CIPS L4M8 Focused on Innovation Exam Review Questions and A Level Marking Scheme Latest 2024/2025
1 view 0 purchase
Course
CIPS
Institution
CIPS
Descriptive analytics - correct answer historical insights describing what just happened e.g. Dashboard
Diagnostic analytics - correct answer why it happened - determines the cause of events
Prescriptive analytics - correct answer what is likely to happen next? Finds the best course of action...
CIPS L4M8 Focused on Innovation Exam
Review Questions and A Level Marking
Scheme Latest 2024/2025
Descriptive analytics - correct answer historical insights
describing what just happened e.g. Dashboard
Diagnostic analytics - correct answer why it happened -
determines the cause of events
Prescriptive analytics - correct answer what is likely to
happen next? Finds the best course of action to take based on
that prediction
Uses the Big Data and the 3Vs: Velocity, Volume, Variety
Predictive analytics - correct answer What is the best thing to
do? - the probability of a future event e.g. Data mining, statistics
modelling, algorithms, Machine learning, AI
Using analytics in procurement - correct answer Technology
can be used to improve performance of procurement & supply in
3 key areas:
- category management
- Teams
- Suppliers
,Supply chain integration - correct answer - Horizontal
integration - involves the acquisition of another company in the
same business line
- Vertical integration - company takes control over one or more
stages in the production or distribution of a product
Supply chain integration benefits - correct answer - A better
understanding of customers and their requirements
- More efficient ways of working
- Greater flexibility in relation to demand
- Reduced waste and risk
- Early warning of problems
Improve senior management and stakeholder knowledge and
information flow - correct answer Both management and
stakeholders need information about the organisation and its
performance to make effective decisions.
This can be achieved by integrating systems so that relationships
and correlations between data become more noticeable.
Organisational benefits of systems integration - correct
answer - helps responding to the changing environment
- Improved data accuracy and consistency
- Improved productivity
,- Improved collaboration and communication
- Real-time data availability
Methods of machine learning - correct answer Methods of
machine learning:
AI (artificial intelligence) - correct answer AI uses complex
data using neural networks. These networks are often used with
Big Data as the more data they use the more accurate they
become.
Application of Artificial Intelligence - correct answer 1. Deep
Learning - algorithms, study of the human brain, called neural
networks
2. Robotic process automation -
3. Physical robots
4. Rule based system - use databases and automated rules to
automate process
5. Statistical machine learning - uses statistical models to
improve AI performance
6. (NLP) Natural Language Processing/generation - extracts or
generates meaning from text
, Basic stages of quality inspection - correct answer 1, Pre-
production
2, In-production
3, Post-production or final inspection
Quality control - correct answer Quality control focuses on
the product or services and checks that they meet the standards
set by the organisation
Quality Assurance - correct answer Quality Assurance is
about getting it right first time and focuses on the process of
delivery or production
Continuous Improvement - correct answer There are many
benefits to Continuous Improvement but there are also costs
attached. Costs may outweigh the additional quality that can be
achieved
4 levels of approach to improving quality - correct answer 1,
Inspection - detecting and correcting errors
2, Quality Control -statistical processes for achieving standards
3, Quality assurance - which aim to develop processes that get it
right first time
4, Total Quality Management (TQM) - Organisation wide
continuous improvement approach to finding and eliminating
sources of waste
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KieranKent55. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
