ISA 235 Final Exam Miami University - Mo - Fall 2024 Questions With 100% Verified Answers

ISA 235 Final Exam Miami University - Mo - Fall 2024 Questions With 100% Verified Answers Data - answerraw facts that describe the characteristics of an event or object Information - answerdata converted into a meaningful and useful context Business Intelligence - answerinformation collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making Knowledge - answerincludes the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources Big data - answera collection of large, complex datasets, which cannot be analyzed using traditional database methods and tools 4 characteristics of big data - answervariety, veracity, volume, velocity structured data - answerhas a defined length, type, and format and includes numbers, dates, or strings this data is storied in things like a relational database or excel spreadsheet. ex.) customer address accounts for about 20% of data unstructured data - answeris not defined and does not follow a specified format and is typically free-form text ex.) emails, tweets, and text messages accounts for about 80% of the data Analytics - answerthe science of fact-based decision making Business Analytics - answerthe scientific process of transforming data into insight for making better decisions Data Scientist - answerextracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information business unit - answersegment of a company representing a specific business function ex.) HR, marketing, accounting data silo - answeroccurs when one business unit is unable to freely communicate with other business units, making it difficult or impossible for organizations to work cross-functionally Data democratization - answerthe ability for data to be collected, analyzed, and accessible to all users the goal is to allow all employees the ability to collect and analyze data without requiring outside help System - answera collection of parts that link to achieve a common purpose Systems thinking - answerA way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part MIS (Management Information Systems) - answera business function, like accounting and HR, which moves information about people, products, and processes across the company to facilitate decision making and problem solving MIS incorporates systems thinking to help companies operate cross-functionally MIS skills gap - answerthe difference between existing MIS workplace knowledge and the knowledge required to fulfill the business goals and strategies Business Strategy - answera leadership plan that achieves a specific set of goals or objectives such as increasing sales, decreasing costs, entering new markets, or developing new products/services competitive advantage - answera feature of a product or service on which customers place a greater value than they do on similar offerings from competitors