Question 1

This company approach is one in which facts are gathered and analyzed as the first step in decision making.
A) Information-driven management
B) Hierarchical structure
C) Network structure
D) Evidence-based management
E) Social analytics

Accepted Answer

Evidence-based management is an approach in which decisions are made based on gathering and analyzing factual evidence. It involves a systematic review of existing data, research and experience to come up with insights and recommendations for a specific business problem. Therefore, option D is the correct answer.

Question 2

All of the following are common elements of a BI system EXCEPT:
A) Reporting
B) Dashboards
C) Querying
D) Supply chain management
E) Scorecards

Accepted Answer

Supply chain management is not a common element of a BI system, as it is a separate category of technology focused on optimizing the flow of goods and services. The other options listed are all common components of a BI system, which is designed to collect, analyze, and present data in order to support decision-making processes. Reporting refers to the generation of pre-defined or ad-hoc reports, while querying allows users to search through and analyze data sets in real-time. Dashboards provide a visual representation of key performance indicators, while scorecards quantify progress towards specific goals.

Question 3

Which of the following are collections of data designed to support management decision making, and sometimes serve as repositories of organizational knowledge?
A) Data-marts
B) Data containers
C) Data warehouses
D) Data storage centers
E) RAID

Accepted Answer

Data warehouses are specifically designed to support management decision making and serve as a repository of organizational knowledge. Data-marts may also play a role in supporting decision making, but they typically focus on a specific department or business function rather than providing a comprehensive view of the organization's data. Data containers, data storage centers, and RAID are all related to storage and management of data but do not necessarily have a focus on decision making.

Question 4

All of the following are main processes of knowledge management EXCEPT:
A) The generation of knowledge
B) The capturing of knowledge
C) The absorption of knowledge
D) The codification of knowledge
E) The transfer of knowledge

Accepted Answer

The four main processes of knowledge management are generation, capturing, codification, and transfer. The absorption of knowledge is not considered a main process but rather a result of the other processes.

Question 5

Which of the following is the process of analyzing data warehouses for "gems."
A) Data combing
B) Data translation
C) Data mining
D) Data searching
E) Data manipulation

Accepted Answer

Data mining is the process of analyzing data warehouses to identify patterns, relationships, and other insights that can be used to make business decisions. It involves techniques such as clustering, classification, and association rule mining to identify "gems" or valuable information hidden within the data.

Question 6

All of the following are examples of socialization EXCEPT for:
A) Sharing war stories
B) Apprenticeships
C) Conferences
D) Non-structured activities, like an office party or lunch discussion
E) Project management

Accepted Answer

Socialization refers to the process of learning social norms and values in a society. Sharing war stories, apprenticeships, conferences, and non-structured activities (like an office party or lunch discussion) are all examples of socialization because they involve learning from others and acquiring knowledge about how to behave in a certain context. Project management, on the other hand, is not necessarily an example of socialization because it refers to the organizational aspect of completing a task, rather than the social aspect of learning from others.

Question 7

Knowledge that has been identified, captured, and leveraged to produce higher-value goods or services or some other competitive advantage for the firm is called:
A) Information
B) Intellectual capital 
C) Competitive advantage data
D) Business intelligence
E) System data

Accepted Answer

Intellectual capital is the knowledge that a firm possesses, which can be used to create a competitive advantage. This includes both explicit knowledge (such as patents, trademarks, and copyrights) and tacit knowledge (such as skills, experience, and know-how). Intellectual capital is an important asset for firms because it can lead to higher-value goods or services, increased efficiency, and stronger relationships with customers, suppliers, and other stakeholders.

Question 8

Knowledge management is the process that generates, captures, codifies, and __________ knowledge across an organization in order to achieve a competitive advantage.
A) Analyzes
B) Transfers
C) Applies
D) Limits
E) Saves

Accepted Answer

Knowledge management involves not only creating and storing knowledge within an organization but also transferring that knowledge across the organization to be put into action. Therefore, the most fitting choice to complete the sentence would be "transfers".

Question 9

Which of the following is used to describe the techniques and technology that make it possible to deal with very large volumes of information that are created and stored for analysis.
A) Data warehouse
B) Database
C) Big data
D) Data analytics
E) Business intelligence

Accepted Answer

Big data refers to the techniques and technology used for processing and analyzing very large volumes of data. It involves tools and techniques such as data mining, machine learning, and predictive analytics to extract insights and create value from data. Data warehouses, databases, data analytics, and business intelligence are all related concepts but do not necessarily refer specifically to dealing with large volumes of data.

Question 10

Unlike other baseball teams at the time, the Oakland A's used which of the following to manage the team and carry themselves to the playoffs?
A) Players with lots of determination
B) Young players with the willingness to play
C) Factual data
D) High player salaries
E) High batting averages

Accepted Answer

The Oakland A's used factual data, specifically sabermetrics, to manage the team and make strategic decisions. They focused on statistics such as on-base percentage and slugging percentage, which were undervalued by other teams at the time, to make informed decisions about which players to recruit and how to construct their lineup. This data-driven approach helped the A's to achieve success on a limited budget and paved the way for the widespread use of sabermetrics in baseball today.

Question 11

IS is traditionally focused on:
A) data
B) tacit knowledge
C) implicit knowledge
D) explicit knowledge
E) information

Accepted Answer

IS (Information Systems) are focused on explicit knowledge, which is knowledge that can be easily articulated and codified into formal language, such as data and information. This is because IS are intended to capture, process, store, and disseminate explicit knowledge within an organization. While tacit knowledge and implicit knowledge are also important, they are more difficult to capture and quantify with IS.

