MIST 2090 COMPREHENSIVE CORRECT
QUESTIONS AND ANSWERS SURE A+
✔✔Key Activities - ✔✔Describes the most important actions a company must take to
operate successfully.
✔✔Key Partnerships - ✔✔Describes the alliances and relationships that help a
business model succeed.
✔✔Strategic Alliances - ✔✔Strategic alliances between non-competitors.
✔✔Cooptition - ✔✔Strategic partnerships between competitors.
✔✔Joint Ventures - ✔✔Joint ventures to develop new businesses.
✔✔Buyer-Supplier Relationships - ✔✔Buyer-supplier relationships to assure reliable
supplies.
✔✔System 1 Thinking - ✔✔Fast, automatic, and intuitive thinking that operates
effortlessly, relying on instincts and heuristics.
✔✔System 2 Thinking - ✔✔Slow, deliberate, and analytical thinking that requires
conscious effort for complex or unfamiliar tasks.
✔✔Bits - ✔✔A bit has no color, size, or weight, and it can travel at the speed of light.
✔✔Molecules - ✔✔Molecules refer to the properties of information goods, contrasting
with bits.
✔✔Paperwork Mine - ✔✔Underground site in the US Office of Personal Management
that handled the paperwork created when a federal employee retired
, ✔✔Silo Effect - ✔✔Workers complete their tasks in their own functional silo without
regard to the consequences for other components of the process
✔✔Consequences of Poor Organizational Coordination - ✔✔Delays, excess inventory,
lack of visibility
✔✔Business Process - ✔✔Sequence of tasks or activities that take a set of inputs and
convert them into desired outputs
✔✔BPMN - ✔✔Emerging standard for specifying business processes in a model
✔✔Goal of BPMN - ✔✔To provide a standard notation readily understandable by all
business stakeholders
✔✔Gateways - ✔✔Indicates locations within process where the flow can take other
paths
✔✔Exclusive Decision/Merge - ✔✔Only ONE path can be taken, usually depicted with a
'X'
✔✔Parallel AND Gateway/Join - ✔✔Provide a mechanism to synchronize parallel flow,
usually with a diamond shape with a '+' inside
✔✔Pools - ✔✔Independent organizational entities, e.g., Customer, supplier
✔✔Lanes - ✔✔Resource classes in same organizational space and sharing common
systems, e.g., Sales Department, Marketing Department
✔✔Resource Modeling - ✔✔The process of defining the resources involved in business
processes
✔✔What are revenue streams? - ✔✔Cash that a company generates from each
customer segment, typically from normal business activities.
✔✔What key questions should be considered for revenue streams? - ✔✔1. For what
value are customers willing to pay? 2. How would they prefer to pay?
✔✔What is debt financing? - ✔✔Borrowing money from a lender that must be paid back
with interest, allowing control over capital spending.
✔✔What is equity financing? - ✔✔Trading partial ownership of a business to investors
in exchange for capital, without the obligation to repay.
QUESTIONS AND ANSWERS SURE A+
✔✔Key Activities - ✔✔Describes the most important actions a company must take to
operate successfully.
✔✔Key Partnerships - ✔✔Describes the alliances and relationships that help a
business model succeed.
✔✔Strategic Alliances - ✔✔Strategic alliances between non-competitors.
✔✔Cooptition - ✔✔Strategic partnerships between competitors.
✔✔Joint Ventures - ✔✔Joint ventures to develop new businesses.
✔✔Buyer-Supplier Relationships - ✔✔Buyer-supplier relationships to assure reliable
supplies.
✔✔System 1 Thinking - ✔✔Fast, automatic, and intuitive thinking that operates
effortlessly, relying on instincts and heuristics.
✔✔System 2 Thinking - ✔✔Slow, deliberate, and analytical thinking that requires
conscious effort for complex or unfamiliar tasks.
✔✔Bits - ✔✔A bit has no color, size, or weight, and it can travel at the speed of light.
✔✔Molecules - ✔✔Molecules refer to the properties of information goods, contrasting
with bits.
✔✔Paperwork Mine - ✔✔Underground site in the US Office of Personal Management
that handled the paperwork created when a federal employee retired
, ✔✔Silo Effect - ✔✔Workers complete their tasks in their own functional silo without
regard to the consequences for other components of the process
✔✔Consequences of Poor Organizational Coordination - ✔✔Delays, excess inventory,
lack of visibility
✔✔Business Process - ✔✔Sequence of tasks or activities that take a set of inputs and
convert them into desired outputs
✔✔BPMN - ✔✔Emerging standard for specifying business processes in a model
✔✔Goal of BPMN - ✔✔To provide a standard notation readily understandable by all
business stakeholders
✔✔Gateways - ✔✔Indicates locations within process where the flow can take other
paths
✔✔Exclusive Decision/Merge - ✔✔Only ONE path can be taken, usually depicted with a
'X'
✔✔Parallel AND Gateway/Join - ✔✔Provide a mechanism to synchronize parallel flow,
usually with a diamond shape with a '+' inside
✔✔Pools - ✔✔Independent organizational entities, e.g., Customer, supplier
✔✔Lanes - ✔✔Resource classes in same organizational space and sharing common
systems, e.g., Sales Department, Marketing Department
✔✔Resource Modeling - ✔✔The process of defining the resources involved in business
processes
✔✔What are revenue streams? - ✔✔Cash that a company generates from each
customer segment, typically from normal business activities.
✔✔What key questions should be considered for revenue streams? - ✔✔1. For what
value are customers willing to pay? 2. How would they prefer to pay?
✔✔What is debt financing? - ✔✔Borrowing money from a lender that must be paid back
with interest, allowing control over capital spending.
✔✔What is equity financing? - ✔✔Trading partial ownership of a business to investors
in exchange for capital, without the obligation to repay.
