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BIM > BIM 7 > Flashcards

BIM 7 Flashcards

1
Q

what is ERP?

A

ERP is enterprise systems and aims at integrating data and processes in different departments. It is about a centralized database

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2
Q

What is the business value of ERP?

A

increases operational efficiency, provides firmwide information to help managers, helps firms respond to customer requests

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3
Q

What is SCM systems?

A

Supply chain management systems is the management of supply chain, the network of processes that are involved in turning inputs into outputs. The goal of SCM is to move correct amount of product to where it is needed as quickly and low costs.

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4
Q

What is the impact of IS in SCM?

A

IS can be used to cut inefficiencies that cut into operating costs. With IS you can use:
JIT - just in time, where components are pulled into where they are needed when they are needed
Safety stock - a buffer for inventory
Bullwhip effect - a small disruption downstream can cause major disruptions upstream. With IS in SCM, the effect can be mitigated by reducing uncertainties about demand and supply by improving communication

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5
Q

What are the 2 SCM softwares?

A
  1. Supply chain planning system
    all about the planning aspect of the supply chain. model existing supply chain, enable demand planning, optimize sourcing, establish inventory levels, etc
  2. supply chain execution system
    manages flow of products, tracks physical statuses
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6
Q

what is push-based model?

A

push based model is for make to stock, where materials are pushed to stations and products are made. More on forecasts

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7
Q

What is pull-based model?

A

pull-based model is for make to order, where materials are pulled into stations when needed.

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8
Q

What is internet based model?

A

Internet enables move from sequential supply chain to concurrent supply chains. Complex networks of suppliers can adjust immediately. multidirectional communication among firms

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9
Q

What is business value of SCM systems?

A

match supply to demand, lower inventory levels, improve sales and use of assets

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10
Q

What are CRM systems?

A

Customer relationship management is about using touch points – points of interactions with customers– to gather data on customers.

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11
Q

What is the basis of competition now?

A

The basis of competition used to be who sells the most. Now it is who owns the customer.

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12
Q

what does the CRM package include tools for?

A
  1. marketing
    Cross-selling – the marketing of complementary goods , providing information on prospect consumers
  2. sales
    SFA, sales force automation. Helps sales staff increases productivity by focusing sales on most profitable customers
  3. service
    managing customer service
  4. Partner relationship management - PRM enhances collaboration
  5. Employee relationship management - deals with employee issues
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13
Q

What is operational CRM

A

this is the actual operations of CRM. the marketing, customer service, sales.

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14
Q

What is analytical crm?

A

uses the data from operational crm in data warehouses and marts to analyze data

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15
Q

What is the business value of CRM?

A

improves customer satisfaction, increases sales, lowers customer retention costs, and lowers churn rate. Churn rate is an indicator of growth or decline of customer base. It is the number of customers that stop purchasing products

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16
Q

What is customer lifetime value or CLTV?

A

Customer lifetime value is the expenses and revenues of a customer in the expected life of the relationship.
It is an important output of analytical CRM.

17
Q

What is social CRM?

A

social CRM is the use of social media/technology to gather data and have conversations with customers

18
Q

What are associations?

A

Associations are certain attribute values that occur frequently together within a data set

19
Q

What is market basket analysis

A

application of associations and is the analysis of what products are bought together

20
Q

What is association rule mining?

A

seeks to identify the most frequent associations amongst items

21
Q

What are the 2 central concepts of associations?

A

Support s(x) is the fraction of transactions that contain a certain set of items X within the dataset. How many times is milk bought?

Confidence c(X U Y) or confidence {X} -> {Y} is the fraction of transactions that contain Y among those transactions that contain Y
s(X U Y) / s(X). how many times is milk bought during the times cookies are bought? So X is cookies and Y is milk. how reliably item set Y is bought if item set X is bought.

22
Q

What is a data warehouse

A

data warehouses collect and store data collected from data lakes. It is standardized and cannot be altered.

23
Q

What are data marts?

A

Data marts are a subset of data warehouses and contains reports or summaries on focused portions of the data.

24
Q

What is olap or online analytical processing?

A

OLAP allows for mutlidimensional analysis. This leads to the use of data cubes, which have multiple dimensions that queries can run on,

25
Q

Big data the 4 Vs

A

volume, veracity - reliability of data, variety, velocity

26
Q

what are neural networks?

A

neural networks replicate the basic functionality of the human brain and suports decision making. it is trained by using large datasets and predicts outcome variable.

27
Q

structured, unstructured, semi structured decisions

A

unstructured decisions are decisions where judgement evaluation and insight is needed
structure decisions are repetitive and routine and have a procedure
Semi structured decisions have both elements

28
Q

what is the 4 step decision making process?

A
  1. Intelligence - what is the problem,
  2. Design - what are the possible solutions
  3. Choice - what is the best solution
  4. Implementation - is the solution working
29
Q

What are quality dimensions of decisions?

A
  1. Accuracy - does decision reflect reality
  2. Comprehensiveness - does decision consider facts and circumstance
  3. Faireness - does decision reflect concerns and interest of affected
  4. speed - is decision efficient
  5. coherence - is decision easy to understand and explain
  6. due process - is decision the result of known process and appealable to higher authorityWhat
30
Q

what is BI

A

BI is the infrastructure for data

31
Q

What are 6 elements in BI environment

A
  1. data from business environment
  2. business intelligence infrastructure - database system to capture data
  3. Business analytical toolset - software tools to analyze data with KPIs
  4. Managerial users and methods
  5. delivery platform - ESS, DSS, MIS
  6. User interface
32
Q

What are scorecards?

A

visual tools to show performance

33
Q

What is the balanced scorecard method?

A

A method for understanding important information executive needs. it focuses on balance more than financial only. looks at performance in:
1. Financial
2. Business processes
3. Customer
4. Learning and growth

BIM (8 decks)

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