Question 12

_______________ includes the movement from tacit knowledge to explicit knowledge.
A) Externalization
B) Socialization
C) Internalization
D) Combination
E) Appropriation

Accepted Answer

Externalization refers to the conversion of tacit knowledge into explicit knowledge that can be easily shared with others. It involves articulating ideas and concepts that were previously unspoken and converting them into tangible forms such as documents or presentations.

Question 13

In which of the following technologies can tacit knowledge be stored?
A) Artificial Intelligence (AI)
B) Personal computers
C) Data warehouses
D) Real-time data sources
E) All of the above

Accepted Answer

The answer of In which of the following technologies can...

Question 14

Which of the following allows individuals to own their creativity and innovation in a way similar to owning physical property?
A) Intellectual property
B) Open source license agreement
C) Economies of scale
D) Intellectual capital
E) Patents

Accepted Answer

Intellectual property laws, such as patents, copyrights, and trademarks, allow individuals and businesses to legally own and protect their innovative and creative works in a similar manner to physical property. This can include inventions, works of art, software, and other forms of intellectual property.

Question 15

All of the following are components of business analytics EXCEPT:
A) A data repository
B) Software tools
C) Project stakeholders
D) Data driven environment
E) A skilled workforce

Accepted Answer

Project stakeholders are not a component of business analytics, as they are more related to project management and communication. The other options listed are all key components of business analytics, such as the data repository for storing and organizing data, software tools for analyzing information, a data-driven environment for decision-making, and a skilled workforce to utilize these tools effectively.

Question 16

________________ is hard to explain, hard to transfer, and highly personal to the source.
A) Data
B) Tacit knowledge
C) Implicit knowledge
D) Explicit knowledge
E) Information

Accepted Answer

Tacit knowledge refers to knowledge that is difficult to articulate or transfer to others, as it is highly personal and often based on subjective experience. It includes things such as intuition, expertise, and insight, and is typically shared through personal interaction and experience rather than formal training or documentation.

Question 17

Which of the following is an ad hoc codification system that manages tags for annotating and categorizing content?
A) Collaborative data store
B) Folksonomy
C) Data mart
D) Socio-content
E) Social Network

Accepted Answer

Folksonomy is an ad hoc coding system that allows users to manage tags for annotating and categorizing content. It is a collaborative process where users assign keywords or tags to pieces of information or content, allowing for easy retrieval and categorization of information. A data mart is a subset of a larger data warehouse, while socio-content refers to the intersection of social media and content production. Social networks allow users to connect and communicate with each other.

Question 18

Business analytics fuel ________ decision making.
A) social
B) fact-based
C) profit-driven
D) intuition-based
E) top-down

Accepted Answer

Business analytics involve using data and statistical analysis to make fact-based decisions, rather than relying on intuition or guesswork. While social factors and profit considerations may be part of the decision-making process, the emphasis on using analytics means that B is the best choice. Top-down decision-making refers to a management style, rather than a specific decision-making approach, and is not directly related to analytics.

Question 19

By utilizing business analytics, a company can learn which one of the following?
A) Which products are moving slowly versus which products are moving quickly
B) Which products have been sold in the past 3 months
C) Who is likely to buy the product in a given period of time
D) Where each product sits (warehouse, store or factory location)
E) The suppliers who contributed to the manufacturing of the product

Accepted Answer

The answer of By utilizing business analytics, a company can...

Question 20

Capital One found ________ in combination with business analytics to be a very low-cost way to design and develop new products and services for customers.
A) Socialization
B) Experimentation
C) Absorption
D) Externalization
E) Globalization

Accepted Answer

Capital One found that experimentation in combination with business analytics was a low-cost way to design and develop new products and services for customers.

Quiz 13: Business Intelligence, Knowledge Management, and Analytics

This company approach is one in which facts are gathered and analyzed as the first step in decision making.

All of the following are common elements of a BI system EXCEPT:

Which of the following are collections of data designed to support management decision making, and sometimes serve as repositories of organizational knowledge?

All of the following are main processes of knowledge management EXCEPT:

Which of the following is the process of analyzing data warehouses for "gems."

All of the following are examples of socialization EXCEPT for:

Knowledge that has been identified, captured, and leveraged to produce higher-value goods or services or some other competitive advantage for the firm is called:

Knowledge management is the process that generates, captures, codifies, and __________ knowledge across an organization in order to achieve a competitive advantage.

Which of the following is used to describe the techniques and technology that make it possible to deal with very large volumes of information that are created and stored for analysis.

Unlike other baseball teams at the time, the Oakland A's used which of the following to manage the team and carry themselves to the playoffs?

IS is traditionally focused on:

_______________ includes the movement from tacit knowledge to explicit knowledge.

In which of the following technologies can tacit knowledge be stored?

Which of the following allows individuals to own their creativity and innovation in a way similar to owning physical property?

All of the following are components of business analytics EXCEPT:

________________ is hard to explain, hard to transfer, and highly personal to the source.

Which of the following is an ad hoc codification system that manages tags for annotating and categorizing content?

Business analytics fuel ________ decision making.

By utilizing business analytics, a company can learn which one of the following?

Capital One found ________ in combination with business analytics to be a very low-cost way to design and develop new products and services for customers.