ISA 235 Final Exam Gowins Questions With Verified Answers

ISA 235 Final Exam Gowins Questions With Verified Answers Data - answerRaw facts that describe the characteristics of an event or object Structured Data - answerStored in traditional system such as a relational data base or spreadsheet Unstructured Data - answerNot defined and does not follow specific format Big Data - answerCollection of large, complex data sets including structured and unstructured data. Information - answerData converted into meaningful and useful context Business Intelligence (BI) - answerInformation collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze trends and relationship decision making. Knowledge - answerSkills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources. The Functional Structure - answerBusiness processes are CROSS FUNCTIONAL (no group is solely responsible for the execution Systems Thinking - answerA way of monitoring the entire system by viewing multiple inputs being processes or transformed to produce outputs while continuously gathering feedback on each part Porter's 5 Forces - answer-Supplier power (influence the prices they charge for supplies) -Threat of substitute products and services (high when there are many alternatives) -Buyers Power (ability of buyers affect price of item) -Threat of new entrants (High when easy for new competitors to enter market) Choosing a business process - answer-COST LEADERSHIP (low cost broad market) -DIFFERENTIATION (high cost broad market) -FOCUSED STRATEGY (narrow market) SWOT annalysis - answeranalysis evaluates an orgs strengths, weaknesses, opportunities, an treats to identify significant influences that work for or against business strategies. MIS - answera business FUNCTION, like accounting and hr, which moves info about people, products, and processes across the company to facilitate decision making and problem solving. Business Strategy - answera leadership plan that achieves a specific set of goals and objectives. ex; developing new products **SWOT, PORTERS 5 FORCES, VALUE CHAIN What is an information system - answerhardware software data procedures people (interact to produce info) IT Organization and it's role - answerThe backbone of business functions ORGS - answerevaluate, build strategy, and execute Value Chain Analysis - answerViews a firm as a series of business processes that each add value to product or service Business Process - answerA standardized set of activities that accomplish a specific task, such as a specific process. Value Chain Primary Activities - answerhow and where IT/IS can provide support *BUY MAKE SELL -inbound logistics -opperations -outbound logistics -marketing -service Value Chain Support Activities - answer-firm infrastructure -hr -technology (MIS) -procurement Internet of things - answerUse of the internet to connect a wide variety of devices, machines, and sensors Analytics - answerThe science of fact based decision making CIO - answerOversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives Operational Decision Making - answeremployees develop, control, and maintain core business activities required to run the day to day operations. *STRUCTURED Marginal Decision Making - answeremployees evaluate company operations to identify, adapt to, and leverage change *SEMISTRUCTURED Strategic Decision Making - answermanagers develop overall strategies, goals and objectives *UNSTRUCTURED CSFs - answerThe crucial steps companies make to preform to achieve their goals and objectives and implement strategies