Chapter 1 Business Driven MIS Flashcards
information age
the present time, where infinite quantities of data are available to anyone who can use a computer
IOT (internet of things)
a world where interconnected devices can interact without human intervention
information
data converted into a meaningful context
M2M
machine to machine; devices that connect directly to other devices. think of your smartwatch connecting to your phone
Sources of Structured Data
Machine Generated & Human Generated Data
unstructured data
not defined and does not follow a specific format. Typically freeform text such as emails and tweets. 80% of the data that surrounds us.
data
raw facts (that describe the characteristics of an event or object)
structured data
Has defined length, type, and format and includes numbers, dates, and strings like customer addresses. Stored in a traditional database and accounts for about 20% of the data surrounding us.
big data
collection of large complex datasets that cannot be analyzed with traditional database methods and tools (can be structured or unstructured) (too big to fit in a single computer)
business intelligence
information from multiple sources that analyzes patterns, trends, and relationships for strategic decision making in business context
system
collection of parts that work together for a common purpose
data silo
when one business unit is unable to freely communicate with others, making it impossible for organizations to work cross-functionally
systems thinking
a way of monitoring the system by viewing multiple inputs and continuously gathering feedback on each part
MIS
a business function like finance or sales that moves info about various depts across the company for strategy and decision making purposes
SWOT
identifies influences that work for and against business strategies
porters 5 forces model
analyzes the competitive forces in the environment to assess the potential for profitability
what are the 5 forces according to porter
- buyer power
- supplier power
- threat of substitute products
- threat of new entrants
- rivalry among existing competition
buyer power
ability of buyers to affect the price they pay for products
supplier power
measures suppliers ability to influence prices they charge for materials
threat of substitute products
high when there are many alternative options
threat of new entrants
high when it is easy for new competition to enter the market
rivalry of existing competitors
high when competition is fierce in a market, low when competitors are complacent
business analytics
transforming data into insights for better decision making
