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E1 > 12. IT and finance function > Flashcards

12. IT and finance function Flashcards

1
Q

What are the two general roles of information systems

A
  • Supporting operations through processing and storing of transactions
  • Supporting managerial activities such as decision making, planning, performance measuring and control
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2
Q

What is the difference between data, information and knowledge

A

Data: raw facts and figures
Information: processed organisaed data with value
Knowledge: application of cognitive process that becomes useful

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3
Q

What are the two categories of knowledge

A
  • Tactit knowledge: organisation has but is unaware of or is unable to use
  • Explicit knowledge: organisation is aware of and can use
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4
Q

What are the two categories of IT Systems

A
  • IT systems that create information and knowledge
  • IT systems that share information and knowledge between business functions
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5
Q

What are examples of IT systems that create information and knowledge

A
  • Transaction processing systems
  • Knowledge work systems
  • Office automation systems
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6
Q

What are examples of iT systems that share informaiton and knowledge

A
  • Management information system
  • Decision support system
  • Executive information systems
  • Expert systems
  • enterprise wide system
  • knowledge management system
  • customer relationship management system
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7
Q

WhaT are transaction processing systems

A

Systems that perform and record routine transactions
- Large amounts of transactions

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8
Q

What are knowledge work systems

A

Facilitate the creation and integration of new knowledge into an organisation
- eg. CAD, CAM, specialised financial software

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9
Q

What are office automation systems

A

Computer systems that are designed to increase productivity of data and information workers
- document management, facilitating communication
- eg. email, word processor, intranet software

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10
Q

What is management Information System

A

Convert data from mainly internal sources into information
- information enables managers to make timely and effective decisions for planning, directing and controlling activities for which they are responsible

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11
Q

What are teh characteristics of MIS

A
  • Support structured decisions at operational and management levels
  • Designed to report on existing operations
  • Inflexible
  • Little analytical capability
  • Internal focus
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12
Q

What are decision support systems

A

Combine data and analytical models or data analysis tools to support semi-structured and unstructured decision making
- Consider number of alternatives to make good decision

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13
Q

What is the difference between structured and unstructured decision making

A
  • Structured: automatically madeby computer - relies on logic
  • Semi/Unstruuctured: human interaction needed
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14
Q

What is executive informaiton systems

A
  • Pools data from internal and external sources to make information available to senior managers in easy form
  • make strategic,unstructured decision
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15
Q

What are the features of executive informaiton systems

A
  • Felxible
  • Quick response time
  • Sophisticated data analysis and modelling tools
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16
Q

What are expert systems

A
  • Form of DSS (decision suppor system)
  • allows users to beenfit from expert knowledge and information
  • database holding specialised data and rules
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17
Q

What rules need to be met to use an expert system

A
  • Well defined problem
  • Expert can define rules by which problem can be solved
  • Oroblem cannot be solved by conventional transactional processing
  • Expert could be released to more dofficult problems
  • Investment of expert system is justified
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18
Q

What is enterprise wide system

A

Designed to co-ordinate all business functions resources and information whereever they are geographically
- EG. Enterprise resource planning

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19
Q

What is knowledge management systems

A

Record and share knowledge held in organsiation

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20
Q

What are the benefits of KMS

A
  • Valuable data is preserved
  • Data is shared easily
  • Data duplication prevention
  • Allows employees to get up to sped quickly
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21
Q

What is CRMS

A

Customer relationship management system
- software applications which specialise in providing information concerning products, service and customers

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22
Q

What are the benefits of customer relationship management systems

A
  • Personalised service
  • Quick response to cusotmer
  • increased motivation of customer facign staff- properly equipped
  • Customer retention and loyalty
  • Target marketing
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23
Q

How can IT create change in organisation

A
  • Type of products and services provided
  • The way in which products are made
  • The way which employees are movilised
  • The providing of services
  • communication and structure
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24
Q

What features does virtual teams require to be effective

A
  • Share information
  • Make joint decisions
  • Fulfill the collaborative funciton
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25
Q

What are the principles developed by Skyrme for virtual teams

A
  • Team should develop sense of purpose, trust
  • Team members should give back
  • Teams should be small and multi disciplined
  • Communication frequently
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26
Q

