Introduction To Business Intelligence And Data Ana
Introduction to Business Intelligence and Data Ana
Exam (elaborations)
Introduction to Business Intelligence and Data Analytics Questions & Answers
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Introduction to Business Intelligence and Data Ana
Institution
Introduction To Business Intelligence And Data Ana
Fact - ANSWERSThe confirmation or validation of an event or object.
Information Age - ANSWERSThe present time, during which infinite quantities of facts are widely available to anyone who can use a computer.
The Core Drivers of the Information Age - ANSWERSData, Information, Business Intellig...
Introduction to Business Intelligence
and Data Analytics Questions & Answers
Fact - ANSWERSThe confirmation or validation of an event or object.
Information Age - ANSWERSThe present time, during which infinite quantities of facts
are widely available to anyone who can use a computer.
The Core Drivers of the Information Age - ANSWERSData, Information, Business
Intelligence, and Knowledge
Data - ANSWERSRaw facts that describe the characteristics of an event or object.
Information - ANSWERSData converted into a meaningful and useful context.
Business Intelligence - ANSWERSInformation collected from multiple sources such as
suppliers, customers, competitors, partners, and industries that analyzes patterns,
trends, and relationships for strategic decision making.
Knowledge - ANSWERSSkills, experience, and expertise coupled with information and
intelligence that creates a person's intellectual resources.
Knowledge Worker - ANSWERSIndividual valued for their ability to interpret and
analyze information.
Systems Thinking - ANSWERSA way of monitoring the entire system by viewing
multiple inputs being processed or transformed to produce outputs while continuously
gathering feedback on each part.
Management Information Systems (MIS) - ANSWERSA business function, like
accounting and human resources, which moves information about people, products,
and processes across the company to facilitate decision-making and problem-solving.
Business Strategy - ANSWERSA leadership plan that achieves a specific set of goals or
objectives such as: developing new products or services, or entering new markets.
Competitive Advantage - ANSWERSA product or service that an organization's
customers place a greater value on than similar offerings from a competitor.
First-Mover Advantage - ANSWERSOccurs when an organization can significantly
impact its market share by being first to market with a competitive advantage.
, SWOT Analysis - ANSWERSEvaluates an organization's strengths, weaknesses,
opportunities, and threats to identify significant influences that work for or against
business strategies.
The Five Forces Model - ANSWERSThreat of New Entrants, Buyer Power, Supplier
Power, Threat of Substitute Products or Services, and Rivalry Among Existing
Competitors
Buyer Power - ANSWERSThe ability of buyers to affect the price of an item.
Switching Cost - ANSWERSManipulating costs that make customers reluctant to switch
to another product.
Loyalty Program - ANSWERSRewards customers based on the amount of business
they do with a particular organization.
Supplier Power - ANSWERSThe supplier's ability to influence the prices they charge for
supplies.
Supply Chain - ANSWERSConsists of all parties involved in the procurement of a
product or raw material.
Threat of Substitute Products or Services - ANSWERSHigh when there are many
alternatives to a product or services and low when there are few alternatives.
Threat of New Entrants - ANSWERSHigh when it is easy for new competitors to enter a
market and low when there are significant entry barriers.
Entry Barrier - ANSWERSA feature of a product or service that customers have come to
expect and entering competitors must offer the same for survival.
Rivalry Among Existing Competitors - ANSWERSHigh when competition is fierce in a
market and low when competitors are more complacent.
Product Differentiation - ANSWERSOccurs when a company develops unique
differences in its products or services with the intent to influence demand.
Porter's Three Generic Strategies - ANSWERSCost Leadership, Differentiation, and
Focused Strategy
Business Process - ANSWERSA standardized set of activities that accomplish a
specific task.
Value Chain Analysis - ANSWERSViews a firm as a series of business processes that
each add value to the product or service.
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