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COSC 1307 TEST QUESTIONS WITH REVISED ANSWERS

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  • COSC 1307
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  • COSC 1307

COSC 1307 TEST QUESTIONS WITH REVISED ANSWERS What evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies? - Answer-SWOT Analysis True or false: The threat of substitute products or services ...

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  • August 29, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • COSC 1307
  • COSC 1307
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COSC 1307 TEST QUESTIONS WITH
REVISED ANSWERS
What evaluates an organization's strengths, weaknesses, opportunities, and threats to
identify significant influences that work for or against business strategies? - Answer-
SWOT Analysis

True or false: The threat of substitute products or services is low when there are many
alternatives to a product or service and high when there are few alternatives from which
to choose. - Answer-False

What analyzes the competitive forces within the environment in which a company
operates to assess the potential for profitability in an industry? - Answer-Porter's Five
Forces Model

What is high when it is easy for new competitors to enter a market and low when there
are significant entry barriers to joining a market? - Answer-Threat of new entrants

______ power is the ability of buyers to affect the price they must pay for an item. -
Answer-Buyer

What is high when competition is fierce in a market and low when competitors are more
complacent? - Answer-Rivalry among existing competitors

What consists of all parties involved, directly or indirectly, in obtaining raw materials or a
product? - Answer-Supply chain

What is data converted into a meaningful and useful context? - Answer-Information

In the Blank______ age infinite quantities of facts are widely available to anyone who
can use a computer. - Answer-information

What is information collected from multiple sources such as suppliers, customers,
competitors, partners, and industries that analyzes patterns, trends, and relationships
for strategic decision making? - Answer-Business intelligence

Select all that apply
A fact is the ___________ or ______________ of an event or object. - Answer-
confirmation
validation

What is the science of fact-based decision making? - Answer-Analytics

, What is a world where interconnected Internet-enabled devices or "things" have the
ability to collect and share data without human intervention? - Answer-Internet of Things

______ analytics is the scientific process of transforming data into insight for making
better decisions. - Answer-Business

Select the question that can be answered using only raw data. - Answer-What is the
date, amount sold, and customer number for a sale transaction?

A data Blank______ extracts knowledge from data by performing statistical analysis,
data mining, and advanced analytics on big data to identify trends, market changes, and
other relevant information. - Answer-scientist

Information is __________ (one word) converted into a meaningful and useful context. -
Answer-data

Business intelligence (BI) is information collected from multiple sources that analyzes
patterns, trends, and relationships for strategic decision making. Select the multiple
sources. - Answer-Suppliers, customers, competitors, partners, and industries

__________ is the science of fact-based decision making. - Answer-Analytics

What type of analytics is best described with a report that includes charts and graphs
explaining past performance? - Answer-Descriptive analytics


What age are we currently living in when infinite quantities of facts are widely available
to anyone who can use a computer? - Answer-Information age

A(n) _____ is the confirmation or validation of an event or object. - Answer-fact

The Internet of Things (IoT) is a world where interconnected Internet-enabled devices or
"things" have the ability to collect and share data without __________ intervention. -
Answer-human

Data are the raw facts that describe the Blank______ of an event or object. - Answer-
characteristics

What is the scientific process of transforming data into insight for making better
decisions? - Answer-Business analytics

_________ includes the skills, experience, and expertise, coupled with information and
intelligence, that creates a person's intellectual resources. - Answer-Knowledge

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