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INFS - Principles of Management Systems > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

The confirmation or validation of an event or object

A

Fact

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2
Q

A time infinite quantities of facts are widely available to anyone who can use a computer

A

Information Age

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3
Q

A world where interconnected Internet-enabled devices or “things” have the ability to collect and share data without human intervention

A

Internet of Things (IoT)

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4
Q

Refers to devices that connect directly to other devices

A

Machine-to-machine (M2M)

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5
Q
  1. Data
  2. Information
  3. Business intelligence
  4. Knowledge
A

The Core drivers of the information age

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6
Q

Raw facts that describe the characteristics of an event or object

A

Data

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7
Q

A collection of large, complex datasets, which cannot be analyzed using traditional database methods and tools

A

Big Data

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8
Q

The uncertainty of data, including biases, noise, and abnormalities

A

Variety

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9
Q

The scale of data

A

Volume

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10
Q

The analysis of streaming data as it travels around the internet

A

Velocity

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11
Q

has a definite length, type, and format and includes numbers, dates, or strings such as Customer Address format

A

Structured Data

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12
Q

Created by a machine without human intervention

A

Machine-generated data

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13
Q

Data that humans, in interaction with computers, generate

A

Human-generated data

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14
Q

Not defined, does not follow a specified format, and is typically free-form text

A

Unstructured data

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15
Q

Satellite images, scientific atmosphere data, and radar data

A

Machine-generated unstructured data

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16
Q

emails, tweets, and texts

A

Human-generated unstructured data

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17
Q

Data converted into a meaningful and useful context

A

Information

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18
Q

A data characteristic that stands for a value that changes or varies over time

A

Variable

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19
Q

A document containing data organized in a table, matrix, or geographical format allowing users to easily comprehend and understand information

A

Report

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20
Q

Changes automatically during creation

A

Dynamic report

21
Q

Created once based on data that does not change

A

Static report

22
Q

Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends, and relationships for strategic decision making

A

Business intelligence

23
Q

Collects, queries, and consumes organizational data to uncover patterns and provide insights for strategic business decision making

A

Data analyst

24
Q
  1. Understanding math and statistics
  2. Coding skills to work with data
  3. Business area subject matter expertise
A

Three Key Skills of a Data Analyst

25
Q

The science of fact-based decision making

A

Analytics

26
Q

The scientific process of transforming data into insight for making better decisions

A

Business analytics

27
Q

Extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, markets, changes, and other relevant information

A

Data scientist

28
Q
  1. Descriptive analytics
  2. Diagnostic analytics
  3. Predictive analytics
  4. Prescriptive analytics
A

The Four Categories of Analytics

29
Q

Describes part performance and history

A

Descriptive Analytics

30
Q

Examines data or content to answer the question, “why did it happen?”

A

Diagnostic Analytics

31
Q

Extracts information from data and uses it to predict future trends and identify behavioral patterns

A

Predictive analytics

32
Q

Creates models including the best decision to make or course of action to take

A

Prescriptive Analytics

33
Q

Skills, experiences, and expertise coupled with information and intelligence that creates a person’s intellectual resources

A

Knowledge

34
Q

The human, structural, and recorded resources available to the organization

A

Knowledge assets

35
Q

Helps harness the wealth of knowledge in the organization

A

Knowledge organization

36
Q

Individual valued for their ability to interpret and analyze information

A

Knowledge worker

37
Q

When one business is unable to freely communicate with other business units. This makes it difficult/impossible to work cross-functionally

A

Data silo

38
Q

The ability for data to be collected, analyzed, and accessible to all users

A

Data democratization

39
Q

Material items or products that customers will buy to satisfy a want or need

A

Goods

40
Q

Tasks performed by people that customers will buy to satisfy a want or need

A

Services

41
Q

The process where a business takes raw materials and processess them or converts them into a finished product for its goods or services

A

Production

42
Q

A way of monitoring the entire system by viewing multiple inputs while continuously gathering feedback on each part

A

System thinking

43
Q

A business function, accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving

A

Management Information Systems (MIS)

44
Q

A product or service that an organization’s customer place a greater value on than similar offerings from a competitor

A

Competitive advantage

45
Q

occurs when an organization can significantly impact its market chare by being first to market with a competitive advantage

A

First-mover advantage

46
Q

evaluates project position

A

SWOT analysis

47
Q

Evaluates industry attractiveness

A

The Five Forces Model

48
Q

Choose business focus

A

The Three Generic Strategies

49
Q

Executes business strategy

A

Value Chain Analysis

INFS - Principles of Management Systems (2 decks)

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