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CIMA - E1 > 8. The Finance Function's Relationship with IT > Flashcards

8. The Finance Function's Relationship with IT Flashcards

1
Q

What are knowledge management systems?

A

Those which are developed using databases, networks and IT to capture and manage the information held by the organisation

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2
Q

What is the learning organisation?

A

Where employees collaborate, share knowledge and work in teams to improve organisational efficiency and effectiveness

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3
Q

What 4 ways can IT strategy contribute to overall strategy?

A
  1. IT can create new business opportunities
  2. IT can improve efficiency and effectiveness
  3. IT enables structural change
  4. IT can create competitive advantage
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4
Q

Which theory provides a framework for the operation of any type of system?

A

General systems theory

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5
Q

What are the 5 stages of turning data into useful information?

A
  1. Collection
  2. Evaluation
  3. Analysis
  4. Interpretation
  5. Reporting
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6
Q

What is the difference between an open and closed system?

A

Closed has little or no interaction with its environment, open has a high level of interaction

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7
Q

What is an expert system?

A

A system that simulates the problem solving techniques of human experts

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8
Q

What is a Data Processing System (DPS) or Transaction Processing System (TPS)?

A

Systems that capture large volume data processing, producing simple and well defined information

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9
Q

What is the issue with legacy DPS systems?

A

Likely to be inflexible

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10
Q

What is a Management Information System (MIS)?

A

An extension of DPS which allows much greater reporting, often with report writing packages attached

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11
Q

What is an Executive Information System (EIS)?

A

A system for senior executives that contains internal and external data and KPIs to support strategic decision making

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12
Q

What is a Decision Support System?

A

Data modelling software that uses mathematic formula to replication organisational activity - scenario planning

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13
Q

What is a cloud based system?

A

One which is made available to users on demand via the internet

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14
Q

What is a Database Management System (DBMS)?

A

Software that builds the database and organises access to and change within the file structure

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15
Q

What are the advantages of Database Management Systems (DBMS)?

A

+ Reduced duplication of data
+ Ensures data integrity - accuracy and consistency
+ Improved security and control over data
+ Provision of more flexible reports

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16
Q

What are the disadvantages of Database Management Systems (DBMS)?

A
  • High set up costs
  • Risk of failure
  • Data may not meet all users needs
  • Additional security considerations
17
Q

What is Electronic Data Interchange (EDI)?

A

A standardised method of transferring data between different computer systems

18
Q

What is the key benefit of EDI?

A

Facilities a close relationship between organisations

19
Q

What is systems architecture?

A

How the components of an information system are arranged and linked together

20
Q

What are the advantages of a centralised systems architecture?

A

+ Wide access to a common store of data
+ Ease of maintaining data for all access points
+ Improved security
+ Powerful applications available to all users

21
Q

What are the advantages of a distributed systems architecture?

A

+ Flexible use of IT
+ Not reliant on a single server
+ Local control and involvement from users

22
Q

What is network topology?

A

How a computer network is physically arranged in a company

23
Q

What are the 3 ways in which IT can create competitive advantage?

A
  1. Better links with customers and suppliers
  2. Enabling production, marketing and distribution of new products and services
  3. Providing information to help develop and implement strategy
24
Q

What does the networked enterprise do?

A

Use new technologies to connect the work of the organisation’s employees with each other and the work and opinions of external stakeholders

25
Q

What is an intranet?

A

Internal ‘mini’ internet for employees

26
Q

What is an extranet?

A

Secure extension of the company’s intranet, that can be accessed by authorised outsiders such as suppliers and customers

27
Q

What are Web 2.0 applications?

A

Those which emphasis collaboration and two way communication

28
Q

What is social media?

A

All internet based applications that allow the create and exchange of user-generated content

29
Q

What are the 5 main benefits of e-commerce?

A
  1. Enhanced communication between employees
  2. Improved supply chain
  3. Cheaper information exchange with suppliers
  4. Low cost access to new markets
  5. Creation and maintenance of customer relationships
30
Q

What are digital markets?

A

Any market that is available online

31
Q

What are virtual teams?

A

Teams that are geographically dispersed and utilise IT tools to communicate and collaborate

32
Q

What are virtual companies?

A

A network of alliances and subcontracting arrangements that are geographically dispersed, where members utilise IT tools to operate as a coherent group

33
Q

What are IT General Controls?

A

Controls over the IT environment, computer operations, access to programs and data, program development or program changes, disaster recovery

34
Q

What are IT application controls?

A

Transaction processing controls, specific to individual applications

35
Q

What are the 4 extents of outsourcing IT?

A
  1. Ad-hoc
  2. Project management
  3. Partial outsourcing
  4. Total outsourcing
36
Q

What are the 4 approaches to outsourcing of IT?

A
  1. Multiple sourcing
  2. Incremental sourcing
  3. Joint venture outsourcing
  4. Application Service Providers (ASP)
37
Q

What are 2 key IT KPIs?

A

Digital asset turnover and IT spend as a percentage of turnover

CIMA - E1 (9 decks)

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