Exam (elaborations)
Introduction to Business Intelligence and Data Analytics
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- SAFe Agile 5.0 A+ Solutions 2024
Introduction to Business Intelligence and Data Analytics
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Introduction to Business Intelligence andData Analytics
Fact - ANS-The confirmation or validation of an event or object.
Information Age - ANS-The 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 - ANS-Data, Information, Business Intelligence,
and Knowledge
Data - ANS-Raw facts that describe the characteristics of an event or object.
Information - ANS-Data converted into a meaningful and useful context.
Business Intelligence - ANS-Information collected from multiple sources such as
suppliers, customers, competitors, partners, and industries that analyzes patterns,
trends, and relationships for strategic decision making.
Knowledge - ANS-Skills, experience, and expertise coupled with information and
intelligence that creates a person's intellectual resources.
Knowledge Worker - ANS-Individual valued for their ability to interpret and analyze
information.
Systems Thinking - ANS-A 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) - ANS-A 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 - ANS-A leadership plan that achieves a specific set of goals or
objectives such as: developing new products or services, or entering new
markets.
, Competitive Advantage - ANS-A product or service that an organization's customers
place a greater value on than similar offerings from a competitor.
First-Mover Advantage - ANS-Occurs when an organization can significantly impact its
market share by being first to market with a competitive advantage.
SWOT Analysis - ANS-Evaluates an organization's strengths, weaknesses,
opportunities, and threats to identify significant influences that work for or against
business strategies.
The Five Forces Model - ANS-Threat of New Entrants, Buyer Power, Supplier Power,
Threat of Substitute Products or Services, and Rivalry Among Existing Competitors
Buyer Power - ANS-The ability of buyers to affect the price of an item.
Switching Cost - ANS-Manipulating costs that make customers reluctant to switch to
another product.
Loyalty Program - ANS-Rewards customers based on the amount of business they do
with a particular organization.
Supplier Power - ANS-The supplier's ability to influence the prices they charge for
supplies.
Supply Chain - ANS-Consists of all parties involved in the procurement of a product or
raw material.
Threat of Substitute Products or Services - ANS-High when there are many alternatives
to a product or services and low when there are few alternatives.
Threat of New Entrants - ANS-High when it is easy for new competitors to enter a
market and low when there are significant entry barriers.
Entry Barrier - ANS-A 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 - ANS-High when competition is fierce in a market
and low when competitors are more complacent.
Product Differentiation - ANS-Occurs when a company develops unique differences in
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