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ISA 235 Final Question and answers 100% correct

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ISA 235 Final Question and answers 100% correct ISA 235 Final information age - correct answer The present time, during which infinite quantities of facts are widely available to anyone who can use a computer. data - correct answer Raw facts that describe the characteristics of an event...

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  • November 8, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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ISA 235 Final
information age - correct answer ✔The present time, during which infinite
quantities of facts are widely available to anyone who can use a computer.


data - correct answer ✔Raw facts that describe the characteristics of an
event or object.
-order date
-amount sold
-customer number
-quantity sold


information - correct answer ✔Data converted into a meaningful and useful
context.
-best-selling product
-best customer
-worst-selling product
-worst customer


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.
-Example: lowest sales per week compared with economic interest rate
-Example: best selling product by month compared to sport


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

,-choosing not to fire an underperforming salesperson knowing that they are
having family problems
-listing products that are about to expire first as specials


how different departments in a company are challenged in working together to
achieve success; explain systems thinking; how management information
systems enable business communications. - correct answer ✔Each
department performs its own activities; Although each department has its own
focus and data, none can work independently if the company is to operate as
a whole. It is easy to see how a business decision made by one department
can affect other departments; For the firm to be successful, all departments
must work together as a single unit sharing common information and not
operate independently or in a silo


Systems thinking is 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;


MIS incorporates systems thinking to help companies operate cross-
functionally. For example, to fulfill product orders, an MIS for sales moves a
single customer order across all functional areas including sales, order
fulfillment, shipping, billing, and finally customer service. Although different
functional areas handle different parts of the sale, thanks to MIS, to the
customer the sale is one continuous process


business strategy - correct answer ✔A leadership plan that achieves a
specific set of goals or objectives such as increasing sales, decreasing costs,
entering new markets, or developing new products or services.


Four types of business strategy - correct answer ✔SWOT Analysis
The Five Forces Model
The Three Generic Strategies

, Value Chain Analysis


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


The 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.


-competitive rivalry
-bargaining power of suppliers
-bargaining power of customers
-threat of new entrants
-threat of substitute products/ services


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. = (cost leadership, differentiation,
focus)


Value Chain Analysis - correct answer ✔Views a firm as a series of business
processes that each add value to the product or service.


Management Information Systems (MIS) - correct answer ✔A business
function, like accounting and human resources, which moves information
about people, products, and processes across the company to facilitate
decision making and problem solving; MIS is a tool that is most valuable when
it leverages the talents of people who know how to use and manage it
effectively; To perform MIS function effectively, almost all companies,
particularly large and medium-sized ones, have an internal MIS department,

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