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ISA 235 Exam 1 Key Terms Question and answers already passed

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ISA 235 Exam 1 Key Terms Question and answers already passed ISA 235 Exam 1 Key Terms - Miami University Value chain analysis - correct answer views a firm as a series of business processes that each add value to the product or service Primary activities in the value chain - correct ans...

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  • November 8, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ISA 235
  • ISA 235

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ISA 235 Exam 1 Key Terms - Miami
University
Value chain analysis - correct answer ✔views a firm as a series of business
processes that each add value to the product or service


Primary activities in the value chain - correct answer ✔found at the bottom of
the value chain, these include business processes that acquire raw materials
and manufacture, deliver, market, sell and provide after-sales services


Support Activities in the Value Chain - correct answer ✔found along the top
of the value chain and includes business processes, such as firm
infrastructure, human resources management, technology development, and
procurement, that support the primary value activities


Internet of Things - correct answer ✔a world where interconnected, Internet-
enabled devices or "things" can collect and share data without human
intervention


Knowledge - correct answer ✔Skills, experience, and expertise coupled with
information and intelligence that creates a person's intellectual resources


Data - correct answer ✔raw facts that describe the characteristics of an
event of object


Porter's 5 Forces model - correct answer ✔competitive forces within the
environment to assess potential profitability; Threat of Substitution, Supplier
Power, Threat of New Entrants, Buyer Power

, Business Intelligence (BI) - correct answer ✔information collected from
multiple sources such as suppliers, customers, competitors, partners, and
industries that analyze patterns, trends, and relationships for strategic
decision making


System - correct answer ✔a collection of parts that link to achieve a common
purpose


Chief Information Officer (CIO) - correct answer ✔responsible for overseeing
all uses of MIS and ensuring that MIS strategically aligns with business goals
and objectives


Information - correct answer ✔data converted into a meaningful and useful
context


Analytics - correct answer ✔the science of fact-based decision making


Systems Thinking - correct answer ✔a way of monitoring the entire system
by viewing multiple inputs being processes or transformed to produce outputs
while continuously gathering feedback on each part


SWOT Analysis - correct answer ✔evaluates an organization's strengths,
weaknesses, opportunities, and threats to identify significant influences that
work for or against business strategies


Metrics - correct answer ✔measurements to evaluate results to determine
whether project is meeting its goals


Business Process - correct answer ✔standardized set of activities that
accomplish a specific task

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