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ISA Master Question and answers verified to pass ISA Master *Drivers of the Information Age - correct answer Simple answer: Data, Information, Business Intelligence, and Knowledge. What is the information age: The Information age is the present time, during which infinite quantities ...

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  • November 8, 2024
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  • 2024/2025
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ISA Master
*Drivers of the Information Age - correct answer ✔Simple answer:
Data, Information, Business Intelligence, and Knowledge.


What is the information age:
The Information age is the present time, during which infinite quantities of
facts are widely available to anyone who can use a computer.


Drivers:
Data is raw facts that describe the characteristics of an event or object.
Information is when data is converted into a meaningful and useful context.
Business Intelligence is information collected from multiple sources (suppliers,
customers, industries etc.) that analyze patterns, trends, and relationships for
strategic decision making. Knowledge is the combination of skills, experience,
and expertise coupled with information and intelligence that creates a person's
intellectual resources.


(You should be able to describe the information age and the differences
between data, information, business intelligence, and knowledge.)


*Business as a System - correct answer ✔Simple Answer:
All departments in a business collect different information- a business as a
system piles all information into like data so it can be sent across platform.




The basic departments of a company, Accounting, Finance, HR, Marketing,
Operations Management, and Sales are challenged in working together
because they all collect and focus on different data and information.

,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 and Systems thinking enables business
communications by piling together all necessary data and sending it across
the entire company, so that each department has what they need to make
decisions.


Here is an example. "I have one item. The item I have is a product that has
the most sales during the month of December. The month of December this
year is going to see interest rates rise by 10% and snow storms are expected
to cause numerous problems throughout the East Coast. Given the
unexpected financial issues caused by the storms and the interest rake hike
we will offer a discount on purchase in November and December to ensure
sales levels increase by 10%".


(You should be able to identify how different departments in a company are
challenged in working together to achieve success, and be able to explain
systems thinking and how management information systems enable business
communications)


*Strategy - correct answer ✔4 tools:
A SWOT Analysis Evaluates Project Position.


The Five Forces Model Evaluates Industry Attractiveness.


The Three Generic Strategies chooses business focus.


The Value Chain Analysis executes business strategy.

,(Understand the concept of business strategy, noting that Porter's 5 Forces is
1 way to define - but it's not the only way)


*Management Information System (MIS) - correct answer ✔MIS is 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.


It is not just a technology, because most organizations have a set department
for MIS, that manages all the information flowing through the company, led by
the Chief Information Officer (CIO).




(Demonstrate understanding that MIS is not technology
- it's a business function
Most organizations have a department that is responsible for performing the
MIS function (i.e. having an Accounting department that is responsible for
performing the accounts payable and accounts receivable functions).)


*The role of the IS Organization - correct answer ✔Roles:
Chief Privacy, Technology, Security,
Knowledge, and Information Officer(s).


Overall Job:
To summarize, there is an entire department for MIS, and their job is to have
fast data, which is legal and aligns with business goals, and that is secure
when being
distributed.

, (The book goes into a lot of specific roles that most companies probably don't
have (or are called by different names). The key concept is the notion of the IT
organization and its role in an organization.)


*Competitive Advantage - correct answer ✔Simple answer:
Product with greatest value or lowest price


A feature of a product or service on which customer place a greater value
than they do on a similar offerings from competitors / provides lower price or
higher value


Think Evaluate, Set, Strategy, Execution Overlay.


(You should understand the general way organizations obtain competitive
advantage: the Evaluate/Set Strategy/Execution overlay and the role each
plays in developing the competitive advantage.)


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


There are both Support Value Activities and Primary Value Activities that lead
to value added in an organization.


A business can focus their resources on the process that through VCA they
determine adds the most value. IT can help to provide the information
necessary to discover what BP through VCA adds most value.


(You should understand how an organization can implement strategy using
Porter's value chain analysis and demonstrate IT's role in strategy.)

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