Chapter 17

Question 1

Raw data

Answer 1

Facts and figures

Question 2

Information

Answer 2

Useful data that can influence people’s choices and behavior

• information has context
• information is as important as capital for business success
• information has strategic importance in attaining first-mover advantage

Question 3

First mover advantage

Answer 3

The strategic advantage that companies earn by being the first to use new tech to substantially lower costs or to make a product or service different from that of competitors

Question 4

Acquisition cost

Answer 4

The cost of obtaining data that you don’t have

Question 5

Processing cost

Answer 5

The cost of turning raw data into usable information

Question 6

Data silo

Answer 6

An isolated data set that is difficult to obtain, combine, or use with other company data

Question 7

Data variety

Answer 7

Data that are formatted or structured in different ways

Question 8

Storage cost

Answer 8

The cost of physically or electronically archiving information for later retrieval and use
-includes power, back up power,High-speed data feeds to the data center , cooling solutions to prevent computer, network and power equipment from overheating, on-site and online security to protect data , and network and software engineers to run it

Question 9

Retrieval cost

Answer 9

The cost of accessing already stored and processed information
-A big factor for firms moving their data to the cloud

Question 10

Communication cost

Answer 10

The cost of transmitting information from one place to another

• Moore’s law significantly increased communication speeds and reduced comm costs
• still expensive

Question 11

Bar code

Answer 11

A visual pattern that represents numerical data by varying the thickness and pattern of vertical bars

Question 12

RFID tags

Answer 12

Tags containing minuscule microchips that transmit information via radio waves tracking objectives that have tags attached

Question 13

Sensors

Answer 13

Instruments that detect events or changes and actively transmits that information to other electronic devices

Question 14

Document scanner

Answer 14

Electronic device that converts printed text and pictures into digital images

Question 15

Optical character recognition

Answer 15

Software converts digitized documents into ASC11 text for searching, reading, and editing by word processing and other software

Question 16

Robotic data automation

Answer 16

Robots taught to recognize specific data patterns and then automatically scan , locate, and extract those data

Question 17

Processing information

Answer 17

Transforming raw data into meaningful information

Question 18

Data warehouse

Answer 18

A database that stores huge amounts of data have been prepared for data mining analysis by being cleaned of errors and redundancy

Question 19

Data mining

Answer 19

The process of discovering unknown patterns and relationships in large amounts of data

Question 20

Supervised data mining

Answer 20

The process when the user tells the data mining software to look and test for specific patterns and relationships in a data set

Question 21

Virtual private network (VPN)

Answer 21

Software that securely encrypts data sent by employees outside the company network, decrypts the data when they arrive within the company

Question 22

Secure sockets layer (SSL) encryption

Answer 22

Internet browser-based encryption that provides secure offsite web access to some data and programs

Question 23

Executive information system (EIS)

Answer 23

A data processing system that uses internal and external data sources to provide the information needed to monitor and analyze organizational performance

Question 24

Intranets

Answer 24

Private company networks that allow employees to easily access share and publish information

Question 25

Corporate portal

Answer 25

A hybrid of executive information systems and intranets that allows managers and employees to use a web browser to gain access to customized company information and to complete specialized transactions

Question 26

Electronic data interchange (EDI)

Answer 26

When two companies convert their purchase and ordering information to a standardized format to enable the direct electronic transmission of that information from one company’s computer system to the other companies computer system

Question 27

Web services

Answer 27

Software that uses standardized protocols to describe data from one company in such a way that those data can automatically be read understood, transcribed and processed by different computer systems in another company

Question 28

Extranets

Answer 28

Networks that allow companies to exchange information and conduct transactions with outsiders by providing them direct web based access to authorized parts of a company’s intranet or information system

Question 29

Knowledge

Answer 29

The understanding that one gains from information

Question 30

Decision support system (DDS)

Answer 30

An information system that helps managers understand specific kinds of problems and potential solutions

• uses sophisticated models and tools that are narrow in scope and targeted at specific problems
• different from EIS programs that are broader in scope

Question 31

Expert system

Answer 31

An information system that contains the specialized knowledge and Decision rules used by experts and experienced decision makers so that no experts can draw on this knowledge add to make decisions

Question 32

Artificial intelligence (AI)

Answer 32

The capability of computerized systems t on learn and adapt through experience