WVU BCOR 330 EXAM 1 STUDY GUIDE
Bell's Law - Answers -A new computer class forms roughly each decade, establishing a
new industry
Moore's Law - Answers -States that the number of transistors per square inch on an
integrated chip doubles every 18 months
Metcalfe's Law - Answers -The value of a network is equal to the square of the number
of users connected to it
Kryder's Law - Answers -The storage density on magnetic disks is increasing at an
exponential rate
Abstract Reasoning - Answers -The ability to make and manipulate models. One of four
key skills for non-routine cognitive thinking
Systems Thinking - Answers -The mental activity of making one or more models of the
components of a system and connecting the inputs and outputs among those
components into a sensible whole, one that explains the phenomenon observed. One of
the four key skills for non-routine cognitive thinking
Collaboration - Answers -The activity of two or more people working together to
achieve a common goal via a process of feedback and iteration. One of four skills for
non-routine cognitive thinking
Ability to Experiment - Answers -Making a reasoned analysis of an opportunity,
envisioning potential solutions, evaluating those possibilities, and developing the most
promising ones, consistent with the resources you have
Five-Component Framework - Answers -The five fundamental components of an
information system - computer hardware, software, data, procedures, and people
Information Systems - Answers -A group of hardware, software, data, procedure, and
people components that interacts to produce information
Infromation Technology - Answers -The products, methods, inventions, and standards
used for the purpose of producing information
Information - Answers -Knowledge derived from data, where data is defined as
recorded facts or figures
Perfect Duty - Answers -One which one must always do
, Imperfect Duty - Answers -One must not ignore but admits of multiple means of
fulfillment
5 Components of IS - Answers -Hardware, Software, Database, Network, People
Organizational Strategy - Answers -The sum of the actions a company intends to take
to achieve long-term goals
Porter's Five Forces - Answers -Competitive Rivalry, Supplier Power, Threat of New
Entry, Buyer Power, Threat of Substitution
4 Competitive Strategies - Answers -Cost leadership across an industry or within a
particular industry segment and product or service differentiation across an industry or
within a particular industry segment
Value - Answers -The amount of money that a customer is willing to pay for a resource,
product, or service
Margin - Answers -The difference between the value that an activity generates and the
cost of the activity
Value Chain - Answers -A network of value-creating activities
Value Chain Linkages - Answers -Relationship between the way one value activity is
performed and the cost or performance of another
Business Process - Answers -A network of activities that generate value by
transforming inputs into outputs
Activity - Answers -A business function that receives inputs and produces outputs. Can
be performed by a human, a computer system, or both
Cost - Answers -The cost of a business process is equal to the cost of the inputs plus
the cost of activities
Repository - Answers -A central location in which data is stored and managed
First Mover Advantage - Answers -The benefit of gaining market share by being the
first to develop a new technology in a market segment
Second Mover Advantage - Answers -The benefit of gaining market share by following
a pioneering company into a market segment and imitating their product or service,
thereby reducing costly research and development expenditures
Business Intelligence (BI) Systems - Answers -Provide historical, current, and
predictive views of business operations
Bell's Law - Answers -A new computer class forms roughly each decade, establishing a
new industry
Moore's Law - Answers -States that the number of transistors per square inch on an
integrated chip doubles every 18 months
Metcalfe's Law - Answers -The value of a network is equal to the square of the number
of users connected to it
Kryder's Law - Answers -The storage density on magnetic disks is increasing at an
exponential rate
Abstract Reasoning - Answers -The ability to make and manipulate models. One of four
key skills for non-routine cognitive thinking
Systems Thinking - Answers -The mental activity of making one or more models of the
components of a system and connecting the inputs and outputs among those
components into a sensible whole, one that explains the phenomenon observed. One of
the four key skills for non-routine cognitive thinking
Collaboration - Answers -The activity of two or more people working together to
achieve a common goal via a process of feedback and iteration. One of four skills for
non-routine cognitive thinking
Ability to Experiment - Answers -Making a reasoned analysis of an opportunity,
envisioning potential solutions, evaluating those possibilities, and developing the most
promising ones, consistent with the resources you have
Five-Component Framework - Answers -The five fundamental components of an
information system - computer hardware, software, data, procedures, and people
Information Systems - Answers -A group of hardware, software, data, procedure, and
people components that interacts to produce information
Infromation Technology - Answers -The products, methods, inventions, and standards
used for the purpose of producing information
Information - Answers -Knowledge derived from data, where data is defined as
recorded facts or figures
Perfect Duty - Answers -One which one must always do
, Imperfect Duty - Answers -One must not ignore but admits of multiple means of
fulfillment
5 Components of IS - Answers -Hardware, Software, Database, Network, People
Organizational Strategy - Answers -The sum of the actions a company intends to take
to achieve long-term goals
Porter's Five Forces - Answers -Competitive Rivalry, Supplier Power, Threat of New
Entry, Buyer Power, Threat of Substitution
4 Competitive Strategies - Answers -Cost leadership across an industry or within a
particular industry segment and product or service differentiation across an industry or
within a particular industry segment
Value - Answers -The amount of money that a customer is willing to pay for a resource,
product, or service
Margin - Answers -The difference between the value that an activity generates and the
cost of the activity
Value Chain - Answers -A network of value-creating activities
Value Chain Linkages - Answers -Relationship between the way one value activity is
performed and the cost or performance of another
Business Process - Answers -A network of activities that generate value by
transforming inputs into outputs
Activity - Answers -A business function that receives inputs and produces outputs. Can
be performed by a human, a computer system, or both
Cost - Answers -The cost of a business process is equal to the cost of the inputs plus
the cost of activities
Repository - Answers -A central location in which data is stored and managed
First Mover Advantage - Answers -The benefit of gaining market share by being the
first to develop a new technology in a market segment
Second Mover Advantage - Answers -The benefit of gaining market share by following
a pioneering company into a market segment and imitating their product or service,
thereby reducing costly research and development expenditures
Business Intelligence (BI) Systems - Answers -Provide historical, current, and
predictive views of business operations
