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Business Information Systems
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Business Information Systems
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Business Information SystemsData - correct answer-raw facts that describe the characteristics of an event or object.
Why is data important - correct answer-It is your competitive advantage. Data allows you to
make evidenced-based decisions to help you run your operations + analyze past data to
make future predictions. Without it one would have little insight into how to run their
business.
Big Data - correct answer-a collection of large, complex datasets, which cannot be analyzed
using traditional database methods and tools
Algorithm - correct answer-A precise sequence of instructions for processes that can be
executed by a computer
Analytics - correct answer-A term describing the extensive use of data, statistical and
quantitative analysis, explanatory and predictive models, and fact-based management to
drive decisions and actions.
Anomaly detection - correct answer-The identification of unusual data records, that might be
interesting or simply data errors and require further investigation.
Business analytics - correct answer-the use of current business data to solve business
problems using mathematical analysis
Business intelligence - 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
Business process - correct answer-a standardized set of activities that accomplish a specific
task, such as processing a customer's order
Business strategy - correct answer-identifies how a division or strategic business unit will
compete in its product or service domain
Business unit - correct answer-a segment of a company (such as accounting, production,
marketing) representing a specific business function
Buyer Power (Porter's Five Forces) - correct answer-The ability of buyers to affect the price
of an item. Examples are switching the cost or a loyalty program.
chief automation officer - correct answer-determines if a person or business process can be
replaced by a robot or software
Chief data officer - correct answer-responsible for determining the types of information the
enterprise will capture, retain, analyze, and share
, chief intellectual property officer - correct answer-manages and defends intellectual property,
copyrights, and patents
Chief Information Officer (CIO) - correct answer-responsible for overseeing all uses of MIS
and ensuring that MIS strategically aligns with business goals and objectives
Chief Knowledge Officer (CKO) - correct answer-Responsible for collecting, maintaining, and
distributing the organization's knowledge
Chief Privacy Officer (CPO) - correct answer-responsible for ensuring that the company
complies with existing data privacy laws
Chief Security Officer (CSO) - correct answer-responsible for ensuring the security of
business systems and developing strategies and safeguards against attacks by hackers and
viruses
chief sustainability officer (CSO) - correct answer-manager responsible for the organization's
sustainability activities and performance
Chief Technology Officer (CTO) - correct answer-responsible for ensuring the speed,
accuracy, availability, and reliability of the MIS
chief user experience officer - correct answer-creates the optimal relationship between user
and technology
Competitive advantage - correct answer-a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those of the
competition. *They are brief*
Competitive intelligence - correct answer-the process of gathering information about the
competitive environment, including competitors' plans, activities, and products, to improve a
company's ability to succeed
Data democratization - correct answer-is the ability for data to be collected, analyzed, and
accessible to all users
Data scientist - correct answer-A person who focuses on data analysis, especially as it
relates to data mining and big data analytics. These positions require even more advanced
programming and analytical skills.
Descriptive analytics - correct answer-The set of analytical techniques that describe what
has happened in the past.
dynamic report - correct answer-a report that changes automatically during creation
Entry barrier - correct answer-makes it difficult or impossible for new firms to enter a market
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