COSC 1307 TEST QUESTIONS WITH REVISED ANSWERS
What evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies? - Answer-SWOT Analysis
True or false: The threat of substitute products or services ...
COSC 1307 TEST QUESTIONS WITH
REVISED ANSWERS
What evaluates an organization's strengths, weaknesses, opportunities, and threats to
identify significant influences that work for or against business strategies? - Answer-
SWOT Analysis
True or false: The threat of substitute products or services is low when there are many
alternatives to a product or service and high when there are few alternatives from which
to choose. - Answer-False
What analyzes the competitive forces within the environment in which a company
operates to assess the potential for profitability in an industry? - Answer-Porter's Five
Forces Model
What is high when it is easy for new competitors to enter a market and low when there
are significant entry barriers to joining a market? - Answer-Threat of new entrants
______ power is the ability of buyers to affect the price they must pay for an item. -
Answer-Buyer
What is high when competition is fierce in a market and low when competitors are more
complacent? - Answer-Rivalry among existing competitors
What consists of all parties involved, directly or indirectly, in obtaining raw materials or a
product? - Answer-Supply chain
What is data converted into a meaningful and useful context? - Answer-Information
In the Blank______ age infinite quantities of facts are widely available to anyone who
can use a computer. - Answer-information
What is information collected from multiple sources such as suppliers, customers,
competitors, partners, and industries that analyzes patterns, trends, and relationships
for strategic decision making? - Answer-Business intelligence
Select all that apply
A fact is the ___________ or ______________ of an event or object. - Answer-
confirmation
validation
What is the science of fact-based decision making? - Answer-Analytics
, What is a world where interconnected Internet-enabled devices or "things" have the
ability to collect and share data without human intervention? - Answer-Internet of Things
______ analytics is the scientific process of transforming data into insight for making
better decisions. - Answer-Business
Select the question that can be answered using only raw data. - Answer-What is the
date, amount sold, and customer number for a sale transaction?
A data Blank______ extracts knowledge from data by performing statistical analysis,
data mining, and advanced analytics on big data to identify trends, market changes, and
other relevant information. - Answer-scientist
Information is __________ (one word) converted into a meaningful and useful context. -
Answer-data
Business intelligence (BI) is information collected from multiple sources that analyzes
patterns, trends, and relationships for strategic decision making. Select the multiple
sources. - Answer-Suppliers, customers, competitors, partners, and industries
__________ is the science of fact-based decision making. - Answer-Analytics
What type of analytics is best described with a report that includes charts and graphs
explaining past performance? - Answer-Descriptive analytics
What age are we currently living in when infinite quantities of facts are widely available
to anyone who can use a computer? - Answer-Information age
A(n) _____ is the confirmation or validation of an event or object. - Answer-fact
The Internet of Things (IoT) is a world where interconnected Internet-enabled devices or
"things" have the ability to collect and share data without __________ intervention. -
Answer-human
Data are the raw facts that describe the Blank______ of an event or object. - Answer-
characteristics
What is the scientific process of transforming data into insight for making better
decisions? - Answer-Business analytics
_________ includes the skills, experience, and expertise, coupled with information and
intelligence, that creates a person's intellectual resources. - Answer-Knowledge
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