Question 1

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

C

Question 2

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 3

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

A study by Gartner Research claims that the amount of data on corporate

Question 4

Changing pricing based on demand conditions is known as ________.

Accepted Answer

The answer of Changing pricing based on demand conditions is...

Question 5

_______________ refers to type of artificial intelligence that leverages massive amounts of data so that computers can improve the accuracy of actions and predictions on their own without additional programming

Accepted Answer

The answer of _______________ refers to type of artificial intelligence...

Question 6

The San Francisco Giants leverage business analytics to price game tickets. What factors are considered? What are the risks associated with allowing prices to fluctuate?

Accepted Answer

The answer of The San Francisco Giants leverage business analytics...

Question 7

Dynamic pricing is considered especially tricky in situations where consumers make repeated purchases and are more likely to remember past prices, and when they have alternative choices.

Accepted Answer

Dynamic pricing is indeed considered especially tricky in situations where consumers make repeated purchases and are more likely to remember past prices, and when they have alternative choices. This is because customers may feel cheated or taken advantage of if they notice sudden price changes, affecting their trust in the company and ultimately affecting their loyalty.

Question 8

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 9

_____ 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 10

Data can potentially be used as a strategic asset, capable of yielding sustainable competitive advantage. Which of the items below is not a characteristic of a potentially strategic asset?
A) value
B) rarity
C) imperfect imitability
D) lead time
E) non-substitutability

Accepted Answer

The answer of Data can potentially be used as a...

Question 11

_____ 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 that have not been analyzed or processed. It is the foundation upon which information, knowledge, analytics, and intelligence can be built.

Question 12

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

Accepted Answer

The process being described combines aspects of reporting, data exploration, and data modeling and analysis, which are all components of business intelligence. Logistic is a term used to describe the coordinated movement of goods and services, not data. Queritic modeling does not appear to be a recognized term. Electronic trading refers to the buying and selling of financial instruments using electronic platforms. Big Data refers to the large volume of structured and unstructured data that organizations collect, but it does not necessarily involve the specific process of combining reporting, data exploration, and data modeling and analysis.

Question 13

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

Accepted Answer

Firms should base their decisions on facts and data rather than intuition or guesses, otherwise these decisions can be risky and uncertain. Therefore, making decisions based on hunches can be considered as gambling instead of actual management.

Question 14

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

Accepted Answer

A column is not necessarily always a key. A key is a specific column or group of columns that is used to uniquely identify each row in a table.

Question 15

The acronym_____ refers to a technology that is often used to tag objects and inventory items so that they can 'announce their presence' as they make their way along an organization's value chain.

Accepted Answer

The answer of The acronym_____ refers to a technology that...

Question 16

All SQL databases are relational databases.

Accepted Answer

SQL databases are based on the relational database model, which organizes data into tables with defined relationships between them. Therefore, all SQL databases are relational databases.

Question 17

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

Accepted Answer

Many organizations have a lot of data available, but they may not have effective processes in place to collect, store, analyze, and apply that data to make better decisions and improve their operations. As a result, much of the data may go unused or underutilized.

Question 18

The term ____________ refers to a technology that sends messages to smartphones and other devices using a low-energy Bluetooth signal.

Accepted Answer

The answer of The term ____________ refers to a technology...

Question 19

The data a firm can leverage is a true strategic asset when it is valuable, rare, imperfectly imitable, and non-substitutable.

Accepted Answer

This statement is true. Valuable data that is rare, difficult for competitors to imitate or replicate, and cannot be easily substituted with other assets is a strategic asset for a firm. These characteristics make such data a source of competitive advantage that can help a firm achieve superior performance and profitability.

Question 20

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

Accepted Answer

Data on their own have limited usefulness until processed and analyzed to provide context, meaning, and insights. This transformation of data into insights is what turns them into valuable information.

Quiz 15: The Data Asset: Databases, Business Intelligence, Analytics, Big Data, and Competitive Advantage

Knowledge is defined as: