Exam 2

46 terms by mandy_owenupdike 

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

Data

In a database, _____ represent each category of data contained in a record.

Fields

A _____ is a marketing effort by a firm that is targeted at extracting information about an individual customer that might help the firm keep the customer faithful and satisfied.

Loyalty Card

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

DBMS

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

True

_____ are model building techniques where computers examine many potential solutions to a problem, iteratively modifying various mathematical models, and comparing the mutated models to search for a best alternative.

Genetic algorithms

For data mining to work, the events in the data should mainly reflect past trends.

False

Having too much inventory, or insufficient inventory, is known as a retailer's "twin nightmares."

True

Relational databases are the most popular databases available.

True

A( n ) _____ is an AI system that examines data and hunts down and exposes patterns, in order to build models to exploit findings.

neural network

What is Wal-Mart's motivation for sharing data with its supply partners?

Lowering prices of products

Customer lifetime value represents

the present value of the likely future income stream generated by an individual purchaser.

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

SQL

Computer-driven investment models can be very effective when the market behaves as it has in the past. However, in terms of historical consistency, they are vulnerable to failure in the face of

black swans

Turning data into useable information is hindered by transactional databases that are set up to be simultaneously accessed for reporting and analysis.

false

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

false

Enterprise software tends to be less integrated and standardized than the prior era of proprietary systems that many firms developed themselves.

False

The Office of Federal Housing Enterprise Oversight (OFHEO) was subpoenaed for documents in litigation involving mortgage firms Fannie Mae and Freddie Mac. The document search effort cost OFHEO six million dollars, a full 9 percent of its total yearly budget. This example illustrates that firms should account for _____ in their archiving and data storage plans.

e-discovery

The data a firm can leverage is a true strategic asset when it is rare, valuable, perfectly imitable, and lacking in substitutes.

True

Name the FIVE (5) components of a DBMS system. (5 pts.)

There is a DBMS engine, data definition, data manipulation, application generation, and data administration.

Most transactional databases are not set up to be simultaneously accessed for reporting and analysis. As a consequence:

data is not efficiently transformed into information

_____ refer to databases focused on addressing the concerns of a specific problem or business unit

Data marts

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

False

_____ put users in control so that they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters.

Ad hoc reporting tools

_____ is a class of computer software that seeks to reproduce or mimic, perhaps with improvements, human thought, decision making, or brain functions.

Artificial intelligence

Which of the following conditions is essential for data mining to work?

The events in the data should reflect current and future trends.

Which of the following types of firms is more likely to rely heavily on data collected by third-party partners that sell the firms' products?

Drug companies

The data a firm can leverage is a true strategic asset when it is rare, valuable, perfectly imitable, and lacking in substitutes.

True

Which of the following term refers to the process of combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis?

Business intelligence

UK grocery giant Tesco is the planet's largest retailer

False

If a customer pays a retailer in cash, he is likely to remain a mystery to the retailer because his name is not attached to the money. Grocers and retailers can tie the customer to cash transactions and track the customer's activity, if they can convince the customer to use a:

Loyalty card

In database terminology, a record represents:

a single instance of whatever the table keeps track of.

One of the factors that complicates the elimination of legacy systems is the:

...

By determining the customer lifetime value, a firm can get a sense of how much it should spend to keep a customer coming back.

True

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

information

Analytics

A term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact based management to drive decisions and actions.

Data

raw facts and figures

Information

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

Knowledge

Insight derived from experience and expertise.

Database

A single table or a collection of related tables.

Database management systems (DBMS)

Sometimes called "databade software"; software for creating, maintaining, and manipulating data.

SQL

A language used to create and manipulate databases.

Table or file

A list of data, arranged in columns (fields) and rows (records)

Column or Field

A column in a database table. columns represent each category of data contained in a record (first name, last name, ID number, date of birth)

Row or record

A row in a database table. Records represent a single instance of whatever the table keeps track of (student, faculty, course title)

Relational databases

The most common standard for expressing databases, whereby tables (files) are related based on common keys.

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