3. Competitive advantage and strategy

Question 1

Systems thinking

Answer 1

Way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part

Question 2

Management Information Systems (MIS)

Answer 2

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

Question 3

MIS department roles and responsibilities

Answer 3

Chief information officer (CIO)
Chief clinical information officer (CCIO)
Chief privacy officer (CPO)
Chief security officer (CSO)
Chief technology officer (CTO)

Question 4

Chief information officer (CIO)

Answer 4

Oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives

Question 5

Chief clinical information officer (CCIO)

Answer 5

Position that exists within healthcare industry, that combines the expertise of a long-practicing medical clinician with the IT knowledge of a CIO role

Question 6

Chief privacy officer (CPO)

Answer 6

Responsible for ensuring the ethical and legal use of information

Question 7

Chief security officer (CSO)

Answer 7

Responsible fo ensuring the security of IT systems

Question 8

Chief technology officer (CTO)

Answer 8

Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IT

Question 9

Business strategies

Answer 9

Developing new products or services
Entering new markets
Increasing customer loyalty
Attracting new customers
Increasing sales

Question 10

How to identify competitive advantages

Answer 10

SWOT analysis (evaluates project position)
Five forces model (evaluates industry attractiveness)
Three generic strategies (chooses business focus)
Value chain analysis (executes business strategy)

Question 11

Rivalry among existing competitors (five forces)

Answer 11

Power of competitors

Question 12

Threat of substitute products or services (five forces)

Answer 12

Power of customers to purchase alternatives

Question 13

Buyer power (five forces)

Answer 13

Power of customers to drive down prices

Question 14

Threat of new entrants (five forces)

Answer 14

Power of competitors to enter a market

Question 15

Supplier power (five forces)

Answer 15

Power of suppliers to drive up prices of materials

Question 16

Porter’s value chain analysis (elements)

Answer 16

Primary activities
Support activities
Margin

Question 17

Primary activities (value chain analysis)

Answer 17

Inbound logistics
Operations
Outbound logistics
Marketing and sales
Service

Question 18

Support activities

Answer 18

Firm infrastructure
Human resource management
Technology development
Procurement