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Chapter 1: Business Driven MIS Flashcards

1
Q

Core drivers of the Information Age

A

Data
Information
Business intelligence
Knowledge

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2
Q

Information Age

A

The present time, during which infinite quantities of facts are widely available to anyone who can use a computer

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3
Q

Fact

A

The confirmation or validation of an event or object

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4
Q

Data

A

Raw facts that describe the characteristics of an event or object

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5
Q

Information

A

Data converted into a meaningful and useful context

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6
Q

Business intelligence

A

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

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7
Q

Knowledge

A

Skills, experience, and expertise coupled with information and intelligence that creates a persons intellectual resources

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8
Q

Quality attributes of information

A

Timeliness
Location (no matter where you are)
Form (audio, text, animation, etc)
Validity (credibility)

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9
Q

Lack of any of the quality attributes of into creates

A

GIGO: garbage in, garbage out

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10
Q

Departmental companies

A 
Accounting
Finance
Human resources
Marketing
Operations management
Sales
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11
Q

Accounting

A

Records, measures, and reports monetary transactions

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12
Q

Finance

A

Deals with strategic financial issues including money, banking, credit, investments, and assets

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13
Q

Human resources

A

Maintains policies, plans, and procedures for the effective management of employees

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14
Q

Marketing

A

Supports sales by planning, pricing, and promoting goods or services

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15
Q

Operations management

A

Manages the process of converting or transforming of resources into goods or services

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16
Q

Sales

A

Performs the function of selling goods or services

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17
Q

Flows of information

A

Upward
Downward
Horizontal
Outward/inward

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18
Q

Upward

A

Describes state of the organization based on transactions

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19
Q

Downward

A

Strategies, goals, and directives that originate at a higher level and are passed to lower levels

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20
Q

Horizontal

A

Between functional business units and work teams

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21
Q

Outward/inward

A

From and to customers, suppliers, distributors, and other partners

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22
Q

People as a resource

A

Technology literate knowledge worker

Information literate knowledge worker

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23
Q

Ethics

A

Principles and standards that guide our behavior toward other people

24
Q

You always want your actions to fall in quadrant ?

A

1- both ethical and legal

25
Quadrants
1- ethical and legal 2- ethical and illegal 3- unethical and legal 4- unethical and illegal
26
Systems thinking
A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part - a way of seeing and talking about reality that helps us better understand and work with organization and communities to influx the quality of our lives
27
Feedback
Information that returns to its original transmitter and modifies the transmitters actions
28
Management information systems
A business function, like accounting and human resources which moves information about people, products, and processes across the company to facilitate decision making and problem solving
29
System
Any group of interacting, interrelated, or interdependent parts that form a complex and unified whole that has a specific purpose that defined it as a discrete entity that holds it together - all parts must be present for a system to carry out its purpose optimally
30
- whenever you add __ to a collection you almost always transform a collection to a system
People
31
Linear perspective
Cause = effect | A to B to C to D to E
32
Feedback perspective
A to B to C (back to A) to to D (back to C and B) to E
33
Leaders work ON the system not
In the system
34
Business strategy
A leadership plan that achieves a specific set of goals or objectives such as - developing new products or services - entering new markets - increasing customer loyalty - attracting new customers - increasing sales
35
Competitive advantage
A product or service that an organizations customers place a greater value on than similar offerings from a competitor
36
First mover advantage
Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
37
Competitive intelligence
The process of gathering information about the competitive environment to improve the company's ability to succeed
38
Competitive intelligence tools
Porters five forces model Porters three generic strategies Porters value chain analysis
39
Porters five forces model
Rivalry among existing competitors on inside 1. Threat of new entrants 2. Bargaining power of suppliers 3. Bargaining power of buyers 4. Threat of substitute products or services On the outside
40
Buyer power
The ability of buyers to affect the price of an item
41
Switching cost
Manipulating costs that make customers reluctant to switch to another product
42
Loyalty program
Rewards customers based on the amount of business they do with a particular organization
43
Supplier power
The suppliers ability to influence the prices they charge for supplies
44
Supply chain
Consists of all parties involved in the procurement of a product or raw material
45
Threat of substitute products or services
High when there are many alternatives to a product or service and low when there are few alternatives
46
Threat of new entrants
High when it is easy for new competitiors to enter a market and low when there are significant entry barriers
47
Entry barrier
A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival
48
Rivalry among existing competitors
High when competition is fierce in a market and low when competitors are more complacent
49
Product differentiation
Occurs when a company develops unique differences in its products or services with the intent to influence demand
50
Value chain analysis
Systematic approach to assessing, and improving the value of business processes
51
Value chain
Chain or series of business processes, each of which adds value to your organizations products or services
52
Business process
Standardized set of activities that accomplishes a specific task
53
Two types of processes
Primary and support
54
Primary value process
Takes in raw materials and makes, delivers, markets and sells, and services your products and services
55
Support value process
Supports the primary value processes

MIS (12 decks)

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