Chapter 17 Flashcards
Raw data
Facts and figures
Information
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
First mover advantage
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
Acquisition cost
The cost of obtaining data that you don’t have
Processing cost
The cost of turning raw data into usable information
Data silo
An isolated data set that is difficult to obtain, combine, or use with other company data
Data variety
Data that are formatted or structured in different ways
Storage cost
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
Retrieval cost
The cost of accessing already stored and processed information
-A big factor for firms moving their data to the cloud
Communication cost
The cost of transmitting information from one place to another
- Moore’s law significantly increased communication speeds and reduced comm costs
- still expensive
Bar code
A visual pattern that represents numerical data by varying the thickness and pattern of vertical bars
RFID tags
Tags containing minuscule microchips that transmit information via radio waves tracking objectives that have tags attached
Sensors
Instruments that detect events or changes and actively transmits that information to other electronic devices
Document scanner
Electronic device that converts printed text and pictures into digital images
Optical character recognition
Software converts digitized documents into ASC11 text for searching, reading, and editing by word processing and other software
Robotic data automation
Robots taught to recognize specific data patterns and then automatically scan , locate, and extract those data
Processing information
Transforming raw data into meaningful information
Data warehouse
A database that stores huge amounts of data have been prepared for data mining analysis by being cleaned of errors and redundancy
Data mining
The process of discovering unknown patterns and relationships in large amounts of data
Supervised data mining
The process when the user tells the data mining software to look and test for specific patterns and relationships in a data set
Virtual private network (VPN)
Software that securely encrypts data sent by employees outside the company network, decrypts the data when they arrive within the company
Secure sockets layer (SSL) encryption
Internet browser-based encryption that provides secure offsite web access to some data and programs
Executive information system (EIS)
A data processing system that uses internal and external data sources to provide the information needed to monitor and analyze organizational performance
Intranets
Private company networks that allow employees to easily access share and publish information
Corporate portal
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
Electronic data interchange (EDI)
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
Web services
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
Extranets
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
Knowledge
The understanding that one gains from information
Decision support system (DDS)
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
Expert system
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
Artificial intelligence (AI)
The capability of computerized systems t on learn and adapt through experience
