DTS - Week 3 (Articles and Lecture)

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Questions and Answers

What is the primary goal of a data strategy according to DalleMule & Davenport (2017)?

Eliminating the need for SSOT and MVOT frameworks

Balancing defensive and offensive data management (correct)

Maximizing the volume of data collected

Prioritizing offensive strategies over defensive ones

Which of the following best defines Single Source of Truth (SSOT)?

A collection of business-specific data tailored to individual needs

A data storage model optimized for predictive analytics

A centralized repository ensuring data integrity and governance (correct)

A decentralized repository of unstructured data

How does Multiple Versions of the Truth (MVOTs) relate to SSOT?

MVOTs are unregulated versions of SSOT data.

MVOTs eliminate the need for governance.

MVOTs serve as tailored outputs derived from SSOT. (correct)

MVOTs replace SSOT in organizations with high regulatory oversight.

What is a critical difference between defensive and offensive data strategies?

Defensive strategies address risk minimization, while offensive strategies drive value creation. Signup and view all the answers

What are the "3 V's" of big data highlighted by McAfee & Brynjolfsson (2012)?

Volume, variety, and velocity Signup and view all the answers

Which phase in Mintzberg's decision-making model involves designing alternative actions to address strategic problems?

Design phase Signup and view all the answers

How does blockchain enhance interorganizational governance?

Through disintermediation and decentralized trust mechanisms Signup and view all the answers

Which of the following is NOT a benefit of blockchain in governance?

Eliminating the need for data provenance Signup and view all the answers

What does "trustless trust" mean in the context of blockchain?

Trust derived from reliable system outputs without relying on actors Signup and view all the answers

Which governance mode involves centralized control but operates across organizational boundaries?

Consortium mode Signup and view all the answers

Why are contracts insufficient for governing large networks?

They cannot scale efficiently and are costly to enforce. Signup and view all the answers

Which of the following is a key characteristic of defensive data management?

Regulatory compliance and fraud detection Signup and view all the answers

What is a significant advantage of MVOTs?

They provide flexibility for department-specific data analysis. Signup and view all the answers

Which process does blockchain governance automate to reduce costs?

Contingency planning and enforcement Signup and view all the answers

What challenge in blockchain governance arises from excluding competitors?

Weak network ties and antitrust conflicts Signup and view all the answers

How does blockchain safeguard participants in interorganizational transactions?

By automating verification and enforcement mechanisms Signup and view all the answers

What is a key enabler of scalability in blockchain governance?

Seamless coordination through transparency Signup and view all the answers

Which of the following describes the primary challenge with "open data sources" in big data management?

They lack security and can be easily manipulated. Signup and view all the answers

Which factor is most important in developing a balanced data strategy?

Adapting governance mechanisms dynamically Signup and view all the answers

What is the role of contingency planning in blockchain governance?

To outline "if-then" scenarios for rapid, automated adjustments Signup and view all the answers

Study Notes

Multiple Choice Questions - Data Strategy

Question 1: The primary goal of a data strategy, according to DalleMule & Davenport (2017), is balancing defensive and offensive data management.
Question 2: Single Source of Truth (SSOT) is defined as a centralized repository ensuring data integrity and governance.
Question 3: Multiple Versions of the Truth (MVOTs) are tailored outputs derived from a Single Source of Truth (SSOT). They're used in organizations with high regulatory oversight.

Data Strategies

Question 4: Defensive data strategies focus on risk minimization, while offensive strategies drive value creation.
Question 5: The three Vs of big data, highlighted by McAfee & Brynjolfsson (2012), are volume, variety, and velocity.
Question 6: The phase in Mintzberg's decision-making model that involves designing alternative actions to address strategic problems is the design phase.

Blockchain and Governance

Question 7: Blockchain enhances interorganizational governance through disintermediation and decentralized trust mechanisms.
Question 8: A benefit blockchain governance does not provide is eliminating the need for data provenance.
Question 9: Trustless trust in blockchain means trust derived from reliable system outputs, independent of actors.
Question 10: A governance mode that involves centralized control across organizational boundaries is the consortium mode.
Question 11: Contracts are insufficient for governing large networks due to issues with scalability and enforcement, as well as their reliance on relational norms.
Question 12: A key characteristic of defensive data management is regulatory compliance and fraud detection.

Multiple Versions of the Truth (MVOTs)

Question 13: A significant advantage of Multiple Versions of the Truth (MVOTs) is that they enable department-specific data analysis, providing flexibility.

Blockchain Governance

Question 14: Blockchain governance automates feedback collection to reduce costs.
Question 15: A challenge in blockchain governance arising from excluding competitors is weak network ties and conflict.

Interorganizational Transactions

Question 16: Blockchain safeguards interorganizational transaction participants by using automated verification and enforcement mechanisms, not fines.
Question 17: A key enabler of blockchain governance scalability is seamless coordination through transparency.
Question 18: The primary challenge with open data sources is their vulnerability to manipulation and lack of security.

Balanced Data Strategy

Question 19: A critical factor in developing a balanced data strategy is adapting governance mechanisms dynamically, rather than focusing solely on real-time integration or equal investment in SSOT and MVOTs.

Contingency Planning

Question 20: The role of contingency planning in blockchain governance is to outline 'if-then' scenarios for rapid, automated adjustments to large-scale deployments, instead of centralizing decision-making.

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Description

Test your understanding of data strategy concepts including the balance of defensive and offensive data management, the definitions of Single Source of Truth (SSOT), and the implications of big data's three Vs. This quiz also touches on strategic decision-making models and their practical applications in data governance.