Question 1

In many organizations, available data is not exploited to advantage.

Accepted Answer

Many organizations collect vast amounts of data but fail to use it to improve their operations or gain insights into their customers' needs and preferences. This is often because they lack the tools, skills, or culture needed to effectively manage and analyze data.

Question 2

The data a firm can leverage is a true strategic asset when it is imperfectly imitable.

Accepted Answer

Imperfectly imitable means that it is difficult for competitors to replicate or copy the data, giving the firm a competitive advantage. Therefore, leveraging such data can be a true strategic asset.

Question 3

_____ refers to the process of combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis.
A) Logistics
B) Feefighter
C) Business intelligence
D) Electronic trading
E) Big Data

Accepted Answer

The process of combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis is known as business intelligence. Business intelligence aims to help organizations make better decisions by utilizing data and analytical tools. The other options, logistics, Feefighter, electronic trading, and big data, do not accurately describe this specific process.

Question 4

_____ is the term used to describe raw facts and figures.
A) information
B) knowledge
C) analytics
D) data
E) intelligence

Accepted Answer

Data refers to raw facts and figures without any interpretation or analysis.

Question 5

Firms that base decisions on hunches are said to be gambling, not managing.

Accepted Answer

Firms should base their decisions on data and analysis rather than relying on hunches or guesses. Such decision-making based on hunches can lead to unnecessary risks and may not yield profitable outcomes. Therefore, it is important for firms to manage their businesses using a systematic approach based on informed decisions.

Question 6

Logistics is the term that describes the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.

Accepted Answer

Logistics refers to the detailed coordination of a complex operation involving many people, facilities, or supplies, primarily focusing on the transportation and storage of goods from point of origin to the point of consumption. The description given pertains more closely to analytics or data-driven decision-making.

Question 7

Knowledge is defined as:
A) raw facts and figures.
B) the data presented in a context so that it can answer a question or support decision making.
C) the insight derived from experience and expertise.
D) a listing of primary data.
E) the process of breaking a complex topic into smaller parts.

Accepted Answer

The answer of Knowledge is defined as:
A) raw facts and...

Question 8

How are increasingly standardized data, access to third-party datasets, cheap, fast computing, and easier-to-use software collectively enabling a new age of decision making?

Accepted Answer

The answer of How are increasingly standardized data, access to...

Question 9

_____ refers to software for creating, maintaining, and manipulating data.
A) Extranet
B) ROM
C) RAM
D) DBMS
E) Internet 2

Accepted Answer

DBMS stands for Database Management System, which is a software system used to create, maintain, and manipulate databases. It allows users to store, organize, and retrieve data in a structured and efficient manner.

Question 10

In database systems, a _____ refers to a list of data.
A) file
B) column
C) field
D) row
E) record

Accepted Answer

The answer of In database systems, a _____ refers to...

Question 11

_____ is by far the most popular language for creating and manipulating databases.
A) XML
B) HTML
C) PHP
D) Java
E) SQL

Accepted Answer

SQL (Structured Query Language) is specifically designed for working with relational databases. It is utilized by various database management systems such as MySQL, Oracle, and Microsoft SQL Server.

Question 12

_____ is the general term used to describe the massive amount of data available to today's managers.

Accepted Answer

The answer of _____ is the general term used to...

Question 13

Data becomes _____ when it is presented in a context so that it can answer a question or support decision making.
A) knowledge
B) information
C) a database
D) wisdom
E) a relational language

Accepted Answer

Data on its own is just raw facts and figures. When it is organized and presented in a meaningful way to answer a question or aid decision making, it becomes information. Knowledge is closely related to information, but involves understanding and applying information to a specific situation. A database is a collection of organized data. Wisdom goes beyond information and knowledge to encompass experience, good judgment, and an understanding of ethics and values. A relational language is a programming language used to manage and manipulate data in relational databases.

Question 14

Data are raw facts that must be turned into information in order to be useful and valuable.

Accepted Answer

Data by itself is just a collection of facts and figures. Information provides meaning and context to the data and can be used to make decisions, gain insights, and solve problems. Therefore, data needs to be analyzed and processed to transform it into meaningful information.

Question 15

All SQL databases are relational databases.

Accepted Answer

SQL (Structured Query Language) is a domain-specific language used to manage relational databases. Therefore, all SQL databases are relational databases.

Question 16

Which of the following is often considered a defensible source of competitive advantage?
A) Data
B) Technology
C) Infrastructure
D) Market capital
E) Profits

Accepted Answer

Data can be a defensible source of competitive advantage because it can provide insights and information that other competitors may not have access to, allowing a company to make better strategic decisions and tailored offerings to customers.

Question 17

A study by Gartner Research claims that the amount of data on corporate hard drives doubles every eighteen months.

Accepted Answer

The answer of A study by Gartner Research claims that...

Question 18

In database systems, a table is also known as a _____.
A) field
B) record
C) file
D) row
E) key

Accepted Answer

A table is sometimes called a file in database systems, especially in systems that use the file processing approach to data management. However, the term "file" can also refer to a collection of related records. Therefore, the term "table" is more commonly used to refer to a collection of related data organized in rows and columns. Choices A, B, D, and E are all elements of a table but do not accurately describe a table as a whole.

Question 19

Advantages based on capabilities and data that others can acquire are long-lived.

Accepted Answer

Advantages based on capabilities and data that others can acquire are typically short-lived because competitors can replicate these advantages, leading to a loss of the competitive edge.

Question 20

In database systems, a column is also known as a key.

Accepted Answer

A column is not typically known or referred to as a key in database systems. A key is a set of one or more columns that uniquely identify a record in a table.

Quiz 12: The Data Asset: Databases, Business Intelligence, Big Data, and Competitive Advantage

In many organizations, available data is not exploited to advantage.

The data a firm can leverage is a true strategic asset when it is imperfectly imitable.

_____ refers to the process of combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis.

_____ is the term used to describe raw facts and figures.

Firms that base decisions on hunches are said to be gambling, not managing.

Logistics is the term that describes the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.

Knowledge is defined as:

How are increasingly standardized data, access to third-party datasets, cheap, fast computing, and easier-to-use software collectively enabling a new age of decision making?

_____ refers to software for creating, maintaining, and manipulating data.

In database systems, a _____ refers to a list of data.

_____ is by far the most popular language for creating and manipulating databases.

_____ is the general term used to describe the massive amount of data available to today's managers.

Data becomes _____ when it is presented in a context so that it can answer a question or support decision making.

Data are raw facts that must be turned into information in order to be useful and valuable.

All SQL databases are relational databases.

Which of the following is often considered a defensible source of competitive advantage?

A study by Gartner Research claims that the amount of data on corporate hard drives doubles every eighteen months.

In database systems, a table is also known as a _____.

Advantages based on capabilities and data that others can acquire are long-lived.

In database systems, a column is also known as a key.