Chapter 1 Flashcards
What is an IS? (5 things)
A system that incorporates hardware, software, data, procedures and people
What is IT?
Hardware, software and data. Raw technology components of IS
What is MIS?
Development and use of IS. Used for businesses to achieve goals and objectives. Improves efficiencies and effectiveness of decision making
Strategic business objectives (6)
- Operational excellence
- New products, services, and business models
- Customer and supplier intimacy
- Improved decision making
- Competitive advantage
- Survival
Operational excellence
Increase efficiency of operations to increase profitability
ex. maximize employee productivity
New products, services and business models
Important enabling tool. Improve how company produces, delivers, and sells products (business model)
Customer and supplier intimacy
Business knows customers, is able to serve them well, resulting in returning customers
Improved decision making
Up to date data from given market. Increase efficiency
Competitive advantage
Doing things better than competitors. Cheaper, faster, higher quality, uniqueness
Survival
Mandatory to stay relevant in industry. ex: ATMs for banks
Moore’s law
Every 18 months, speed of computer chips will double
Transistor per square inch doubles every 18 months
price/performance ratio of computers has fallen dramatically for years
