Question 1

A variable is a business intelligence characteristic that stands for a value that cannot change over time.

Accepted Answer

A variable in business intelligence (or any programming context) represents a value that can change over time, not one that remains constant.

Question 2

Technology provides countless business opportunities, but can also lead to pitfalls and traps for a business.

Accepted Answer

While technology can offer new avenues for growth, innovation, and efficiency, it also presents challenges such as cybersecurity threats, rapid obsolescence, and the potential for significant financial and operational disruptions if not managed carefully.

Question 3

Knowledge workers are individuals valued for their ability to mitigate risk and implement critical human resource rules and regulations.

Accepted Answer

Knowledge workers are primarily valued for their ability to create, manipulate, and manage information, rather than for their ability to implement rules or manage risk.

Question 4

Companies today are successful when they combine the power of the information age with traditional business methods.

Accepted Answer

Combining the power of the information age, such as digital technologies and data analytics, with traditional business methods, like customer service and operational efficiency, can lead to innovative solutions, improved decision-making, and competitive advantages, thus contributing to a company's success.

Question 5

Information is data converted into a meaningful and useful context. The truth about information is that its value is only as good as the people who use it. People using the same information can make different decisions depending on how they interpret or analyze the information.

Accepted Answer

Information gains value through its application and interpretation by individuals, who may use the same data to make different decisions based on their unique perspectives, experiences, and analytical methods.

Question 6

Predictive analytics is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention.

Accepted Answer

Predictive analytics refers to the use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data. The description given pertains to the Internet of Things (IoT), not predictive analytics.

Question 7

The information age is the present time, during which infinite quantities of facts are widely available to anyone who can use a computer and has internet access.

Accepted Answer

The Information Age is characterized by the rapid transmission and accessibility of vast amounts of information, largely due to the internet and digital technologies.

Question 8

Business intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.

Accepted Answer

Business intelligence (BI) indeed involves collecting data from various sources including suppliers, customers, competitors, partners, and industries to analyze patterns, trends, and relationships. This analysis helps in making informed strategic decisions.

Question 9

Machine to machine (M2M) extracts information from data and uses it to predict future trends and identify behavioral patterns.

Accepted Answer

Machine to Machine (M2M) refers to direct communication between devices using any communications channel, including wired and wireless. It does not inherently involve extracting information from data to predict future trends or identify behavioral patterns; that function is more closely associated with data analytics or artificial intelligence technologies.

Question 10

Choosing not to fire a sales representative who is underperforming knowing that person is experiencing family problems is a form of knowledge.

Accepted Answer

Knowledge is the understanding of a subject or skill. In this case, the manager has knowledge of the sales representative's family problems and is using that knowledge to make a decision about whether or not to fire them.

Question 11

The Internet of Things (IoT) refers to devices that connect directly to other devices.

Accepted Answer

The Internet of Things (IoT) refers to devices that connect to the internet and can communicate with each other, not just directly to other devices.

Question 12

Zappos is not a technology company; its primary business focus is to sell books.

Accepted Answer

Zappos is primarily an online shoe and clothing retailer, not focused on selling books.

Question 13

Predictive analytics extracts information from data and uses it to predict future trends and identify behavioral patterns.

Accepted Answer

Predictive analytics involves using statistical techniques and algorithms to analyze historical data in order to make predictions about future events or behaviors.

Question 14

A fact is the confirmation or validation of an event or object. In the past, people primarily learned facts from books.

Accepted Answer

Historically, books were a primary source of verified information and facts for people, serving as a crucial medium for learning and education before the widespread availability of the internet and digital resources.

Question 15

Top managers use predictive analytics to define the future of the business, analyzing markets, industries, and economies to determine the strategic direction the company must follow to remain profitable. Tony will set the strategic direction for his firm, which might include introducing new flavors of potato chips or sports drinks as new product lines or schools and hospitals as new market segments.

Accepted Answer

Predictive analytics helps top managers, like Tony, analyze various factors such as markets, industries, and economies to make informed decisions about the strategic direction of their company, including the introduction of new product lines or expansion into new market segments.

Question 16

The Internet of Things (IoT) is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention.

Accepted Answer

The Internet of Things (IoT) indeed refers to a network of physical objects ("things") embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet without requiring human-to-human or human-to-computer interaction.

Question 17

Machine to machine (M2M) refers to devices that connect directly to other devices.

Accepted Answer

M2M (Machine to Machine) communication involves direct communication between devices using any communications channel, including wired and wireless.

Question 18

Competitive intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.

Accepted Answer

The answer of Competitive intelligence is information collected from multiple...

Question 19

Order date, amount sold, and customer number are all forms of data.

Accepted Answer

These are all examples of data because they represent facts or figures that can be analyzed or used in an informational context.

Question 20

Using only data and information to make decisions and solve problems is the key to finding success in business. These are also the only core drivers of the information age and the building blocks of business systems.

Accepted Answer

While data and information are crucial for making informed decisions and solving problems, success in business also depends on other factors such as creativity, innovation, emotional intelligence, and the ability to adapt to change. These elements are equally important in the information age and contribute to the foundation of business systems.

Quiz 1: Business Driven Technology