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CIMA E1 > 12 - Finance and IT > Flashcards

12 - Finance and IT Flashcards

1
Q

2 general roles of info systems in orgs:

A
  1. Supporting ops: processing & storing of transactions

2. Supporting managerial activities: decision making, planning, performance measurement & control

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2
Q

Why do orgs need info sustems?

A

So they can capture and generate info managers need for planning, control and decision mkaing.,

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3
Q

Another role info systems play…(4)

A

Improve comms, better ops & manu, enhance products/services & provide ops to reduce costs.

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4
Q

The collective roles of info systems can be known as…

A

knowledge mgmt

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5
Q

Info systems aim to convert what into what into what?

A

Data –> info –> knowledge

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6
Q

Data vs info

A 
Data = raw facts and figures
Info = processed, organised data that has some valiue.
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7
Q

Define knowledge (over data & info)

A

An application of a cognitive process such that it becomes useful - something you know, understand and can exploit for gain.

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8
Q

Tacit knowledge =

A

Knowledge the org has but is UNAWARE of or UNABLE TO USE.

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9
Q

Explicit knowledge =

A

Knowledge an org has, is aware of and able to exploit.

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10
Q

How does knowledge mgmt relate to tacit vs explicit knowledge?

A

Knowledge mgmt uses info systems to help org collect, store, process and share knowledge so it goes from tacit –> explicit.

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11
Q

3 e.g. of IT systems that CREATE info & knowledge

A
  1. Transaction processing
  2. Knowledge work systems
  3. Office automation systems
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12
Q

Some examples of IT systems that SHARE info & knowledge (7 total)

A
  • Mgmt info systems
  • Decision support systems
  • Enterprise wide systems
  • Expert systems
  • Executive info systems
  • Knowledge mgmt systems
  • CRM systems
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13
Q

Define Transaction processing systems (TPS)

A

TPS perform and record routine transactions that must be processed for ops to continue. Support most bis functions in most orgs.

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14
Q

Major function of TPS for sales/marketing

A

Sales mgmt
Market research
Promotion pricing: pricing systems
New products

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15
Q

Major function of TPS for Ops

A

scheduling: MRP systems
purchasing
shipping/receiving
quality control

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16
Q

Major function of TPS for finance

A

Budgeting
GL
Mgmt accounting

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17
Q

Major function of TPS for HR

A

Personnel records
Benefits & salaries
Training
Labour relations

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18
Q

Knowledge work systems =

A

KWSs facilitate the creation and integration of new knowledge into org. Tacit to explicit.

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19
Q

How do KWSs compare to TPSs?

A

KWSs 1 level above TPSs - help create info, not just record routine transactions.

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20
Q

Knowledge workers = + egs

A

People whose jobs primarily invovle creating new info and knowledge. Often part of a profession e.g. doctor, lawyer, engineer, scientist.

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21
Q

3 examples of KWSs

A
  1. Computer aided design
  2. Computer aided manu
  3. Specialised finance software that analyses trading situations.
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22
Q

Office automation systems (OAS) =

A

Computer systems designed to increase prod of data and info workers. Support major activities performed in any office such as document mgmt, facilitating comms and managing data.

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23
Q

Give 3 examples of OASs

A
  1. Word/excel/ppt software
  2. Email, videoconferencing, intranet
  3. Digital filing system
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24
Q

Management info systems (MIS) =

A

Convert data from mainly internal sources into info e.g. summary reports. Enables mgrs to make timeley & effective decisions for planning, directing and controlling the activities they’re responsible for.

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25
Q

How do MISs use TPSs?

A

MISs transform data from underlying TPSs into summarised files that are used as basis for mgmt reports. Provide regular reports and access to current & historical perf.

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26
Q

5 characteristics of MISs

A
  1. Support structured decisions @ op & mgmt levels
  2. Report on existing ops
  3. Little analytical capability
  4. Inflexible
  5. Internal focus
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27
Q

structured vs unstructured decisions

A 
Structured = routine, well-define method for finding a solution (could be automated based on logic)
Unstructured = rely on judgement, expertise, eval and insight.
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28
Q

Decision support systems (DSSs) =

A

Combine data & analytical models or data analytics tools to support semi-structured & unstructured decision making.

