Management 3300 Mizzou Exam 1
UPDATED Exam Questions and
CORRECT Answers
6 Major Roles of Information Systems - CORRECT ANSWER - Supporting customer
interactions
managing operations
improving individual productivity
making decisions
collaborating on teams
gaining competitive advantage
operations management - CORRECT ANSWER - the management of systems and processes
that create goods and or provide services
virtual team - CORRECT ANSWER - a group of individuals who work together from
different geographic locations and rely on communication technology to collaborate
competitive advantage - CORRECT ANSWER - anything that gives a firm a lead over its
rivals
it can be gained through the development and application of innovative information systems.
losers - CORRECT ANSWER - competition is for
monopoly - CORRECT ANSWER - new companies should always strive for
Customer Relations Management (CRM) - CORRECT ANSWER - acquiring new
relationships
enhancing existing relationships
, retaining customer relationships
churn - CORRECT ANSWER - # of customers lost in a period/# of total customers at
beginning of period
or
$ of recurring revenue lost in period/ $ of total customers at beginning of period
customer life time value (CLV) - CORRECT ANSWER - average revenue per user/churn rate
data - CORRECT ANSWER - refers to individual facts or pieces of information
raw ingredient for every information system
information - CORRECT ANSWER - refers to data or facts that are assembled and analyzed
to add meaning and usefulness
knowledge - CORRECT ANSWER - leads to a course of action or decision, requires
synthesizing info from various sources
timeliness - CORRECT ANSWER - is the information current with respect to the business
requirements?
accuracy - CORRECT ANSWER - are all the values correct?
completeness - CORRECT ANSWER - are there any values missing?
four components of an information system - CORRECT ANSWER - people, technology,
processes, and data
UPDATED Exam Questions and
CORRECT Answers
6 Major Roles of Information Systems - CORRECT ANSWER - Supporting customer
interactions
managing operations
improving individual productivity
making decisions
collaborating on teams
gaining competitive advantage
operations management - CORRECT ANSWER - the management of systems and processes
that create goods and or provide services
virtual team - CORRECT ANSWER - a group of individuals who work together from
different geographic locations and rely on communication technology to collaborate
competitive advantage - CORRECT ANSWER - anything that gives a firm a lead over its
rivals
it can be gained through the development and application of innovative information systems.
losers - CORRECT ANSWER - competition is for
monopoly - CORRECT ANSWER - new companies should always strive for
Customer Relations Management (CRM) - CORRECT ANSWER - acquiring new
relationships
enhancing existing relationships
, retaining customer relationships
churn - CORRECT ANSWER - # of customers lost in a period/# of total customers at
beginning of period
or
$ of recurring revenue lost in period/ $ of total customers at beginning of period
customer life time value (CLV) - CORRECT ANSWER - average revenue per user/churn rate
data - CORRECT ANSWER - refers to individual facts or pieces of information
raw ingredient for every information system
information - CORRECT ANSWER - refers to data or facts that are assembled and analyzed
to add meaning and usefulness
knowledge - CORRECT ANSWER - leads to a course of action or decision, requires
synthesizing info from various sources
timeliness - CORRECT ANSWER - is the information current with respect to the business
requirements?
accuracy - CORRECT ANSWER - are all the values correct?
completeness - CORRECT ANSWER - are there any values missing?
four components of an information system - CORRECT ANSWER - people, technology,
processes, and data
