IS 303 Midterm Exam Questions With
Correct Answers
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, |worst-selling |product, |best |customer, |etc.)
Business |Intelligence |(BI) |- |CORRECT |ANSWER✔✔-information |collected |from |multiple |sources |
such |as |suppliers, |customers, |competitors, |partners, |and |industries |that |analyzes |patterns, |
trends, |and |relationships |for |strategic |decision |making |(ex: |lowest |sales |per |week |compared |
with |the |economic |interest |rates)
Knowledge |- |CORRECT |ANSWER✔✔-Skills, |experience, |and |expertise |coupled |with |information
|and |intelligence |that |creates |a |person's |intellectual |resources |(ex: |listing |products |that |are |
about |to |expire |first |on |the |menu |or |creating |a |daily |special |to |move |the |product)
Analytics |- |CORRECT |ANSWER✔✔-the |science |of |fact-based |decision |making
Systems |Thinking |- |CORRECT |ANSWER✔✔-a |way |of |monitoring |the |entire |system |by |viewing |
multiple |inputs |being |processed |or |transformed |to |produce |outputs |while |continuously |
gathering |feedback |on |each |part
Porter's |3 |Generic |Strategies |- |CORRECT |ANSWER✔✔-1. |broad |cost |leadership
2. |broad |differentiation
3. |focused |strategy
, What |are |the |5 |basic |supply |chain |activities? |- |CORRECT |ANSWER✔✔-1. |Plan |(plan |to |manage |
all |resources |required |for |demand)
2. |Source |(build |relationships |with |suppliers |to |procure |raw |materials)
3. |Make |(manufacture |products)
4. |Deliver |(transportation |of |goods |to |customers)
5. |Return |(support |customers |and |product |returns)
Supply |Chain |Management |(SCM) |- |CORRECT |ANSWER✔✔-The |management |of |information |
flows |between |and |among |activities |in |a |supply |chain |to |maximize |total |supply |chain |
effectiveness |and |profitability
Who |is |involved |in |a |typical |supply |chain? |(Upstream |to |downstream) |- |CORRECT |
ANSWER✔✔-Supplier's |suppliers, |suppliers, |manufacturer, |distributor, |retailer, |customer, |
customer's |customers
Effective |and |efficient |SCM |can |enable |an |organization |to |have |these |impacts |on |Porter's |5 |
Forces |Model: |- |CORRECT |ANSWER✔✔-1. |Decrease |the |power |of |its |buyers
2. |Increase |its |supplier |power
3. |Increase |buyer's |switching |costs |to |reduce |the |threat |of |substitute |products/services
4. |Create |entry |barriers |to |reduce |the |threat |of |new |entrants
5. |Increase |efficiencies |while |seeking |a |competitive |advantage |through |cost |leadership
What |are |the |3 |areas |of |SCM? |- |CORRECT |ANSWER✔✔-1. |Procurement
2. |Logistics
3. |Materials |management
What |are |the |3 |primary |enterprise |systems? |- |CORRECT |ANSWER✔✔-1. |Supply |Chain |
Management
Correct Answers
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, |worst-selling |product, |best |customer, |etc.)
Business |Intelligence |(BI) |- |CORRECT |ANSWER✔✔-information |collected |from |multiple |sources |
such |as |suppliers, |customers, |competitors, |partners, |and |industries |that |analyzes |patterns, |
trends, |and |relationships |for |strategic |decision |making |(ex: |lowest |sales |per |week |compared |
with |the |economic |interest |rates)
Knowledge |- |CORRECT |ANSWER✔✔-Skills, |experience, |and |expertise |coupled |with |information
|and |intelligence |that |creates |a |person's |intellectual |resources |(ex: |listing |products |that |are |
about |to |expire |first |on |the |menu |or |creating |a |daily |special |to |move |the |product)
Analytics |- |CORRECT |ANSWER✔✔-the |science |of |fact-based |decision |making
Systems |Thinking |- |CORRECT |ANSWER✔✔-a |way |of |monitoring |the |entire |system |by |viewing |
multiple |inputs |being |processed |or |transformed |to |produce |outputs |while |continuously |
gathering |feedback |on |each |part
Porter's |3 |Generic |Strategies |- |CORRECT |ANSWER✔✔-1. |broad |cost |leadership
2. |broad |differentiation
3. |focused |strategy
, What |are |the |5 |basic |supply |chain |activities? |- |CORRECT |ANSWER✔✔-1. |Plan |(plan |to |manage |
all |resources |required |for |demand)
2. |Source |(build |relationships |with |suppliers |to |procure |raw |materials)
3. |Make |(manufacture |products)
4. |Deliver |(transportation |of |goods |to |customers)
5. |Return |(support |customers |and |product |returns)
Supply |Chain |Management |(SCM) |- |CORRECT |ANSWER✔✔-The |management |of |information |
flows |between |and |among |activities |in |a |supply |chain |to |maximize |total |supply |chain |
effectiveness |and |profitability
Who |is |involved |in |a |typical |supply |chain? |(Upstream |to |downstream) |- |CORRECT |
ANSWER✔✔-Supplier's |suppliers, |suppliers, |manufacturer, |distributor, |retailer, |customer, |
customer's |customers
Effective |and |efficient |SCM |can |enable |an |organization |to |have |these |impacts |on |Porter's |5 |
Forces |Model: |- |CORRECT |ANSWER✔✔-1. |Decrease |the |power |of |its |buyers
2. |Increase |its |supplier |power
3. |Increase |buyer's |switching |costs |to |reduce |the |threat |of |substitute |products/services
4. |Create |entry |barriers |to |reduce |the |threat |of |new |entrants
5. |Increase |efficiencies |while |seeking |a |competitive |advantage |through |cost |leadership
What |are |the |3 |areas |of |SCM? |- |CORRECT |ANSWER✔✔-1. |Procurement
2. |Logistics
3. |Materials |management
What |are |the |3 |primary |enterprise |systems? |- |CORRECT |ANSWER✔✔-1. |Supply |Chain |
Management
