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ISA 235 Final Exam Question and answers correctly solved

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ISA 235 Final Exam Question and answers correctly solved ISA 235 Final Exam Value Chain: Primary v Support activities - correct answer Views a firm as a series of business processes that each add value. Primary: The firm acquiring raw materials, manufacturing, delivering, marketing and sell...

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  • November 8, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ISA 235
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ISA 235 Final Exam
Value Chain: Primary v Support activities - correct answer ✔Views a firm as
a series of business processes that each add value. Primary: The firm
acquiring raw materials, manufacturing, delivering, marketing and selling.
Support: Actual firm infrastructure such as HR, Management, Tech. Dept.


internet of things - correct answer ✔a world where interconnected, Internet-
enabled devices or "things" can collect and share data without human
intervention


information age - correct answer ✔the present time, during which infinite
quantities of facts are widely available to anyone who can use a computer


information - correct answer ✔data converted into a meaningful and useful


big data - correct answer ✔a collection of large, complex data sets, including
structured and unstructured data, which can't be analyzed using traditional
database methods and tools


Information - correct answer ✔data converted into a meaningful and useful
context


business intelligence (BI) - correct answer ✔information collected from
multiple sources such as suppliers, customers, competitors, partners, and
industries that analyze patterns, trends, and relationships for strategic
decision making


analytics - correct answer ✔the science of fact-based decision making

,business analytics - correct answer ✔the scientific process of transforming
data into insight for making better decisions


knowledge - correct answer ✔skills, experience, and expertise, coupled with
information and intelligence that creates a person's intellectual resources


information silo - correct answer ✔occurs when one business unit is unable
to freely communicate with other business units, making it difficult or
impossible for organizations to work cross-functionally


Systems Thinking - correct answer ✔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


business strategy - correct answer ✔A leadership plan that achieves a
specific set of goals or objectives


SWOT analysis - correct answer ✔evaluates an organization's strengths,
weaknesses, opportunities, and threats to identify significant influences that
work for or against business strategies


Porter's Five Forces Model - correct answer ✔A model for analyzing the
competitive forces within the environment in which a company operates, to
assess the potential for profitability in an industry.


Porter's Three Generic Strategies - correct answer ✔generic business
strategies that are neither organization nor industry specific and can be
applied to any business, product, or service

, supply chain - correct answer ✔all parties involved, directly or indirectly, in
obtaining raw materials or a product


business process - correct answer ✔standardized set of activities that
accomplish a specific task


Value chain analysis - correct answer ✔views a firm as a series of business
processes that each add value to the product or service


Business as a System - correct answer ✔combination of business
commerce, occupations, and organizations that produces and distributes the
goods and services that create value for people in a society


competitive advantage - correct answer ✔a feature of a product or service on
which consumers place a greater value than on similar offerings from
competitors


Management Information Systems (MIS) - correct answer ✔a business
function which moves information about people, products, and processes
across the company to facilitate decision making and problem solving


disruptive technology - correct answer ✔a new way of doing things that
initially does not meet the needs of existing customers


sustaining technology - correct answer ✔produces an improved product
customers are eager to buy, such as a faster car to drive


internet - correct answer ✔a massive network that connects computers all
over the world and allows them to communicate with one another

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