Exam (elaborations)
ISA Exam 1
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Exam of 7 pages for the course ISA at ISA (ISA Exam 1)
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ISA Exam 1 With 100% Correct AnswerFact - CORRECT ANSWER - the confirmation or validation of an event or object
Information Age - CORRECT ANSWER - The present time during which infinite
quantities of facts are widely available to anyone who can use a computer
Problem: No privacy and lots of hacking
The 4 Core drivers of the information age - CORRECT ANSWER - Data
Information
Business Intelligence
Knowledge
data - CORRECT ANSWER - raw facts that describe the characteristics of an event or
object
Information - CORRECT ANSWER - Data converted into a meaningful and useful
context
Business Intelligence - CORRECT ANSWER - info collected from multiple sources such
as suppliers, customers, competitors, partners, and industries that analyze patterns,
trends, and relationships for strategic decision making (manipulates interest rates,
weather conditions, gas prices)
Knowledge - CORRECT ANSWER - Skills, experience, and expertise coupled with
information and intelligence that creates a persons intellectual resources
Assessing strengths and weaknesses - CORRECT ANSWER - Measures of competitive
advantage:
- Market share
- Profitability
- Efficiency
- Brand recognition and loyalty
- Market capitalization
structured data - CORRECT ANSWER - stored in a traditional system such as a
relational database or spreadsheet
Machine generated data - CORRECT ANSWER - created by a machine without human
intervention (sensor data, point of sale data, web log data)
human generated data - CORRECT ANSWER - data that humans, in interaction with
computers, generate (input data, click stream data, gaming data)
, unstructured data - CORRECT ANSWER - not defined and does not follow a specified
format
big data - CORRECT ANSWER - a collection of large complex data sets, including
structured and unstructured data, which cannot be analyzed using traditional database
methods and tools
snapshot - CORRECT ANSWER - a view of data at a particular point in time
analytics - CORRECT ANSWER - the science of fact based decision making
predictive analytics - CORRECT ANSWER - extracts info from data and uses it to
predict future trends and identity behavioral patterns (how much will sales be next
year?)
Behavior analytics - CORRECT ANSWER - uses data about peoples behaviors to
understand intent and predict future actions (how many customers will upgrade)
knowledge worker - CORRECT ANSWER - Individuals valued for their ability to interpret
and analyze information
Internet of things - CORRECT ANSWER - A world where interconnected, internet
eneabled devices or things can collect and share data without human intervention
Variable - CORRECT ANSWER - a data characteristic that stands for a value that
changes or varies over time
System Thinking - CORRECT ANSWER - implementing solutions that consider the
entire process, not just a single component. 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
SWOT analysis - CORRECT ANSWER - Evaluating strengths, weaknesses,
opportunities, and threats. Helps a business assess its competitive strength and the
nature of its external environment
S and W are internal, O and T are external
Porter's Five Forces - CORRECT ANSWER - For the Meso analysis, used in order to
determine the market attractiveness.
Threats of new entrants
Bargaining power of suppliers
Threats of substitutes
Bargaining power of buyers
Rivalry among existing competitors
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