiness intelligence is information collected from multiple sources that
analyze confirmation trends, and relationships for strategic decision making.
When you say you are "informations n literate", what do you mean? Why do authors like
Rockman (Belanger, p7) say it's important to become information literate? - ANSWER-
Information literacy is the ability to know when information is needed, and to be able to
locate, evaluate, and efficiently use that information.
What is "information technology"? Know a definition or description if you see it. -
ANSWERInformation technology (IT) is the hardware, software, and media used to
store, organize, retrieve, and communicate information.
What are the differences between "system" and "process"? - ANSWER-a system is an
organized, purposeful structure All systems have a purpose or a goal, and they all have
PROCESSES.
-A process is in a system, and it transforms the inputs. to achieve a particular end.
, - in short, all processes are systems, but not all systems are processes.
What are the 8 parts of any process or system? (see Class Notes for this, NOT
Belanger p 21). Know how to recognize examples of any of them is described. -
ANSWER1. Inputs
-data, information, instructions, opportunities
2. Processes
-programs, people, equipment, storage
3. Outputs
-reports, graphics, calculations, voices, tactics
4. Controls
-decision makers, auto-control
5. Feedback
6. Adjustment
7. Purpose or function that guide controls
8. Time
Know how the following relate to each other: supersystem, system, subsystem. -
ANSWERSupersystem: Higher order of systems ex: BCB Coffee shop
System: Mid-level of system ex: Coffee making process
Subsystem: Smallest level of system (more specific) ex: Pouring hot water into the
coffee mix
Know what the following means and be able to recognize examples of each:
interdependence, synergy, entropy/obsolescence, suboptimization. -
ANSWERInterdependence- parts depend on each other
Synergy- a cooperative effort of complementary parts is greater than the sum of those
individual parts.
Entropy- all systems fall apart over time if they don't adapt.
Optimize: Designed to work perfectly,
Suboptimization- subsystems must often sub-optimize to enable system (or
supersystem) to optimize.
What are the functional parts of any enterprise? And what does each do? For this exam,
just know those in Class Slides "Internal View of an Enterprise". - ANSWERAn
enterprise is a company, firm, organization, or not-for-profit. It is an intentionally
organized set of people, money, property, and abilities to deliver some value to society.
What do we mean by "stakeholders", and who are they for most enterprises? From
"External View Of An Enterprise". - ANSWERStakeholders are something that all
enterprises serve.
partners, investors, government, customers, community, and employees.
What's the difference between a stakeholder and a shareholder? - ANSWERknown as
investors
Shareholders are stakeholders but stakeholders aren't shareholders.