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ISA Exam 1 Question and answers 2023 verified to pass
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ISA Exam 1 Question and answers 2023 verified to pass
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ISA Exam 1Fact - correct answer the confirmation or validation of an event or object
Information Age - correct answer The present time during which infinite quantities of
facts are widely available to anyone who can use a computer
Problem: No privacy and lots of hacking
The 4 Core drivers of the information age - correct answer Data
Information
Business Intelligence
Knowledge
data - correct answer raw facts that describe the characteristics of an event or object
Information - correct answer Data converted into a meaningful and useful context
Business Intelligence - correct answer info collected from multiple sources such as
suppliers, customers, competitors, partners, and industries that analyze patterns,
trends, and relationships for strategic decision making (manipulates interest rates,
weather conditions, gas prices)
Knowledge - correct answer Skills, experience, and expertise coupled with information
and intelligence that creates a persons intellectual resources
Assessing strengths and weaknesses - correct answer Measures of competitive
advantage:
- Market share
- Profitability
- Efficiency
- Brand recognition and loyalty
- Market capitalization
structured data - correct answer stored in a traditional system such as a relational
database or spreadsheet
Machine generated data - correct answer created by a machine without human
intervention (sensor data, point of sale data, web log data)
human generated data - correct answer data that humans, in interaction with
computers, generate (input data, click stream data, gaming data)
unstructured data - correct answer not defined and does not follow a specified format
, big data - correct answer a collection of large complex data sets, including structured
and unstructured data, which cannot be analyzed using traditional database methods
and tools
snapshot - correct answer a view of data at a particular point in time
analytics - correct answer the science of fact based decision making
predictive analytics - correct answer extracts info from data and uses it to predict
future trends and identity behavioral patterns (how much will sales be next year?)
Behavior analytics - correct answer uses data about peoples behaviors to understand
intent and predict future actions (how many customers will upgrade)
knowledge worker - correct answer Individuals valued for their ability to interpret and
analyze information
Internet of things - correct answer A world where interconnected, internet eneabled
devices or things can collect and share data without human intervention
Variable - correct answer a data characteristic that stands for a value that changes or
varies over time
System Thinking - correct answer implementing solutions that consider the entire
process, not just a single component. 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
SWOT analysis - correct answer Evaluating strengths, weaknesses, opportunities,
and threats. Helps a business assess its competitive strength and the nature of its
external environment
S and W are internal, O and T are external
Porter's Five Forces - correct answer For the Meso analysis, used in order to
determine the market attractiveness.
Threats of new entrants
Bargaining power of suppliers
Threats of substitutes
Bargaining power of buyers
Rivalry among existing competitors
Porter's 3 Generic Strategies - correct answer Cost leadership, differentiation, and
Foucs
Cost leadership - correct answer Broad Market with lower costs. Lowest cost is main
focus and strategy
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