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29
Q

Therefore, big diff between MISs & DSSs

A 
MISs = support structured decisions
DSSs = support semi-structured/unstructured
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30
Q

Why do DSSs need human intervention?

A

Because not structured decisions = not solely based on logic, high degree of uncertainty.

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31
Q

2 pros of DSS in helping decision making

A
  1. Provide wide range analytical tools with emphasis on flexibility & user friendliness
  2. More analytical power than other systems so can analyse large volumes of data.
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32
Q

What is the objective of DSSs?

A

Allow mgrs to consider a number of alternatives and evaluate them under a variety of potential conditions since decisions not structured so not one method to follow.

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33
Q

Executive Info systems (EIS) =

A

Pool data from internal & external sources to make info available to senior mgrs in an easy to use form.

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34
Q

What type of decisions to EIS help with?

A

Strategic, unstructured decisions.

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35
Q

3 sources of data feeding into EIS

A
  1. Internal MISs
  2. Internal DSSs
  3. External e.g. competitors, legislation, external databases like Reuters.
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36
Q

Another name for EIS

A

Executive support systems (ESSs)

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37
Q

3 key features of EIS/ESS

A
  1. Flexibility
  2. Quick response time
  3. Sophisticated data analysis and modelling tools.
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38
Q

Expert systems =

A

A form of DSS that allow users to benefit from expert knowledge and info.

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39
Q

Expert systems consist of…

A

a database holding specialised data with rules about what to do in or how to interpret a given set of circumstances.

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40
Q

What system are expert systems a form of?

A

DSSs

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41
Q

5 conditions to be able to use an expert system (relating to types of problems they can solve, cost of system etc.)

A
  1. Problem reasonably well-defined
  2. Expert can define rules by which problem can be solved
  3. Problem cannot be solved by conventional transactional processing or data handling
  4. Expert can be allowed to work on more difficult problems (savings from systems doing the work)
  5. Investment in expert system cost justified
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42
Q

How can an expert system help process loan applications?

A

User enters key facts info database, check facts against database, performs calcs & match up against other criteria set –> suggest a decision.

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43
Q

Enterprise wide systems =

A

Designed to coord all bis functions, resources and info, wherever they are geographically. Central database that function-specific systems feed into.

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44
Q

2 pros of enterprise wide sytems

A
  1. Can update data real time

2. Reliable

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45
Q

Give 1 eg of enterprise wide system

A

Enterprise resource planning (ERP) system.

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46
Q

Knowledge mgmt systems (KMSs) =

A

Record and store KL held in an org. Help tacit –> explicit KL. Info easily accessed and shared.

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47
Q

4 examples of info held on KMS

A

Facts, solutions to problems, legislation, intellectual property.

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48
Q

KMSs are of most benefit to what type of org?

A

Knowledge based orgs as their info is best suited to storing and sharing on database,

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49
Q

4 pros of KMSs

A
  1. Valuable data preserved & not lost
  2. Easily shared
  3. data duplication avoided
  4. Employees can be trained quicker
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50
Q

CRM systems =

A

Software apps specialising in providing info concerning org’s products, services and customer info such as order history, personal details, any feedback.

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51
Q

5 pros of CRM systems

A
  1. Personalised service
  2. Swift reply to queries
  3. Increase motivation of customer-facing staff as properly equipped
  4. Customer retention & loyalty as better understand them
  5. Better targeted marketing
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52
Q

“IT as an enabler of transformation” refers to…?

A

IT being a driving force or trigger for org change. Even when not a significant factor in actual change, important part in change mgmt process.

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53
Q

5 benefits IT can bring to org

A
  1. New bis ops
  2. Improve productivity & perf
  3. Comp adv
  4. Enable structural change (e.g. WFH)
  5. Bring congruency to corp goals
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54
Q

Role of IT in change: type of product/service

A

Technological change may affect many products e.g. what materials used to create them.

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55
Q

Role of IT in change: way in which products made (CAD/CAM/CID)

A 
CAD = create designs which can be quickly amended.
CAM = software to control machine tools.
CIM = computers control production process.
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56
Q

Role of IT in change: way employees are mobilised

A

Encourages delaying of org & greater workforce empowerment. Enable hot-desking and WFH.

