Question 1

A key benefit of ERM is that it creates a paperless office as had been predicted.

Accepted Answer

ERM (Enterprise Risk Management) does not necessarily create a paperless office. While ERM software can help digitize and streamline risk management processes, it does not eliminate the need for physical documents or data storage.

Question 2

In order to help align business and BI strategies,each department identifies its targets,KPIs,and plans to achieve those targets.

Accepted Answer

The answer of In order to help align business and...

Question 3

________ equals 1,000 terabytes.

Accepted Answer

The answer of ________ equals 1,000 terabytes....

Question 4

BI systems are powerful,but limited to the support of strategic decision making because of their cost and complexity.

Accepted Answer

BI (Business Intelligence) systems support decision-making at all levels of an organization, including strategic, tactical, and operational, not just strategic. They have become more accessible and cost-effective, allowing businesses of various sizes to leverage BI tools for a wide range of decision-making needs.

Question 5

When workflows are digital,productivity increases,costs decrease,compliance obligations are easier to verify,and green computing becomes possible.

Accepted Answer

When workflows are digital, they can easily automate repetitive tasks, speed up communication and collaboration between team members, and reduce the need for physical storage or transportation of documents. All of these factors can lead to increased productivity, lower costs, and a more environmentally friendly approach to work. Additionally, digital workflows can be easier to track and audit for compliance purposes, making it easier to ensure that all necessary regulations are being followed.

Question 6

Companies invest in BI in order to be able to analyze all of their data.

Accepted Answer

The answer of Companies invest in BI in order to...

Question 7

The major ERM tools are servers,word processors,presentation software,and spreadsheets.

Accepted Answer

Servers, word processors, presentation software, and spreadsheets are not the major ERM tools. The major ERM tools include risk assessment software, risk mitigation software, risk reporting software, and incident management software.

Question 8

Effective ERM systems capture all business data and documents at their first touchpoint-data centers,laptops,the mailroom,at customer sites,or remote offices.

Accepted Answer

This statement is true as effective ERM systems aim to capture all relevant data and documents as soon as they are created or received, regardless of their location or format. This helps ensure a comprehensive and accurate view of the organization's risks and opportunities.

Question 9

ERM is necessary to help defend against charges of patent violations,product safety negligence,theft of intellectual property,breach of contract,wrongful termination,harassment,and discrimination.

Accepted Answer

ERM, or enterprise risk management, helps businesses identify and manage a wide range of risks, including the ones listed in the statement. By having strong ERM practices, companies can demonstrate that they have taken appropriate steps to mitigate potential risks and protect themselves against legal and financial liabilities.

Question 10

Companies need to be prepared to respond to an audit,federal investigation,lawsuit,or any other legal action against them.

Accepted Answer

It is important for companies to have a plan in place to respond to legal actions in order to protect their reputation, financial stability, and legal compliance. Failure to respond properly can result in significant consequences such as fines, penalties, and damage to the company's brand image. Therefore, companies must be prepared to address legal actions and take appropriate actions to minimize risk and protect their interests.

Question 11

ERM systems consist of hardware and software that manage and archive electronic documents and image paper documents;then index and store them according to company policy.

Accepted Answer

This statement is true as ERM (enterprise resource management) systems are software and hardware solutions designed to capture, manage, and store electronic documents and images of paper documents while indexing and filing them according to a company's policies.

Question 12

Preprocessing text is needed before text mining to standardize it,correct misspelled words,and transform slang.

Accepted Answer

Preprocessing text is necessary to ensure the accuracy and consistency of the data before analyzing it. This includes standardizing the text, correcting any spelling or grammatical errors, and converting slang to standardized language.

Question 13

Most business records are kept in physical format and archived throughout their life cycle.

Accepted Answer

Most business records are now kept in digital format due to the convenience, efficiency, and cost-effectiveness of digital storage and management systems.

Question 14

Before selecting a vendor,it is important to examine workflows and how data,documents,and communications flow throughout the company.

Accepted Answer

It is important to examine workflows and the flow of data, documents, and communications before selecting a vendor to ensure that their software or solution integrates smoothly with the company's existing processes. This can help maximize efficiency and minimize disruptions during implementation.

Question 15

A ________ quantifies the relationship between variables,which reduces uncertainty.

Accepted Answer

The answer of A ________ quantifies the relationship between variables,which...

Question 16

Using BI,Quicken Loans has increased the speed from loan application to close,which allows it to meet client needs as thoroughly and quickly as possible.

Accepted Answer

Quicken Loans has reported using business intelligence (BI) to streamline loan processing and reduce the time it takes to move from loan application to closing. This has allowed the company to better meet client needs, as they can respond more quickly and effectively to loan requests.

Question 17

Mining text or nonstructural data enables organizations to forecast the future instead of merely reporting the past.

Accepted Answer

By analyzing text or nonstructural data, organizations can identify patterns and trends that can be used to predict future outcomes, allowing for more proactive decision-making. This goes beyond simply reporting on past events or current conditions.

Question 18

ERM systems have query and search capabilities so documents can be identified and accessed like data in a database.

Accepted Answer

ERM systems have query and search capabilities that allow users to search for and access documents in a manner similar to how data is accessed in a database.

Question 19

The principle of diminishing data values suggests that many global financial services institutions need near real time data for peak performance.

Accepted Answer

The principle of diminishing data values states that the value of data decreases over time. Therefore, financial institutions require near real-time data to achieve peak performance.

Question 20

BI programs usually combine a database,dashboard,and platform to transform data into usable,actionable business information.

Accepted Answer

The answer of BI programs usually combine a database,dashboard,and platform...

Quiz 3: Data Management, Business Intelligence, and Data Analytics