1 Flashcards
A _____ is the confirmation or validation of an event or object
fact
when infinite quantities of facts are widely available to anyone who can use a computer
information age
is a world where interconnected, Internet-enabled devices or “things” can collect and share data without human intervention.
(IoT) Internet of Things
refers to devices that connect directly to other devices
Machine to Machine
are raw facts that describe the characteristics of an event or object.
Data
data converted into a meaningful and useful contex
information
data characteristic that stands for a value that changes or varies over time
variable
information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
Business Intelligence
extracts information from data and uses it to predict future trends and identify behavioral patterns
predictive analysis
includes the skills, experience, and expertise, coupled with information and intelligence, that create a person’s intellectual resources
Knowledge
is a collection of parts that link to achieve a common purpose
system
a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
systems thinking
is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving
Management Information Systems
Which of the following is considered information? A. Quantity Sold B. Date Sold C. Best-Selling item by month D. Product Sold
C.
If you were thinking about a washing machine as a system, which of the following represents the process?
A. Dirty Clothes, water, detergent
B. The clean clothes
C. The Wash and rinse cycles
D. the light indicating the washer is off balance and has stopped
C.
Study Figure 1.2
Okay
a leadership plan that achieves a specific set of goals or objectives such as increasing sales, decreasing costs, entering new markets, or developing new products or services.
business strategy
is a person or group that has an interest or concern in an organization
stakeholder
a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors
competitive advantage
occurs when a company can significantly increase its market share by being first with a new competitive advantage.
first-mover advantage
the process of gathering information about the competitive environment
competitive intelligence
Evaulates project position
SWOT Analysis
Evaluates industry attraciveness
the five forces model
choose business focus
three generic strategies
executes business strategy
value chain analysis
analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry
five forces model
are generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service. These three generic business strategies for entering a new market are: (1) broad cost leadership, (2) broad differentiation, and (3) focused strategy.
three generic strategies
is a standardized set of activities that accomplish a specific task, such as processing a customer’s order
business process
When a firm does a value chain analysis, what are the three outcomes possible?
- Target high value activities to make the more enhance value
- Target low value activiites to enhance their value
- Do some combination of the two.