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57
Q

Role of IT in change: way services are provided.

A

e-commerce - sell products/services over internet.

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58
Q

Role of IT in change: enabling change example

A

Tech enabling airline fares can be quickly compared and booked has increased competition.

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59
Q

Role of IT in change: comms & coord

A

Email, project mgmt software, intranet, microsoft teams etc.

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60
Q

Role of IT in change: source of unit & structure

A

In times of restructing, info systems can be visible sign of new situation - encourages acceptance and evidence of change.

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61
Q

3 things IT must enable virtual teams to do to be effective

A
  1. Share info and tasks
  2. Make join decisions
  3. Fulfil the collaborative function of the team
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62
Q

2 types of tech helping virtual working

A
  1. Web-based databases to access and share info

2. Electronic meeting sites

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63
Q

6 cons of virtual teams

A
  1. Difficult to form a team (trust & bond)
  2. Knowledge sharing: aspects of comms lost
  3. Harder to set clear decision-making goals
  4. Harder to lead a team (time diff etc.)
  5. Cultural diff
  6. Morale affected by isolation
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64
Q

Skyrme 4 principles regarding virtual teams.

A
  1. Team should develop sense of purpose, support members, build trust
  2. Members give back what they get ito support, info & knowledge
  3. Teams small & multi-disciplined
  4. Frequent comms, 1 topic per email, emails summarise face to face meets, informal.
65
Q

Effect of IT on internal relationships: outsourcing/offshoring

A

Outsourcing to other orgs and freelance workers easier. Easier to offshore where skilled labour cheaper. without losing coord or control.

66
Q

Effect of IT on internal relationships: location of offices

A

Centralise head office then arrange territorially: disperse workers, no overhead costs of local offices but also don’t lose comms and control. Also dispersed centres linked to virtual office.

67
Q

Effect of IT on internal relationships: centralising shared functions

A

Centralise shared functions without disadv of graphically centralisation and with adv of decentralised authority.

68
Q

Effect of IT on internal relationships: sharing data

A

Databases and comms that are consequences of IT make sharing and access to common data easier, avoid duplication of efforts.

69
Q

Effect of IT on internal relationships: hiring skilled workers

A

Can hire most skilled people for the task regardless of location. Org can be flexible cross-functional and multiskilled working by making expertise available across org.

70
Q

What model can be used to analyse effect of IT on org’s external relationships?

A

Porter’s 5 forces.

71
Q

5 forces in Porter’s model

A
  1. Potential entrants: threat of entry
  2. Customers: bargaining power
  3. Competitors: threat of substitutes
  4. Supplies: bargaining power
  5. Industry competitors: existing firm rivalry
72
Q

How does IT affect Porter’s 5 forces model?

A

Org can use IT to reduce forces and increase profit.

73
Q

IT and Porter’s forces: ‘Defensive’ impact on new entrants

A

Defensive role: IT can increase EOS, raise K cost of entry (as require info systems to compete), colonise dist channels by typing up customers & suppliers

74
Q

IT and Porter’s forces: ‘Offensive’ impact on new entrants

A

Info systems help orgs looking to enter oevrcome entry barriers. E.g. Bank can open internet bank so overcome FC of needing to open a branch.

75
Q

IT and Porter’s forces: 3 ways IT can erode supplier power

A
  1. Increase comp between suppliers as purchasing databases can easily scan & compare prices
  2. Suppliers power can be shared e.g. use CAD to design components with suppliers (mutually beneficial)
  3. Suppliers can be integrated in admin terms through EDI systems.
76
Q

What does creation of EDI systems with suppliers actually involve?

A

Creation of standardised electronic docs (e.g. order forms) that can be transmitted between supplier and org to save duplication of efforts = mutually beneficial.

77
Q

IT and Porter’s forces: 3 ways IT can erode customer bargaining power

A
  1. Info systems raise switching costs & cause operational inconvenience e.g. where info system provides dist system like streaming music.
  2. Customer info systems = tailor products to meet needs
    = ‘lock customers in’
78
Q

IT and Porter’s forces: 3 ways IT relates to substitute products

A
  1. System itself = substitute e.g. e-commerce vs high street shop
  2. Tech is basis for new leisure activity/imitate existing ones (e.g. video game, or electronic keyboard)
  3. Add value to existing svcs by allowing more detailed analysis, gen cost adv or extending the mkt.
79
Q

What are 2 other wise (aside from Porter’s model) that IT has affected external relationships?

