Questions and Answers
What best describes a business function?
Which of the following represents a business process?
How does WEB 2.0 technology enhance collaboration?
What is meant by the Long Tail in a business context?
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What does the VLOOKUP function do in MS Excel?
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What characterizes structured decisions?
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What is the primary difference between relative and absolute cell addressing in Excel?
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What is the primary role of a Transaction Processing System (TPS)?
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Which of the following best defines database management systems (DBMS)?
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Which of the following best describes a data warehouse?
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What is a key use of MS Excel for managers?
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What is NOT a characteristic of information integrity?
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What does data mining primarily focus on?
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What is a key challenge of data mining?
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How does a Data Mart differ from a Data Warehouse?
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What is the definition of Big Data in a business context?
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Study Notes
Decision Making
- Structured decisions are routine, with clearly defined procedures and outcomes; semi-structured decisions involve some ambiguity and require both data and judgment; unstructured decisions are non-routine, requiring creative problem-solving.
- Transaction Processing System (TPS) captures and processes daily business transactions, storing vast amounts of data, while Decision Support System (DSS) analyzes TPS data to create analytical reports for management decision-making.
Data and Business Intelligence
- Data is raw facts; information is processed data with context; knowledge is the application of information; business intelligence (BI) is the insights derived from analyzing data to support decision-making.
- Characteristics of Information Integrity:
- Accuracy: Information must be correct.
- Relevance: Information should be pertinent to the task at hand.
- Timeliness: Information must be current.
- Consistency: Information should be uniform over time.
- Completeness: Information must contain all necessary details.
- Uniqueness: Information should avoid redundancy.
- Database: A structured collection of related data (e.g., sales database with customer and product tables).
- Data Warehouse: An integrated repository of internal and external data.
- Data Mart: A focused subset of a data warehouse, tailored for specific business needs.
- Data Mining: The process of discovering patterns and insights in large datasets, often utilizing data from warehouses and marts.
- Big Data refers to extremely large datasets that require advanced processing to extract meaningful insights; it enables businesses to make data-driven decisions.
- Data mining techniques include:
- Classification: Identifying to which category an item belongs.
- Clustering: Grouping similar items together.
- Regression: Predicting numerical outcomes based on data.
- Association: Discovering relationships between variables.
- Anomaly detection: Identifying outliers in data.
- Challenges of data mining:
- Inconsistent data formats across clouds.
- Inaccurate information impacting results.
- Privacy concerns related to personal data usage.
- Complexity of data needing comprehensive mining approaches.
Business Functions & Business Processes
- Business functions refer to various roles undertaken to achieve business objectives, while business processes are standardized tasks or activities designed to complete functions, such as worker scheduling.
Connectivity
- Sustaining Technologies enhance existing products for current markets (e.g., improved smartphone features), while Disrupting Technologies create new markets and value networks (e.g., streaming services disrupting traditional media).
- WEB 2.0 technologies facilitate user collaboration through interactive platforms, enabling content sharing and community engagement.
E-Business & M-Business
- The Long Tail phenomenon describes niche products with lower sales volume but a broad variety; the internet allows these products to reach specific consumer segments, creating markets outside mainstream demand.
MS Excel Questions
- A spreadsheet is a digital tool for organizing and analyzing data in tabular form.
- VLOOKUP searches for values in a table; SUM adds numerical values from specified cells; IF executes conditional statements for logical testing.
- Relative cell addressing adjusts cell references when copied, while absolute addressing keeps references constant regardless of copy location.
- Managers utilize Excel for effective decision-making, tracking employee data, and analyzing business metrics.
- Contrast between MS Access and Database Management Systems (DBMS):
- MS Access allows for straightforward data entry and limited querying, often with password protection, but limits the visibility of data across users.
- DBMS enables complex queries, linking multiple tables, and is scalable for managing transactional data.
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Description
Test your understanding of decision-making processes with this quiz focused on structured, semi-structured, and unstructured decisions. You will describe the differences among these types of decisions without referring to your notes. Assess your knowledge and prepare for further discussions with your tutor.
