ISA 235 Final Exam Questions With Verified Answers

ISA 235 Final Exam Questions With Verified Answers Primary activities - answeracquire raw materials and manufacture, deliver, market, sell and provide after-sale services support activities - answerfirm infrastructure, HR management, tech development and procurement data - answerraw facts that describe the characteristics of an event/ object core drivers of the information age - answerdata, information, business intelligence, knowledge information - answerdata converted into a meaningful and useful context business intelliegnce - answerinformation collected form multiple sources such as suppliers, customers, competitors, partners and industries that analyze patterns, trends and relationships for decision making knowledge - answerthe skills, expertise and experience coupled with information and intelligence that create a persons intellectual responses internet of things - answera world where interconnected internet enabled devices or things have the ability to collect and share data without human intervention analytics - answerscience of fact based decision making business process - answera standardized set of activities that accomplish a specific task such as processing a customer order value chain analysis - answerviews a firm as a series of business process that add value to the product/ service system - answera collection of parts that link to achieve a common purpose systems thinking - answera way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs where gathering feedback on each part chief information officer - answerresponsible for overseeing all uses of information technology and ensuring the strategic alignment of MIS with business goals and objectives strategic level - answermanagers devleop overall business strategies, goals, and objectives as part of the company's strategic plan unstructured decisions managerial level - answeremployees are continuously evaluating company operations to hone the firms ability to identify, adapt to and leverage change semi structured operational level - answeremployees develop, control and maintain core business activities required to run the day to day operations critical success factor - answercrucial steps companies perform to achieve their goals and objectives and implement strategies key performance indicator - answerquantifiable metrics a company uses to evaluate progress toward critical success factor efficiency - answermeasure the performance of MIS ex: throughput, transaction speed effectiveness - answermeasures the impact of MIS on business artificial intelligence - answersimulates human thinking and behavior, such as the ability to reason and learn. Mimics human intellignece business process model - answergraphical description of a process metric - answermeasurements that evaluates results to determine whether a project is meeting its goals model - answera simplified representing of abstraction of reality transactional information - answerencompasses all of the information contained within a single business process of unit of work and primary purpose is to support performance of daily operational or structured decisions analytical information - answerencompasses all organizational information and supports the performance of managerial analysis of semi structured decisions granularity - answerrefers to the level of detail in the model of decision making process