A
  1. Virtual companies

2. virtual supply chains

80
Q

Define virtual companies

A

A collection of separate companies, each with specific expertise, which work together, sharing their expertise to compete for bigger contracts/projects than what would be possible alone. Developed out of alliances and subcontracting arrangements.

81
Q

Define virtual supply chains

A

Supply chains enabled through e-business links e.g. web and extranets.

82
Q

What is the virtual company’s role if it outsources many activities?

A

In theory, could outsource production, design, delivery, debt collection, accounting function each to diff org. Org itself only exists online to coord activities & then sell product/service online.

83
Q

Virtual supply chains evolved out of…

A

as virtual companies developed into looser affiliations of companies, organised as a supply network.

84
Q

State 2 types of org in virtual supply chains

A
  1. Producers

2. Integrators

85
Q

Virtual supply chain: role of producers

A

Produce goods/svcs. Focus on delivery schedule within cost. Often service multiple supply chains so need to manage and avoid capacity/commercial conflicts.

86
Q

Virtual supply chain: role of integrators + real life eg

A

Manage the supply network & own the end customer contact. Manage end customer relationship, synchronise perf of network members. e.g. Amazon.

87
Q

3 pros of virtual ops

A
  1. Flexibility and speed
  2. Low investment = less risk
  3. Injection of mkt forces into all linkages
88
Q

4 cons of virtual ops

A
  1. Orgs must be complementary & form good relationships
  2. Loss of control - quality issues
  3. Suppliers may be available to competitors too
  4. -VE perception by customer of virtual characteristic
89
Q

Ethical consideration of info systems: info rights & obligations

A

Right to privacy - GDPR.

90
Q

Ethical consideration of info systems: property rights

A

Who owns the info held on info system? The ind who the info is about or the org who collected it?

91
Q

Ethical consideration of info systems: Accountability & control

A

Who is responsible for controlling the info system and accountable if things go wrong?

92
Q

Ethical consideration of info systems: system quality

A

Balance quality of system with costs/time.

93
Q

Ethical consideration of info systems: 4 consequences on quality of life

A
  • system monitoring
  • dependence on system makes org vulnerable
  • system accessible to all who need it, disability
  • risk of compute crime & abuse
94
Q

Cost benefit analysis vs cost benefit review

A 
CBA = perform before/during development of new info system.
CBR = after system implemented - use actual data.
95
Q

2 difficulties with CBAs for info systems

A
  1. Costs are estimates or unknown

2. Benefits highly qualitative and subjective

96
Q

State 3 main CBA/CBR techniques

A
  1. Payback method
  2. Discounted cashflow
  3. ARR/IRR
97
Q

3 categories of costs of info systems

A
  1. Development: before system implemented
  2. Implementation: get system ready for use
  3. Running: day to day costs for operation/maintenance
98
Q

5 info system cost types

A
  1. Equipment costs
  2. Installation
  3. development
  4. Personnel
  5. Operating
99
Q

Measuring & analysing existing system is what type of info system cost?

A

Development cost

100
Q

Changeover cost such as file conversion is what type of info system cost?

A

Development cost

101
Q

The benefits of info systems can be categorised as…(2). Give eg of both.

A 
Direct = financial & easy to quantify. e.g. reduced operating costs.
Indirect = non-$, harder to quantify e.g. better decision making.
102
Q

Define Phishing

A

Cyber attacker sends email which appears to be from trusted source. Request victim to send back security info such as log-in & personal details used to steal money.

103
Q

Define Pharming

A

Orgs website targeted by automatically redirecting visitors to bogus website. Intention is to collect data to commit fraud (similar to phishing).

104
Q

Define Hacking

A

Use specialist software to gain unauthorised access to org’s computer system and take admin control. Can view/copy system records & amend/delete info. Steal info or demand ransom.

