Chapter 3 - Information systems and data analytics Flashcards
What are the 3 levels of control for performance management?
- Strategic planning
- Tactical planning
- Operation control and planning
What are the key characteristics of strategic planning?
- takes place at the top of the organization
- concerned with future course and action
What is an e.g. of accounting info requirements for strategic planning?
Long-term forecasts
What are the key characteristics of tactical planning?
- concerned with effective use of resources to achieve targets set at strategic planning.
What is an e.g. of accounting info requirements for tactical planning?
- Budgetary measures
- Productivity measures
- labour stats
- capacity utilisation
What are the key characteristics of operational planning and control?
- concerned with day-to-day implementation of the plans of the organisation
What is an e.g. of accounting info requirements for operational planning and control?
Inventory levels
What kind of information does the strategic level of management require?
- from internal and external sources
- Strategic info would relate to the longer-term strategy on the company’s market share
What kind of information does the tactical level of management require?
- requires info and instructions from the strategic level of management, together with routine and regular quantitative info
- info must be detailed and precise.
What kind of information does the operational level of management require?
- requires info and instructions from the tactical level of management
- primarily concerned with day-to-day performance tasks
- internal sources
What are the 3 information systems?
Executive information system (EIS)
Management information systems (MIS)
Transaction Processing System (TPS)
What is EIS?
- for senior executives
- at strategic level
- user friendly
- internal and external info
What is MIS
- collates info from individual transactions to support structural decision-making
- for all levels of management but regularly used in tactical level
- Provides summary information on the performance of the organisation
- internal focus
What is TPS?
- routine business transactions
- at the operational level
- captures, processes, stores, and outputs low-level data
- records historic info
What is a Enterprise Resource Planning system (ERPS)?
they integrate the data from all operations within the organization e.g., operations, sales, marketing and HR into one single system
What is a customer relationship management system (CRM)?
aim to form and sustain long-term business with customers
What is Big Data?
commonly used to refer to large volumes of data beyond the normal processing, storage and analysis capacity of typical database application tools.
What are the five V’s involved with big data
- Veracity
- Velocity
- Volume
- Variety
- Value
What are the benefits of big data?
- drives innovation
- gains competitive advantage
- improving productivity
What are the risks of big data?
- availability of skills
- security of data
- data protection
What is big data management?
The storage, admin, and control of vast quantities of structured and unstructured data.
Can store and process large sets of data from a variety of relatively new sources, such as social media
What is big data analytics?
- The process of scrutinising big data to identify patterns, correlations and relationships.
- Gaining insights
- better forecasting
- more detailed and up to date performance management
What is the big data pyramid?
Describes a series of steps. A model representing the relationship between data, info, knowledge, and wisdom.
What is the focus on knowledge management?
Create
organise
apply
transfer
What is the focus on information management?
Collect
Process
Disseminate
Store
Display
Protect
What is data mining?
the process of identifying relationships, trends and patterns in large set of data, effectively turning raw data into useful info.
What does data mining involve?
various methods such as statistics, machine learning and database systems.
What are the 3 types of analytics?
- Descriptive analytics (What has happened)
- Predictive analytics (what will happen)
- Prescriptive analytics (what should we do)
