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MIS 301 Exam II Study Guide Question and answers verified to pass 2024

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MIS 301 Exam II Study Guide Question and answers verified to pass 2024 Online Analytical Processing (OLAP) - correct answer A method of querying and reporting that takes data from standard relational databases, calculates and summarizes the data, and then stores the data in a special database c...

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MIS 301 Exam II Study Guide
Online Analytical Processing (OLAP) - correct answer ✔A method of
querying and reporting that takes data from standard relational databases,
calculates and summarizes the data, and then stores the data in a special
database called a data cube.


Awareness, evaluation, purchase, delivery, after sales - correct answer
✔What is the correct order of channel phases?


data mart - correct answer ✔A database or databases focused on
addressing the concerns of a specific problem (e.g., increasing customer
retention, improving product quality) or business unit (e.g., marketing,
engineering).


data cube - correct answer ✔A special database used to store data in OLAP
reporting.


Inventory Turnover Ratio - correct answer ✔The ratio of a company's annual
sales to its inventory.


loyalty card - correct answer ✔Systems that provide rewards and usage
incentives, typically in exchange for a method that provides a more detailed
tracking and recording of customer activity. In addition to enhancing data
collection, loyalty cards can represent a significant switching cost.


dashboards - correct answer ✔A heads-up display of critical indicators that
allow managers to get a graphical glance at key performance metrics.

,legacy system - correct answer ✔Older information systems that are often
incompatible with other systems, technologies, and ways of conducting
business. Incompatible legacy systems can be a major roadblock to turning
data into information, and they can inhibit firm agility, holding back operational
and strategic initiatives.


Genetic Algorithms (GAs) - correct answer ✔model building techniques
where computers examine many potential solutions to a problem, iteratively
modifying various mathematical models, and comparing the mutated models
to search for a best alternative


data mining - correct answer ✔The process of using computers to identify
hidden patterns in, and to build models from, large data sets.


Omnichannel - correct answer ✔Providing customers with a unified
experience across customer channels, which may include online, mobile,
catalog, phone, and retail. Pricing, recommendations, and incentives should
reflect a data-driven, accurate, single view of the customer.


neural networks - correct answer ✔An AI system that examines data and
hunts down and exposes patterns, in order to build models to exploit findings.


information - correct answer ✔Data presented in a context so that it can
answer a question or support decision making.


knowledge - correct answer ✔insight derived from experience and expertise


Big Data - correct answer ✔A general term used to describe massive
amount of data available to today's managers.

,Analytics - correct answer ✔A term describing the extensive use of data,
statistical and quantitative analysis, explanatory and predictive models, and
fact-based management to drive decisions and actions.


canned reports - correct answer ✔Reports that provide regular summaries of
information in a predetermined format.


row or record - correct answer ✔A row in a database table. Records
represent a single instance of whatever the table keeps track of (e.g., student,
faculty, course title).


(column) (field) - correct answer ✔A column in a database table. Columns
represent each category of data contained in a record (e.g., first name, last
name, ID number, date of birth).


Expert Systems - correct answer ✔AI systems that leverage rules or
examples to perform a task in a way that mimics applied human expertise


table or file - correct answer ✔A list of data, arranged in columns (fields) and
rows (records).


relational database - correct answer ✔The most common standard for
expressing databases, whereby tables (files) are related based on common
keys.


artificial intelligence - correct answer ✔computer software that seeks to
reproduce or mimic human thought, decision making, or brain functions


e-discovery - correct answer ✔The process of identifying and retrieving
relevant electronic information to support litigation efforts.

, Business Intelligence - correct answer ✔A term combining aspects of
reporting, data exploration and ad hoc queries, and sophisticated data
modeling and analysis.


data warehouse - correct answer ✔A set of databases designed to support
decision making in an organization.


transaction processing systems (tps) - correct answer ✔Systems that record
a transaction (some form of business-related exchange), such as a cash
register sale, ATM withdrawal, or product return.


Data - correct answer ✔raw facts and figures


transaction - correct answer ✔some kind of business exchange


database - correct answer ✔A single table or a collection of related tables.


Machine Learning - correct answer ✔Leverages massive amounts of data so
that computers can act and improve on their own without additional
programming.


Database Administrator (DBA) - correct answer ✔Job title focused on
directing, performing, or overseeing activities associated with a database or
set of databases. These may include (but not necessarily be limited to):
database design, creation, implementation, maintenance, backup and
recovery, policy setting and enforcement, and security.


data aggregators - correct answer ✔Firms that collect and resell data.

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