COMM 226 FINAL EXAM QUESTIONS AND ANSWERS,
DISTINCTION GRADE
What is Moore's Law? How do we interpret it? - ANSWER "The number of
transistors per square inch on an integrated chip doubles every 18 months"
The ratio of price to performance has fallen. The cost of data processing and
communications is zero. Computers are everywhere in business and are always
needed.
What was once too expensive becomes a very real possibility.
What is the Information Age? - ANSWER The production, distribution and control
of information are the primary drivers of the economy.
Two aspects:
-Global world is flat (a new IT opportunity in India can find capital and spread
worldwide)
-Businesses must adapt quickly or be overtaken by those who do
How do I attain job security? - ANSWER Develop non routine cognitive skills
Develop the four empoyability skills:
-Abstract reasoning
-Systems thinking
-Collaboration
-Ability to experiment
,Abstract Reasoning: - ANSWER The ability to make and manipulate models.
Abstraction is a simplification of an object/idea/ciceot that can then be
manipulated with a logical or reasonable thought process.
Systems Thinking - ANSWER The ability to see the whole, not just the parts. It is
the ability to model the components of a system to connect the inputs and
outputs into a sensible whole.
Processes are a part of systems. The output of one process is the input to another
process.
Collaboration - ANSWER Requires delivering and accepting constructive criticism
in an efficient manner
Developing ideas with others
Experimentation - ANSWER Being able to apply rigorous reasoned analysis of
ideas and develop them into something that has promise and worth. More
successful when done by someone who has prior experience (what works and
what doesnt)
Fear of failor: major stumbling block
Management Information Systems (MIS) - ANSWER Creating, monitoring and
adapting processes, information systems and information to help organizations
achieve their strategies.
Processes, Information Systems and Information - ANSWER -Process is a way of
doing something
-Information systems are a collection of components that stores and retrieves
data
,-Information is meaningful insight to help employees do their jobs
Create, monitor and adapt - ANSWER The processes, information systems and
information need to be created, monitored and adapted.
ex: process of acquiring new customers, computers/programs/databases
sales reports need to be monitored
Rapid pace of tech seduces companies who may want to create new information
systems to be "modern"
Why is this unwise? - ANSWER It is a waste of both time and money
Processes, information systems, and information need to be created for the
purpose of achieving the organization's strategy. A strategic goal or objective
needs to be served
What is Porter's five forces model? - ANSWER The five competitive forces
determining industry profitability are:
1. Threat of Substitution (e-commerce)
2. Threat of new entrants (regional chains growing)
3. Existing Rivals/Competition (target)
4. Bargaining power of suppliers (procter and gamble)
5. Bargaining power of customers (you and i)
Examples from Walmart
What are barriers to entry? Name two examples - ANSWER Factors that make it
difficult for a new business to begin operating in an industry.
, Ex: High customer switching costs, large financial investments, sale channels that
are inaccessible and government policies
Porter's four competitive strategies - ANSWER 1. cost-leadership: lowest cost
across the industry
2. differentiation: better product/service across the industry
3. cost-focus: lowest cost within an industry segment
4. focused-differentiation: better product/service within an industry segment
What is the key for companies using porter's strategies? - ANSWER The key is for
companies to commit to ONE of the four competitive strategies.
Not wise to try and do more than one at the same time as they often conflict with
each other. Result of doing both: accomplishing neither
A competitive strategy must be distinctive and maintainable. You also need to do
it better than your competitors.
All processes, information systems, and information must be constructed to
facilitate the organization's.
Value: - ANSWER Amount of money that a customer is willing to pay for a
resource, product, or service.
Margin: - ANSWER Difference between the value an activity generates and the
cost of the activity
Value chain: - ANSWER a network of value-creating activities
DISTINCTION GRADE
What is Moore's Law? How do we interpret it? - ANSWER "The number of
transistors per square inch on an integrated chip doubles every 18 months"
The ratio of price to performance has fallen. The cost of data processing and
communications is zero. Computers are everywhere in business and are always
needed.
What was once too expensive becomes a very real possibility.
What is the Information Age? - ANSWER The production, distribution and control
of information are the primary drivers of the economy.
Two aspects:
-Global world is flat (a new IT opportunity in India can find capital and spread
worldwide)
-Businesses must adapt quickly or be overtaken by those who do
How do I attain job security? - ANSWER Develop non routine cognitive skills
Develop the four empoyability skills:
-Abstract reasoning
-Systems thinking
-Collaboration
-Ability to experiment
,Abstract Reasoning: - ANSWER The ability to make and manipulate models.
Abstraction is a simplification of an object/idea/ciceot that can then be
manipulated with a logical or reasonable thought process.
Systems Thinking - ANSWER The ability to see the whole, not just the parts. It is
the ability to model the components of a system to connect the inputs and
outputs into a sensible whole.
Processes are a part of systems. The output of one process is the input to another
process.
Collaboration - ANSWER Requires delivering and accepting constructive criticism
in an efficient manner
Developing ideas with others
Experimentation - ANSWER Being able to apply rigorous reasoned analysis of
ideas and develop them into something that has promise and worth. More
successful when done by someone who has prior experience (what works and
what doesnt)
Fear of failor: major stumbling block
Management Information Systems (MIS) - ANSWER Creating, monitoring and
adapting processes, information systems and information to help organizations
achieve their strategies.
Processes, Information Systems and Information - ANSWER -Process is a way of
doing something
-Information systems are a collection of components that stores and retrieves
data
,-Information is meaningful insight to help employees do their jobs
Create, monitor and adapt - ANSWER The processes, information systems and
information need to be created, monitored and adapted.
ex: process of acquiring new customers, computers/programs/databases
sales reports need to be monitored
Rapid pace of tech seduces companies who may want to create new information
systems to be "modern"
Why is this unwise? - ANSWER It is a waste of both time and money
Processes, information systems, and information need to be created for the
purpose of achieving the organization's strategy. A strategic goal or objective
needs to be served
What is Porter's five forces model? - ANSWER The five competitive forces
determining industry profitability are:
1. Threat of Substitution (e-commerce)
2. Threat of new entrants (regional chains growing)
3. Existing Rivals/Competition (target)
4. Bargaining power of suppliers (procter and gamble)
5. Bargaining power of customers (you and i)
Examples from Walmart
What are barriers to entry? Name two examples - ANSWER Factors that make it
difficult for a new business to begin operating in an industry.
, Ex: High customer switching costs, large financial investments, sale channels that
are inaccessible and government policies
Porter's four competitive strategies - ANSWER 1. cost-leadership: lowest cost
across the industry
2. differentiation: better product/service across the industry
3. cost-focus: lowest cost within an industry segment
4. focused-differentiation: better product/service within an industry segment
What is the key for companies using porter's strategies? - ANSWER The key is for
companies to commit to ONE of the four competitive strategies.
Not wise to try and do more than one at the same time as they often conflict with
each other. Result of doing both: accomplishing neither
A competitive strategy must be distinctive and maintainable. You also need to do
it better than your competitors.
All processes, information systems, and information must be constructed to
facilitate the organization's.
Value: - ANSWER Amount of money that a customer is willing to pay for a
resource, product, or service.
Margin: - ANSWER Difference between the value an activity generates and the
cost of the activity
Value chain: - ANSWER a network of value-creating activities
