Ch 1

Question 1

The confirmation or validation of an event or object

Answer 1

Fact of Information Age

Question 2

The present time during which infinite quantities of facts are widely available to anyone who can use a computer

Answer 2

Information Age

Question 3

Core drivers of Information Age

Answer 3

Data
Knowledge
Information
Business intelligence

Question 4

Raw facts that describe the characteristics of an event or object

Answer 4

Data

Question 5

Data converted into a meaningful and useful context

Answer 5

Information

Question 6

Information collected from multiple sources such as suppliers, customers, competitors, partners and industries that analyzes patterns trends and relationships for strategic decision making

Answer 6

Business intelligence

Question 7

Skills,experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources

Answer 7

Knowledge

Question 8

Individual valued for their ability to interpret and analyze information

Answer 8

Knowledge worker

Question 9

A way monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part

Answer 9

System thinking

Question 10

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

Answer 10

Managment information systems (MIS)

Question 11

Responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives

Answer 11

Chief information officer (CIO)

Question 12

Responsible for collecting, maintaining, and distributing company knowledge

Answer 12

Chief of knowledge officer (CKO)

Question 13

Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses

Answer 13

Chief security officer (CSO)

Question 14

Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS.

Answer 14

Chief technology officer (CTO)

Question 15

Responsible for ensuring the ethical and legal use of information within a company

Answer 15

Chief privacy officer (CPO)

Question 16

A product or service that an organizations customers place a greater value on than similar offerings from a competitor

Answer 16

Competitive advantage

Question 17

Occurs when an organization can significant impact its market share by being first to market with a competitive advantage

Answer 17

First-mover advantage

Question 18

Evaluates an organizations strengths, weakness, opportunities, and threats to identify significant influences that work for or against business strategies

Answer 18

SWOT

Question 19

Porter’s five forces model

Answer 19

1. Threat of substitute products or services
2. Supplier power
3. Threat of new products
4. buyer power
5. Rivalry among existing competitors

Question 20

The ability of buyers to affect the price of an item

Answer 20

Buyer power

Question 21

Manipulating costs that make customers reluctant to switch to another product

Answer 21

Switching cost

Question 22

Rewards customers based on the amount of business they do with a particular organization

Answer 22

Loyalty program

Question 23

The suppliers ability to influence the prices they charge for suppliers

Answer 23

Supplier power

Question 24

Consists of all parties involved in the procurement of product or raw material

Answer 24

Supply chain

Question 25

High when there are many alternatives to a product or service and low when there are few alternatives

Answer 25

Threat of substitute products or services

Question 26

High when it is easy for new competitors to enter a market and low when there are significant entry barriers

Answer 26

Threat of new entrants

Question 27

A feature of a product or device customers have come to expect and entering competitors must offer the same survival

Answer 27

Entry barrier

Question 28

High when competition is fierce in. A market and low when competitors are more complacent

Answer 28

Rivalry among existing competitors

Question 29

Occurs when company develops unique differences in its products or devices with the intent to influence demand

Answer 29

Product differentiation