Bmgt 301 Exam 1 Umd Questions And Answers 2024

Mode {Ans: Returns the most frequently occurring, or repetitive, value in an array or range of data.}Explain how the value chain model can be used to identify opportunities for information systems. {Ans: ---can be used at each stage of the value chain to improve operational efficiency, lower costs, improve profit margins, and forge a closer relationship with customers and suppliers ---help examine how value-adding activities are performed at each stage of the value chain. ---can improve the relationship with customers (customer relationship management systems) and with suppliers (supply chain management systems) who may be outside the value chain but belong to an extended value chain and can help businesses track benchmarks in the organization and identify best practices of their particular industries. ---After analyzing various stages in the value chain, an organization can devise a list of candidate applications for information systems.}Churn Rate {Ans: The rate at which customers leave a product or service}Competitive advantage {Ans: •Delivering better performance •Charging less for superior products •Responding to customers and suppliers in real time}IF {Ans: Checks whether a condition is met, and returns one value if TRUE, and another value if FALSE.}Data: {Ans: streams of raw