EBTM TEST 1 QUESTIONS LATEST UPDATE 2024/2025 WITH 100% VERIFIED ANSWERS ACCURATE, Exams of Business Administration

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EBTM TEST 1 QUESTIONS LATEST UPDATE 2024/2025 WITH 100% VERIFIED ANSWERS ACCURATE define management information systems and describe the three important organizational resources within it- people, information and information technology - MIS deals with planning for, development, management, and use of information of information technology tools to help people perform all tasks related to information processing and management - people are most important, to be successful in use of tech people must be information literate and technology literate - information goes by data, BI, and knowledge - IT is any computer based tool that people use to work with information and support the info and info- processing needs of organization describe how to use breakeven analysis to asses financial impact of information technology - breakeven analysis considers and charts three pieces of financial information: fixed costs, variable costs, and revenue - breakeven analysis can be used to determine financial impact of information technology by assessing 1. how tech can help reduce fixed costs 2. how tech can help reduce variable costs 3. how tech can help increase revenue describe how to use porters 5 forces model to evaluate the relative attractiveness and competitive pressures in an industry 1. buyer power: high when buyers have many choices and low when choices are few 2. supplier power: high when buyers have few choices and high when choices are many 3. threat of substitute products and services: high when many alternative are available and low when alternatives are few 4. threat of new entrants: high when it is easy to get into a market and low when its difficult to get into a market 5. rivalry among existing competitors: high when competition is fierce and low when competition is more complacent compare and contrast porters three generic strategies and the run-grow-transform framework as approaches to the development of business strategy 1. overall cost leadership: the same or better quality products at a price less than that of the competition 2. differentiation: product or service that is perceived as being unique 3. focus: products or services for a particular buyer group within a segment of a product line and or specific geographic market - RGT framework requires that you allocate in terms of % how you spend IT dollars among running organization, growing organization, and transferring organization define supply chain management systems and describe their strategic and competitive opportunities SCM system is an IT system that supports supply chain management by automating the tracking of inventory and information among business processes and across companies strategic and competitive opportunities include: - overall cost leadership, running the organization - fulfillment: right quantity of parts or products at the right time - logistics: low cost of transporting materials - production: ensuring production lines run smoothly - revenue and profit: no sales are lost - cost and price: keeping part costs down and product prices at acceptable levels define 5 major types of data mining tools in a data warehouse environment - query and reporting tools: similar to QBE and SQL and report generators in the typical database environment - artificial intelligence: tools such as neural networks and fuzzy logic to form the basis of info discovery and building business intelligence in OLAP - multidimensional analysis tools: slice and dice technique that all you to view multidimensional info from different perspectives - digital dashboard: displays key info from several sources on a computer screen - Statistical tools: help you apply various mathematical models to the info stored in a data warehouse to discover new information list key considerations in info ownership in an organization - strategic management support - sharing of info with responsibility - information cleanliness compare and contrast decision support systems and geographic information systems DSS is highly flexible and interactive IT system that is designed to support decision making when the situation includes nonstructural elements - geographic information system is a decision support system designed specifically to analyze spatial information describe the decision support role of specialized analytics like predictive analytics and text analytics - predictive analytics: highly computational data mining technology that uses information and business intelligence to build a predictive model for a given business application; focuses on using historical information to predict future events and outcomes - text analytics: process of using statistical, AI, and linguistic techniques to convert information content into textual sources into structured info; surveys, e-mails, blogs, social media; focuses on natural language processing understanding what's being said and converting language into structured data format more suitable for processing by a computer describe the role and function of an expert system in analytics - expert system (knowledge based system) AI system that applies reasoning capabilities to reach a conclusion; good for diagnostic and prescriptive problems Explain why neutral networks are effective decision support tools - neutral network: artificial intelligence system that is capable of finding and differentiating patterns; most useful for identification, classification, and prediction when vast amount of info is available define genetic algorithms and the types of problems they help solve - genetic algorithm is an artificial intelligence system that mimics evolutionary survival of the fittest process to generate increasingly better solutions to a problem; best suited to problems with thousands of solutions describe stat mining agents and multi agent systems as subsets of intelligent agents and agent based technologies - data mining agent operates in data warehouse discovering new information; incorporates use of various AI techniques - multi agent systems: groups of intelligent agents that have ability to work independently but must also work with each other in order to achieve assigned task; incorporate various AI techniques