UGA MIST 2090 Quiz #1 Exam Questions With Revised Answers
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Module
UGA MIST 2090
Institution
UGA MIST 2090
UGA MIST 2090 Quiz #1 Exam Questions
With Revised Answers
Definition of management information systems - answerhow people use information - not
how people use machines
an organized integration of hardware and software technologies, data, processes, and human
elements designed to produce timely...
UGA MIST 2090 Quiz #1 Exam Questions
With Revised Answers
Definition of management information systems - answer✔✔how people use information - not
how people use machines
an organized integration of hardware and software technologies, data, processes, and human
elements designed to produce timely, integrated, relevant, accurate, and useful information for
decision making purposes
main method in which companies are changing the way they sell to customers - answer✔✔using
analytics to see what customers want; mass supplies from multiple retailers instead
flower shop example - answer✔✔Florists had single, stand-alone shops. Sales were projected
based on availability, and customers could only buy what was available in the store.
Now, florists usually operate in online networks with a much wider variety and inventory. They
use ERP systems to manage inventory and predict sales. Business technology and data mining
help manage customer relationships.
Analytics strategy at Target ("How Companies Learn Your Secrets") - answer✔✔Target tracked
searches to predict when customers were pregnant and proceeded to send them ads in the mail
for pregnancy/infant products - then mixed those ads in with other ads to make it less obvious.
Tried to get new, tired parents into store to buy baby products so they would buy everything else
as well and keep coming back to target.
example of machine - answer✔✔AlphaGo: machine that could win at the game "Go"
learned from patterns, not rule-based systems
Polyani's Paradox - answer✔✔We know more than we can tell or explain to others
example of platform - answer✔✔Uber - no cars
Airbnb - no property
Facebook - no content
chicken vs. egg problem - how can you attract buyers if you have no sellers, but how can you
attract sellers if you have no buyers?
example of crowd - answer✔✔New participants and practices enabled by the internet; example
is the Opal Ice Machine made by GE; asking customers to preorder to gain funding and gage
interest instead of using own money upfront; take advantage of the crowd's labor and
information
mind - answer✔✔+ machine = processes
product - answer✔✔+ platform = offerings
core - answer✔✔+ crowd = organizations
bits vs molecules - answer✔✔- a bit has no color, size, weight, and it can travel at the speed of
light
- represented as a "1" or "0"
- reproduction cost is almost zero
- data compression and error correction
what happened last time? - answer✔✔A century ago, electricity was in the process of taking over
from steam power in manufacturing. We bring up this period because it offers a critical caution:
many successful incumbent companies—in fact, most of them—did not survive the transition
from one power source to the other. Business that want to thrive in the coming area of digital
transformation need to understand why this happened and to head some critical lessons from the
past.
Highest Paid Persons' Opinion - answer✔✔used to describe the tendency for lower-paid
employees to defer to higher-paid employees when a decision has to be made; industries are
moving towards more data-driven decisions compared to those made by HIPPOS
status quo bias - answer✔✔a type of cognitive bias that involves people preferring that things
stay the same as they are or that the current state of affairs remains the same
How is machine generally changing business? - answer✔✔- automation
- virtualization
- better, unbiased decisions
- replacing human's first kind of judgment
- better at predictions
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