105
Q

Define Distributed Denial of Service (DDoS) attack

A

Disrupt org activities by preventing access to website. Botnets (large nos ind computers taken over without user knowing) overwhelm website with wave of internet traffic so system crashes. Then demand ransom.

106
Q

Define Webcam manager

A

Take control of users webcam, use it to get info for extortion.

107
Q

Define File hijacker./randsomware

A

Gain access to users system to hijack files and demand ransom.

108
Q

Define keylogging

A

Plant software than records what user types onto their keyboard. Learn passwords to gain access to confidential info.

109
Q

Define screenshot mgr

A

Obtain info by installing software that enable screenshots to be taken of users computer screen. Steal info or funds or perform corp espionage.

110
Q

Define Ad clicker

A

Direct victim to bogus website by getting them to click on a specific link contained in online ad.

111
Q

Types of cyber security: access control

A

Physical and network procedures to restrict access to a system.

112
Q

Types of cyber security: boundary firewalls and internet gateways

A

Software protection that intercept data being transmitted in and out of system.

113
Q

Types of cyber security: maleware protection and virus protection

A

Prevents installation and removes suspicious programs and viruses from a system.

114
Q

Types of cyber security: patch mgmt

A

A system procedure: org ensures latest software updates always installed.

115
Q

Types of cyber security: secure configuration

A

Org needs a policy which states that systems should be set up with cyber security as priority.

116
Q

Other threats to info systems & how mitigate: natural disasters

A

floods, fires - establish policies and procedures, insurance, locating systems in less vulnerable areas, control physical environment around system.

117
Q

Other threats to info systems & how mitigate: malfunctions

A

E.g. Breakdowns due to inability to cope with large volumes of data. Backup procedures and good network design.

118
Q

Other threats to info systems & how mitigate: unauthorised access, theft and damage

A

Use physical security, controls in place to ensure employees not left unattended in vulnerable areas.

119
Q

Other threats to info systems & how mitigate: unintentional human errors

A

E.g. accidentally delete data. Need proper training and input/output controls to validate changes

120
Q

Other threats to info systems & how mitigate: personnel injury or health problems

A

Eye strain, repetitive injury strain. Use ergonomic work stations and anti-glare screens.

121
Q

System architecture describes…

A

How the hardware and processing power of a system is organised. Can be centralised or decentralised.

122
Q

Centralised network architecture =

A

Data processing in 1 computer or in a clustered of coupled computers in a SINGLE location. Centralised file server with all processing power, then workstations as ‘clients’ linked to central server (but no processing power themselves).

123
Q

Examples of services centralised file service performs

A

File and print: network hard drive & network printer.

Also comms, directory, backup etc.

124
Q

5 advs of centralised network

A
  1. One set of files = avoid duplication
  2. Better security/control & automatic backup
    - can enforce standard centrally
  3. Head office where computer located can control computer processing & dev
  4. Afford v large central computer with processing power > smaller local computers
  5. EOS in purchasing computer equip/supplies
125
Q

5 disadvs of centralised network

A
  1. Inflexible
  2. Local offices processing delays
  3. Reliance on head office
  4. If central computer or cluster breaks down, entire system out of ops.
  5. Processing speed deteriorates as more users log in.
126
Q

Decentralised network architecture =

A

Processing power distributed throughout org at several diff locatons. Combination of standalone PCs and networks.

127
Q

4 key features of decentralised network architecture

A
  1. Many computers own processing capability
  2. Some sharing of info possible via comms links
  3. More user friendly
  4. End users have responsibility & control over programs and data
128
Q

Grid computing = + what orgs use it most

A

Pools processing power of many computers - makes use of spare processing time on machines across the network, so can increase processing power without buying more. Use for heavy number crunching in scientific research and in data mining/CAD.

129
Q

What is it that actually impacts how data flows across functions? What is it not?

A

NOT system architecture - this is overall org of system.

IS type of network that supports the system.

130
Q

Local Area Network (LAN) =

A

Connects network devices over relatively short distance. One office will contain a single LAN or sometimes a few small ones (perhaps one per room). Occasionally a LAN will span a group of nearby buildings.

131
Q

Wide Area Network (WAN) =

A

Spans relatively large geographical area - like a geo dispersed collection of LANs. A router connects LANs to a WAN through public comms networks.

