DSCI 320 Exam 1 2023 with 100% correct answers

What is MIS? - correct answer - Management Information systems - A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving What is the primary driver of IT in business? - correct answer From the first lecture: "The big point: Business drives the tech. The problems of modern business desire a need for modern technological solutions." What is the long tail? - correct answer Referring to the tail of a typical sales curve Data - correct answer -raw facts that describe the characteristics of an event or object Ex: order date, amount sold, customer number, quantity ordered Information - correct answer -data converted into a meaningful and useful context Ex: best-selling product, best customer, worse-selling product, worst customer business intelligence - correct answer -information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making Ex: lowest sales per week compared with the economic interest rates, best-selling product by month compared to sports season and city team wins and losses knowledge - correct answer -the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources Ex: choosing not to fire a sales representative who is underperforming, knowing that person is experiencing family problems, listing products that are about to expire first on the menu or creating them as a daily special to move the product What are the functi