What are Porter’s five forces model

A

Profitability affected by:
- Industry competitiors : rivalvry among existin firms
- Potential entrants
- Baargaining power of customers
- Bargaining power of suppliers
- Threat of substitues of products

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27
Q

What are the two ways IT affect potential entrants/barriers to entry

A
  • Defensively: increase economies of scale, raise capital costs on entry
  • Offensively: help organisations overcome entry barriers
28
Q

How does IT affect bargaining power of suppliers

A
  • Increases competition between suppliers to through purchase databases
  • Supplier power can be shared
  • Suppliers can be integrated- system of electronic data exchange
29
Q

How does IT affect bargaining power of customers

A

Using IT to ‘lock them in’
- Raise switching costs
- Cusotmer informaiton systems to tailor needs

30
Q

How does IT affect subtitues

A

-System itself is the substitute eg. ecommerce instead of high street shops
- IT based systems to imitate existing goods and create new ones
- Technology can add value to existing services

31
Q

What are virtual companies

A
  • Virtual Companies: collective of separate companies which work together for bigger projects
32
Q

What are virtual supply chains

A

Enabled through e-business links
Virtual businesses working together ans a organisaed supply network

33
Q

What are the two types of organisation in virtual supply chain networks

A
  • Producers: produces goods and services
  • Integrators: manage supply network and own end customer contract
34
Q

What are the advantages to an organisation of operating virtually

A
  • Flexibility
  • low risk
  • less investment needed
35
Q

What are the ethical considerations of IT Systems

A
  • Information rights and obligations
  • Property rights
  • Accountability and control
  • System quality
  • Quality of life: degree of monitoring, degree of dependence on system, privacy, risk of cyber crime
36
Q

What is cost and benefit analysis

A

Performed before or during the development of information system
- Uses estimates

37
Q

What is cost benefit review

A
  • Performed after system has been implemented with actual data and costs
38
Q

What are methods of cost benefit analysis/review

A
  • Payback method
  • Discounted cahsflow
  • Accounting rate of return
39
Q

What are the types of costs of Information systems

A

Development costs: incurrred before system has been implemented

Implementation costs: to develop system ready for use

Running costs: day to day basis costs

40
Q

What are the methods of implementation

A
  • Direct/Big bang: old system completely replaced by new
  • Parallel running: old and new systems both run togther for a while for cross checking, safety
  • Pilot operation: selected parts of organisation operate new system to test
  • Phased or modular: system is switched part by part
41
Q

What are the advanatages/disadvantages of direct method

A
  • Quick
  • Minimal cost
  • Minimise workload
  • Risky
  • Disruption
  • Failure would be costly
42
Q

What are the advanatages/disadvantages of Parallel running

A
  • Safe
  • Allows to verify results
  • Costly to operate both systems
  • time consuming
  • Additional workload
43
Q

What are the advanatages/disadvantages of pilot operation

A
  • Less risk
  • Less costly than parallel
  • Can take longer to acheive total changeover
  • Not as safe as paralell
44
Q

What are the advanatages/disadvantages of phased or modular changover

A
  • Less risky than direct change
  • Other areas are unaffected by problems in one area
  • Can take long time to change
  • Interfaces between parts of system might make it complicated to implement
45
Q

What are the costs of systems

A
  • Equipement
  • Installation
  • Development
  • Personnel
  • Operating
46
Q

What are the benefits of a information system

A
  • Direct: reduced operating costs
  • Indirect: better decision making, freeing of human brainpower
47
Q

What are the types of cyber attacks

A
  • Phishing: emails from trusted sources to get information
    -Pharming: redirecting from website to bogus website to collect data
  • Hacking: specialist software to gain unauthorised access to computer system
  • Distributed Denial service: botnets takeover to crashonline services
  • Webcam manager: take control of user’s webcam
  • File hijacker: gain access to system to ransom
  • Keylogging: record of keystroke to gain passwords and details
  • Screenshot manager: stealing screenshots
  • Ad clicker: directs computer to bogus website through clicking links
48
Q