132
Q

Virtual Private Network (VPN) =

A

Org can share data with outsiders that are on its network e.g. access workspace from home. Private, exclusive link that requires authentication. Dial into WAN using VPN from home.

133
Q

Wireless Local Area Network =

A

A LAN based on WiFi wireless network tech - no cables.

134
Q

Storage area network =

A

Network connects servers to data storage devices through a tech like a fibre channel.

135
Q

System area network =

A

Links high perf computers with high speed connections in a cluster configuration.

136
Q

System area network AKA

A

Cluster area network

137
Q

Client-server network =

A

2 kinds computers:

  • client = computer workstations on desks
  • server = powerful computers in central loc
138
Q

Peer to peer networks =

A

Workstations connected together but no server. Files can be shares between workstations and a printer connected to one can be access by another workstation.

139
Q

4 org tech competencies relating to big data info mgmt

A
  1. Systems & processes must capture relevant data correctly first time.
  2. Data store accessibly for consistent use in interactions w external/internal stakeholders.
  3. Data handled properly & securely to meet customer expectations.
  4. Commercial sensitive data not vulnerable to cyber attack.
140
Q

3 key roles in relating to big data mgmt

A
  1. Data scientist
  2. Data manager
  3. Data champion
141
Q

Data scientist =

A

Skilled employees who perform data analytics on big data held.

142
Q

Data manager =

A

Employees tasked with managing big data system to ensure it provides necessary data to inform decisions or manage perf. Ensure data quality.

143
Q

Data champion =

A

develop big data strategy. Ensure decisions based on big data are properly informed and considered on basis of value to stakeholders.

144
Q

Finance assistance to IT ito assembling info

A
  • collect info on IT costs

- KPIs

145
Q

Finance assistance to IT ito analysing for insight

A
  • analyse info e.g. relating to equip breakdown and help desk support
  • CBA on info systems
  • Analyse KPIs to create insight
146
Q

Finance assistance to IT ito advising to influence

A
  • report age of info systems and prospect of future breakdown
  • analyse effect of potential IT failures
  • Provide other advice based on insights
147
Q

Finance assistance to IT ito applying for impact

A
  • create BCs to support new info systems
  • strategic review of of potential use of tech
  • applying lessons learned from insights to improve IT perf
148
Q

KPI: IT costs as % revenue

A

Total spend on IT: hardware, software, networking & outsourcing costs. Measures efficiency of IT operations.

149
Q

What do high & low costs of IT per revenue indicate?

A 
High = Bis is investing a lot in tech and should be becoming more efficient.
Low = low investment & potentially low efficiency.
150
Q

KPI: IT project cost variance

A

= scheduled project cost - actual

Measures how well IT can deliver projects within budget.

151
Q

KPI: number IT security breaches

A

total number breaches in given period. Measures vulnerability to cyber attacks and how secure info infrastructure is.

152
Q

KPI: system downtime

A

= planned operating time - actual in a given period.

Measures proportion of time systems available when needed. High downtime = may need investment.

153
Q

KPI: help desk first call resolution

A

= total no first call queries resolved / total no calls x 100%
Measures effectiveness of IT helpdesk in resolving queries first time. Affects employee productivity and efficiency - how much time they waste not being able to work.

154
Q

KPI: IT maintenance ratio

A

= IT budget / cost devoted to maintenance.

If maintenance spending low, may predict future equip failure.

155
Q

KPI: average age IT infrastructure

A

= total age IT hardware / total no hardware items.

Aging hardware can indicate upgrade costs or potential issues in near future.

156
Q

Other KPIs: IT operational activity

A

Monitor day to day perf of IT function: response rate to IT issues, % resolved, feedback.

157
Q

Other KPIs: IT Transformational activity

A

Measure impact of IT initiatives to inform decision making: time savings from new systems, IT spend/employee, IT utilisation rates.

158
Q

Other KPIs: IT Strategic activity

A

Monitor progress towards IT goals embedded in orgs strategic objs: no bis ops created by new tech, rev generated by new tech, number techs creating comp adv, rating of IT function in mkt.

CIMA E1 (12 decks)

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