ACCA PM UPDATED ACTUAL Questions and CORRECT Answers
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Module
ACCA PM
Institution
ACCA PM
ACCA PM UPDATED ACTUAL
Questions and CORRECT Answers
What are the 5 characteristics of big data? - CORRECT ANSWER- Volume, Velocity,
Variety, Veracity and Value
What is a logical access system? - CORRECT ANSWER- A type of control put in place
to secure confidential information. It restricts...
ACCA PM UPDATED ACTUAL
Questions and CORRECT Answers
What are the 5 characteristics of big data? - CORRECT ANSWER✔✔- Volume, Velocity,
Variety, Veracity and Value
What is a logical access system? - CORRECT ANSWER✔✔- A type of control put in place
to secure confidential information. It restricts access depending on the user.
What are the 5 types of information systems? - CORRECT ANSWER✔✔- 1. Transaction
Processing System
2. Management Information System
3. Executive Information System
4. Enterprise Resource Planning System
5. Customer Relationship Management System
What is a management information system? - CORRECT ANSWER✔✔- - generates
information for monitoring performance and maintaining coordination
- e.g. between purchases and accounts payable
- information is extracted from the transaction processing system and summarised to make
reports for management decisions
What is a relevant cost? - CORRECT ANSWER✔✔- - relate to specific management
decisions
- represented by future, incremental cash flows that vary spending on the outcome of the
management decision being made
What is the opportunity cost of materials? - CORRECT ANSWER✔✔- Not in inventory- you
will have to buy it so will need to pay the replacement amount
In continual use- current replacement cost
No other use and won't be replaced- current resale value
Scarce- you can't replace it- opportunity cost
,What is the opportunity cost of labour? - CORRECT ANSWER✔✔-
What is Anthony's Hierachy? - CORRECT ANSWER✔✔- A theory that classified
information used at different management levels for planning, control and decision making.
The three tiers are: strategic planning, management control and operational control.
- Strategic--> long term planning
- Tactical (management)--> medium term
- Operational --> the short term/ processing of transactions
What is an executive information system? - CORRECT ANSWER✔✔- A system that
provides a generalised computing and communications environment for senior managers to
support strategic decisions.
- Managers to get information quickly and effectively
- summarises critical information
- Dashboard visually appealing format
What is feedback? - CORRECT ANSWER✔✔- Feedback is information produced by a
system as control information for management.
It is information captured within an organisation by measuring output from the system. It is
not from external sources.
What is benchmarking? - CORRECT ANSWER✔✔- Means comparing performance of an
organisation with a benchmark. This could be an external organisation like a competitor or
another department internally.
How to work out direct capture costs? - CORRECT ANSWER✔✔- Just the money spent on
the devices to capture the data. not the time taken by staff to record the data.
What is the difference between an Internet, intranet and extranet? - CORRECT
ANSWER✔✔- Intranet- A cluster of computers that can be networked together to form an
organisation wide network
Internet- Global network connecting millions of computers
,Extranet- form of internet that authorised parties outside of the organisation can access
What is a Customer Relationship Management System? - CORRECT ANSWER✔✔-
Software applications that specialise in providing information concerning an organisations
products, services and customers.
- Software systems that offer companies a cost effective way of providing a personalised
service to customers to lead to better customer retention.
- it captures customers interactions to improve their understanding of the customer
What is the big data pyramid? - CORRECT ANSWER✔✔- 1. Wisdom--> The application of
knowledge. It is the decision making and adding value. It is non programmable and often
answers why.- EXPERT SYSTEMS
2. Knowledge--> Refers to how pieces of information are connected. Provides insights and
competitive advantage to how the information can be applied to achieve objectives. Answers
how. - DECISION SUPPORT SYSTEM
3. Information--> Refers to connection or linking of the data. Reveals relationships. it is
understandable but not always useful. -MANAGEMENT INFORMATION SYSTEM
4. Data--> Refers to all types, measurements, records etc including big data. it is fairly
meaningless without further processing. Its programmable- TRANSACTION PROCESSING
SYSTEM.
What is Data Mining? - CORRECT ANSWER✔✔- In-depth analysis of data on a database in
order to identify undiscovered trends or patterns in the data
What is data analytics? - CORRECT ANSWER✔✔- - The process of collecting and
examining data in order to extract meaningful business insights which can be used in decision
making and to improve performance.
- Categorised into:
1. Descriptive--> what's happening
2. Diagnostic--> explaining why its happening
3. Predictive--> forecasting what's likely to happen
3. Prescriptive--> recommendations on what to do
, What are the benefits of big data analytics? - CORRECT ANSWER✔✔- 1. Better
understanding of consumer behaviour- e.g. what are they saying on social media, how to meet
the customers needs better
2. Targeted marketing messages- tailored recommendations to the customers needs and
desires
3. Decision making - trends in online sales and inshore. could be used to manage inventory
and pricing
4. New products and services - provide new business opportunities
5. Performance measurement - provide detailed and up to date information for performance
measurement.
6. Costing- to provide insights into cost. Identifying trends and providing forecasts that can
be applied to costs.
What are some drawbacks of big data? - CORRECT ANSWER✔✔- - Quality of data--> In
order for information to be useful it has to be reliable and relevant.
- Veracity--> requires strong governance on data quality. You need effective cleansing
procedures to remove incomplete, obsolete or duplicated data records.
- Cost- its expensive to establish the hardware and software needed and to comply with the
data protection regulations which vary country to country.
- Skills- do organisations have staff with the necessary skills to process and interpret the data?
- Loss and theft of data- companies face legal action if data is stolen.
What is an ERP? - CORRECT ANSWER✔✔- enterprise resource planning system
- Provides a generalised computing and communication environment for senior managers to
support strategic decisions
- Designed to facilitate senior managers access to information quickly and effectively in order
to analyse organisational performance.
- Use complex computer systems, usually comprehensive databases to provide plans for
every aspect of the business.
- ERP systems are accounting orientated information systems which aid in identifying and
planning the enterprise wide resources needed to resource, make, account for and deliver
customer needs.
What is lifecycle costing? - CORRECT ANSWER✔✔- - The accumulation of costs over a
products entire lifecycle
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