What are the types of cyber security

A
  • Access control: physical and network procedures to restrict access
  • Boundary firewalls: software protection that intercept data
  • Malware protection: prevents installation of suspicious programs
  • Patch management: updating software
  • Secure confirguration: systems set up with cyber security as priority
49
Q

What are other threats to Information systems

A
  • Natural disasters
  • Malfunctions
  • Unauthorised acceess
  • Unintentional human errors
  • Personnell injury or health problems
50
Q

What is system architecture

A

Describes how the hardware and processing power of a system is organised: centralised or decentralised

51
Q

What is centralised network architecture

A
  • Data is processed in one computer or cluster of coupled computers in single location
  • centralised file server to connect many devices
52
Q

What are the advatages of centralised network architecture

A
  • One set of files
  • Better security and control over data
  • Head office control over computing processes
  • More affordable to get one large central computer
  • Economies of scale in purchasing computer equipment and supplies
53
Q

What are the disadvantaages of centralised network architecture

A
  • Not flexible
  • Delays or interruptions if central system has issues
  • Reliance on single set of head offcie system
  • If central computer or cluster breaks, entire system is out of operation
  • Processin speed might deterioiate as more users log in
54
Q

What is decentralised network architecture

A
  • Prcoessing power is distributed throughout the organisation at several different locations
  • Some sharing of informaiton through links
  • End users are given more responsibility and control over data and programs
  • More user friendly
55
Q

What are advantages of decentralised network architecture

A
  • Greater flexibility in system design depending on users
  • Data transission reduced as files can be held locally- reducing risk
  • Improvement of speed
  • Effect of breakdown is minimised
  • Better local control
  • Facilitate more user involvement
56
Q

What are disadvatages of decentralised network architecture

A
  • Duplication of data in different computers
  • Difficult to adminster and maintain - require IT over several sites
  • More difficult backup protocols
  • Security: introduction of malware and unauthorised copying of data
57
Q

What is grid computing

A
  • Pools the processing power of many computers
  • Used for heavy numbers crunching
  • EG/ data mining
58
Q

What are the systems of data flows

A
  • Local area network: devices connected locally
  • Wide area network: connected devices over large area - many LANs connect via router
  • Virtual Private network: share data with outsiders- private link
  • Wireless local area network: LAN based on wifi wireless networkW
59
Q

What are storage area networks

A

Connects servers to data storage devicces through technology like fibre channel

60
Q

What is system area network

A

Links high performance computers with high speed connection in cluster configuration

61
Q

What is client server network

A

Network consists of two kinds of computers : Clients and servers
- Clients are computer workstations sitting on desks of employees
- Servers are powerful comuters held in central location

62
Q

what are peer to peer networks

A

Workstations connected to each other but not have servers
- Files can be shared betwen workstations and printer

63
Q

What are the competencies required for the management of big data

A
  • Systems in place to capture data
  • Data stored accessibly
  • Data handled, stored securely
  • Commercially sensitve data should not be vulnerable to cyber attackW
64
Q

What roles are there relevant to big data information

A
  • Data scientist: skilled employees who perform analytics
  • Data manager: manages big data system, ensure data quality
  • Data champion: ensure decision based on big data are properly informed
65
Q

What information can finance provide at each stage of fiance function through business partnering

A
  • assembling information: collection of informaiton of IT costs, KPIS
  • Analysing for insight: analysis of breakdowns, cost and benefit analysis
  • Advising to influence: reporting on insights
  • Apply for impact: creation of business cases to support investment, strategic review of technology
66
Q

What KPIs are identified by Marr to support IT function

A
  • IT cost as percentage of revenue
  • IT project cost variance(scheduled project cost - actuaal project costs)
  • Number of IT security breaches
  • System downtime
  • Help desk first call resolution
  • IT Maintenance ratio
  • Average age of IT Infrastructure
67
Q

What are other KPIs

A
  • Operational: response rate of IT usses, percentage of issues resolved
  • Transformational: time savings from new systems, IT spend per employee
  • Strategic: number of business opportunities created, revenue generated by new tech, rating fo IT function’s reputation in market

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