BUS 391 MIDTERM EWAIS STUDY GUIDE
Bell's Law - Answers :a new computer class forms roughly each decade establishing a
new industry
Moore's Law - Answers :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
Nielson's Law - Answers :Network speed is increasing. Higher speeds enable new
products, platforms, and companies.
Kryder's Law - Answers :the storage density on magnetic disks is increasing at an
exponential rate
Non-routine cognitive skills - Answers :1. Abstract reasoning
2. Systems thinking
3. Collaboration
4. Ability to experiment
Abstract Reasoning - Answers :the ability to make and manipulate models
Systems Thinking - Answers :the ability to model the components of the system to
connect the inputs and outputs among components to reflect structure and dynamics
Collaboration - Answers :to accept feedback and develop skills from them
Ability to experiment - Answers :Make reasoned analysis of an opportunity; developing
and evaluating possible solutions
MIS? - Answers :M-Management and Use
I-Information Systems
S-Strategies
Why most important business class? - Answers :
Digital Revolution - Answers :from mechanical/analog devices to digital devices
IS Job Security - Answers :builds non-routine cognitive skills because routine skills will
be outsourced
IT components - Answers :hardware, software, data
-can buy
, Characteristics of the 5 IS components - Answers :Actors: Hardware, People
Instructors: Software, Procedures
Bridge: Data
IS Components - Answers :IT (hardware, software, data) + procedures and people (add
value)
-design for individual business needs
Information definition - Answers :-knowledge derived from data
-data presented in meaningful context
-processed data
Data characteristics - Answers :accurate (not dirty, no missing values)
relevant (needs to apply to you needs)
timely
just sufficient (only store data you NEED)
worth the cost (maintaining data)
Information vs. Data - Answers :Data is fact
Information is knowledge derived from the data, when you process the data, good info
comes from good data
*note data can be information only when its relevant*
Password Procedures (Safegaurds) - Answers :-strong without dictionary word
-12-15+ characters
-don't write down or share or email
-use letters, numbers, symbols, capitals
-use do si do practice (give privacy)
Identify Industry structure - Answers :Use Porters 5 forces model
5 forces of industry structure - Answers :1. competition-existing rivals
2. competition-threat of substitutes
3. competition-new competitors (entrants)
4. bargaining-power of suppliers
5. bargaining-power of customers
Competition of existing rivals - Answers :Concentration ratio: percentage of market
share held by the four largest firms
(high concentration ratio indicates concentrated industry, less competitive)
Threat of substitutes - Answers :Products or services in others industries meeting the
needs of current customers (cloth vs. disposable diaper)
Bell's Law - Answers :a new computer class forms roughly each decade establishing a
new industry
Moore's Law - Answers :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
Nielson's Law - Answers :Network speed is increasing. Higher speeds enable new
products, platforms, and companies.
Kryder's Law - Answers :the storage density on magnetic disks is increasing at an
exponential rate
Non-routine cognitive skills - Answers :1. Abstract reasoning
2. Systems thinking
3. Collaboration
4. Ability to experiment
Abstract Reasoning - Answers :the ability to make and manipulate models
Systems Thinking - Answers :the ability to model the components of the system to
connect the inputs and outputs among components to reflect structure and dynamics
Collaboration - Answers :to accept feedback and develop skills from them
Ability to experiment - Answers :Make reasoned analysis of an opportunity; developing
and evaluating possible solutions
MIS? - Answers :M-Management and Use
I-Information Systems
S-Strategies
Why most important business class? - Answers :
Digital Revolution - Answers :from mechanical/analog devices to digital devices
IS Job Security - Answers :builds non-routine cognitive skills because routine skills will
be outsourced
IT components - Answers :hardware, software, data
-can buy
, Characteristics of the 5 IS components - Answers :Actors: Hardware, People
Instructors: Software, Procedures
Bridge: Data
IS Components - Answers :IT (hardware, software, data) + procedures and people (add
value)
-design for individual business needs
Information definition - Answers :-knowledge derived from data
-data presented in meaningful context
-processed data
Data characteristics - Answers :accurate (not dirty, no missing values)
relevant (needs to apply to you needs)
timely
just sufficient (only store data you NEED)
worth the cost (maintaining data)
Information vs. Data - Answers :Data is fact
Information is knowledge derived from the data, when you process the data, good info
comes from good data
*note data can be information only when its relevant*
Password Procedures (Safegaurds) - Answers :-strong without dictionary word
-12-15+ characters
-don't write down or share or email
-use letters, numbers, symbols, capitals
-use do si do practice (give privacy)
Identify Industry structure - Answers :Use Porters 5 forces model
5 forces of industry structure - Answers :1. competition-existing rivals
2. competition-threat of substitutes
3. competition-new competitors (entrants)
4. bargaining-power of suppliers
5. bargaining-power of customers
Competition of existing rivals - Answers :Concentration ratio: percentage of market
share held by the four largest firms
(high concentration ratio indicates concentrated industry, less competitive)
Threat of substitutes - Answers :Products or services in others industries meeting the
needs of current customers (cloth vs. disposable diaper)
