Question 1

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 can lead to customer dissatisfaction and loss of trust if consumers notice significant fluctuations in prices, especially in scenarios where they make frequent purchases and can easily compare prices with alternative options.

Question 2

Changing pricing based on demand conditions is known as ________.

Accepted Answer

Dynamic pricing

Question 3

_______________ 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

Machine learning

Question 4

All SQL databases are relational databases.

Accepted Answer

All SQL databases use the relational model, which organizes data into tables with rows and columns.

Question 5

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 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

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 aligns with the criteria of the Resource-Based View (RBV) of the firm, which posits that for a resource (like data) to provide a firm with a potential competitive advantage, it must be valuable, rare, imperfectly imitable, and non-substitutable.

Question 8

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

Accepted Answer

Making decisions based on hunches rather than data or strategic analysis is akin to gambling because it involves high risk and uncertainty, lacking the informed approach that characterizes effective management.

Question 9

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?

Accepted Answer

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

Question 10

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 11

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

Accepted Answer

Data is the correct term used to describe raw facts and figures before they have been processed or analyzed.

Question 12

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 13

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 14

_____ 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 15

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

Accepted Answer

Data in its raw form consists of facts, figures, and details that lack organization or context. It becomes information once it is processed, organized, or structured in a way that gives it meaning and value, making it useful for decision-making, analysis, or interpretation.

Question 16

Knowledge is defined as:

Accepted Answer

Knowledge is the insight derived from experience and expertise, which allows individuals to understand and apply information effectively.

Question 17

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

Accepted Answer

Business intelligence encompasses the strategies and technologies used by enterprises for the data analysis of business information, which includes reporting, data exploration, ad hoc queries, and sophisticated data modeling and analysis.

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

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

Accepted Answer

Many organizations have vast amounts of data at their disposal but often lack the tools, expertise, or strategies to effectively analyze and leverage this data for decision-making and strategic advantage.

Question 20

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

Accepted Answer

A column in a database is not necessarily a key; it represents a set of data values of a particular type, while a key is a column or set of columns used to identify or access rows in a table uniquely.

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