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ISA 235 Midterm Questions with complete solution

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ISA 235 Midterm Questions with complete solution ISA 235 Midterm 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 characteristics of an event o...

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  • November 8, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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ISA 235 Midterm
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 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
that analyzes patterns, trends, and relationships


Knowledge - correct answer ✔skills, experience, and expertise, coupled with
info and intelligence


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


MIS - correct answer ✔a business function, like accounting and HR, which
moves info about people, products, and processes across the company to
ease decision making and problem solving


Business strategy - correct answer ✔A leadership plan that achieves a
specific set of goals or objectives such as new product development, entering
new markets, increasing customer loyalty

, competitive advantage - correct answer ✔A product or service that an
organization's customers place a greater value on than similar offerings from a
competitor


SWOT analysis - correct answer ✔evaluates project position


The Five forces model - correct answer ✔evaluates industry attractiveness


The three generic strategies - correct answer ✔chooses business focus


Rivalry among existing competitors - correct answer ✔One of Porter's five
forces; high when competition is fierce in a market and low when competitors
are more complacent.


Threat of substitute products or services - correct answer ✔High when there
are many alternatives to a product or service and low when there are few
alternatives


Buyer Power - correct answer ✔the ability of buyers to affect the price they
must pay for an item


Supplier Power - correct answer ✔The power of suppliers to drive up prices
of materials


Threat of new entrants - correct answer ✔High when it is easy for new
competitors to enter a market and low when there are significant entry barriers


business process - correct answer ✔a standardized set of activities that
accomplish a specific task, such as processing a customer's order

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