P-Exam

Question 1

Helping people perform all tasks related to information processing and management.

Answer 1

Management Information Systems (MIS)

Question 2

3 Key Resources of MIS

Answer 2

1. People
2. Information
3. Technology

Question 3

Is often aggregated data that has meaning such as average age, youngest and oldest customer, and a histogram of customer ages

Answer 3

Information

Question 4

Raw facts

Answer 4

Data

Question 5

Collective information that supports important, strategic decision making

Answer 5

Business Intelligence

Question 6

Most important resource in any organization.

Answer 6

People

Question 7

Knowing when to apply technology.

Answer 7

Technology Literacy

Question 8

Knowing how to use information.

Answer 8

Information Literacy

Question 9

Costs you incur even if you don’t sell anything

Answer 9

Fixed costs

Question 10

Costs you incur when you sell something (COGS)

Answer 10

Variable Costs

Question 11

How much you sell one unit for

Answer 11

Revenue

Question 12

Reduced Fixed Costs Examples

Answer 12

1. Digital Storefronts
2. Telecommuting
3. VoIP or Voiceover IP
4. Cloud computing

Question 13

Reduced Variable Costs Examples

Answer 13

1. Virtual Goods
2. Crowd sourcing

Question 14

Increase Revenue Examples

Answer 14

1. Recommendation Engines
2. Long-tail Economics

Question 15

Porter’s Five Forces Model

Answer 15

1. Threat of new entrants
2. Buyer Power
3. Supplier Power
4. Threat of substitute products and services
5. Rivalry among existing competitors

Question 16

High when buyers have many choices and low when their choices are few.

Answer 16

Buyer Power

Question 17

High when buyers have few choices and low when choices are many

Answer 17

Supplier Power

Question 18

High when there are many alternatives for buyers.

Answer 18

Threat of substitute products and services

Question 19

High when it is easy for competitors to enter the market

Answer 19

Threat of new entrants

Question 20

High when competition is fierce

Answer 20

Rivalry among existing competitors

Question 21

Porter identified 3 generic business strategies for beating the competition.

Answer 21

1. Overall Cost Leadership
2. Differentiation
3. Focus

Question 22

Focusing on offering products or services to a particular segment or buyer group, within a segment of a product line, to a specific geographic market, etc

Answer 22

Focus

Question 23

Offering a product or service that is perceived as being “unique” in the marketplace

Answer 23

Differentiation

Question 24

Offering the same or better quality product or service at a price that is less than what any of the competition is able to do

Answer 24

Cost Leadership

Question 25

The allocation in terms of percentages of IT dollars on various types of business strategies

Answer 25

Run-Grow-Transform Framework (RGT)

Question 26

Tracks inventory and information among business processes and across companies

Answer 26

Supply chain management (SCM)

Question 27

IT system that supports supply chain management

Answer 27

Supply chain management (SCM) system

Question 28

Method for producing or delivering a product or service just at the time the customer wants it

Answer 28

Just-in-time (JIT)

Question 29

Opportunities of SCM

Answer 29

Goal is to squeeze out every penny of cost possible in the supply chain This will optimize fulfillment, logistics, production, revenue and profit, and cost and price

Question 30

Uses information about customers to gain insight into their needs, wants, and behaviors in order to serve them better

Answer 30

Customer relationship management

Question 31

Collection of integrated software for business management, accounting, finance, supply chain management, inventory management, customer relationship management, e-collaboration, etc

Answer 31

Enterprise resource planning (ERP) system

Question 32

Financial Examples

Answer 32

1. Accounts Receivable 2. Accounts Payable 3. Cash Management 4. Forecasting 5. General Ledger 6. Profitability Analysis

Question 33

Sales and Marketing Examples

Answer 33

1. Order Management 2. Sales Management 3. Sales Planning 4. Pricing

Question 34

Operations and Logistics

Answer 34

1. Inventory Management 2. Material Requirements 3. Planning 4. Production Planning 5. Project Management

Question 35

Human Resources Examples

Answer 35

1. Payroll 2. Personnel Planning 3. Travel Expenses 4. Training

Question 36

Web-based and mobile technologies that create interactivity among users, mostly allowing users to be both creators and consumers of content.

Answer 36

Social Media

Question 37

Places like Facebook, LinkedIn, Google, Twitter, YouTube.

Answer 37

Social Networking

Question 38

See what other people are buying/wearing and finding deals through places like Groupon

Answer 38

Social Shopping

Question 39

MMORPGS like World of Warcraft.

Answer 39

Social Playing

Question 40

Means "Saving the World"

Answer 40

Social

Question 41

Sites like Foursquare that help you check into places and specify where you are

Answer 41

Social Locationing