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ACCA APM > Chapter 5 - Information systems and developments in technology > Flashcards

Chapter 5 - Information systems and developments in technology Flashcards

1
Q

What are the qualities of good information?

A

Accurate
Complete
Cost<benefit
Understandable
Relevant
Adaptable
Timely
Easy to use

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2
Q

What is a management accounting system?

A

It reports on the information needed by a management accountant such as…
- Inventory values
- Variance analysis
- Assess performance
- Make decisions

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3
Q

What are Management information systems?

A

Systems used to produce information
to allow managers to make effective decisions.

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4
Q

What are the four types of MIS?

A
  • Executive information systems (EIS)
  • Decision support systems (DSS)
  • Transaction processing systems (TPS)
  • Expert systems
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5
Q

What is an EIS?

A

System that gives access to internal and external information presented in s user friendly way (Like performance reports)

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6
Q

What is a DSS?

A
  • Helps managers make decisions.
  • Accesses and manipulates data to find a decision.
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7
Q

What is a TPS?

A

Records daily transactions and can summarise in a report.

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8
Q

What is an expert system?

A

Can be used by all. Holds a database of knowledge that can be access for information. Like a tax system.

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9
Q

What are four features of a quality management system?

A
  • Functionality
  • Reliability
  • Usability
  • Build quality
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10
Q

What is a data silo?

A

A data silo is when data exists in separate areas of the organisation and does not connect up with or integrate with other organisational data.

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11
Q

What are two issues with data silos?

A
  • Duplication of information
  • Barriers to collaboration
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12
Q

What is a potential solution to data silos?

A
  • Cloud data
  • Change organisational culture
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13
Q

What is a Network?

A

A group of two or more computer systems linked together.

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14
Q

What are the three types of network?

A
  • Internet
  • Intranet
  • Extranet
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15
Q

What is cloud computing?

A

A way of delivering on demand computing resources over the internet.

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16
Q

What are the two types of cloud computing?

A

Public cloud - hosted by 3rd party
Private cloud - Hosted by private infrastructure

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17
Q

What are 5 advantages of cloud computing?

A
  • Flexibly and scalable (upgrades)
  • Cost efficient
  • Security (experts/backups)
  • Flexible working
  • Environmental impact
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18
Q

What are four disadvantages of cloud computing?

A
  • Organisational change
  • Contract management
  • Security
  • Reliance
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19
Q

What is a data warehouse? (3 things)

A
  • A database
  • A data extraction tool
  • A decision support system
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20
Q

What are three issues with data warehouses?

A
  • Cost of buying, maintaining and staff training.
  • System failure catastrophic
  • Security breach catastrophic
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21
Q

What is data mining?

A

Analysis of data within a data warehouse to unearth relationships

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22
Q

What might data mining include?

A
  • Associations
  • Sequences (events)
  • Classifications (customer profiles)
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23
Q

What is a unified corporate database?

A

An organisational wide database

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24
Q

What is an Enterprise Resource Planning System (ERPS) an example of?

A

Unified corporate database

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25
Q

What are 6 benefits of a ERPS?

A
  • Snr managers have access to all info in one place
  • Aids management decision process
  • Enables collaboration
  • Helps plan use of resource
  • Less duplication of data
  • Can be incorporated to customer and supplier relationship management
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26
Q

What are the two types of knowledge?

A

Explicit
Tactic

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27
Q

What is explicit knowledge?

A

Knowledge that the company knows it has, for example customer information.

28
Q

What is tactic knowledge?

A

Personal knowledge or expertise known by employees that it not written down.

29
Q

What is knowledge management?

A

The process for the acquisition, sharing, retention and utilisation of knowledge

30
Q

What are the two types of Knowledge management system?

A

Codified based system
Personalisation based system

31
Q

What is a codified based system?

A

Include formal, technical knowledge such as
tax rules or law.

32
Q

What is a Personalisation based system?

A

Employees input their knowledge so that this can be shared with others within the organisations.

33
Q

What are 6 examples of Knowledge management systems?

A
  • Groupware (email)
  • Intranets and extranets
  • Data warehouses
  • DSS
  • Content management systems
  • Document management systems
34
Q

What is a customer relationship management system?

A

The process an organisation uses to:
- Identify attract and win new customers
- Retain customers
- Entice back past customers

35
Q

What is Radio frequency identification (RFID) used for ?

A
  • Track inventory to retail stores
  • Tag livestock in farms
  • Track location of doctors in hospitals
36
Q

What are some benefits of RFID?

A
  • Real time location
  • Less reliance on physical checks
  • control easier
37
Q

What is internet of things?

A

The internet of things describes the network of smart devices with inbuilt internet access.

38
Q

What is AI?

A

The creation of intelligent machines that work and react like human beings.

39
Q

What are four areas AI can master to help organisations?

A
  • Voice recognition
  • Planning
  • Learning
  • Problem solving.
40
Q

What is machine learning?

A

A subset of AI where effectively AI computer code is built to mimic how the human brain works.

41
Q

What is big data?

A

Extremely large collections of data that may be analysed to reveal patterns, trends and associations.

42
Q

What are the five characteristics of big data?

A
  • Volume
  • Velocity
  • Variety
  • Veracity
  • Value
43
Q

What are six ways McKinsey identified that Big Data can be used to benefit organisations?

A
  • Insight and understanding
  • Performance improvement
  • Market segmentation
  • Decision making
  • Innovation
  • Risk management
44
Q

What are 7 risks of big data?

A
  • Skills required
  • Security of data
  • Cost>benefit
  • Incorrect (veracity) data
  • Old data
  • Technical problems
  • Costs
45
Q

What is data analytics?

A

The process of collecting, organising and analysing large sets of data to discover patterns.

46
Q

What are the four different types of data analytics?

A
  • Descriptive
  • Diagnostic
  • Predictive
  • Prescriptive
47
Q

What is Descriptive analytics the starting point of?

A

The data analysis process

48
Q

What question does Descriptive analytics answer?

A

What has happened

49
Q

What does Descriptive analytics do?

A

Turns historical data and presents it as ‘good’ information.

50
Q

What is an advantage of descriptive analytics?

A

Quick and easy way to report performance and gain insights

51
Q

What are two disadvantages of descriptive analytics?

A
  • Doesn’t help understand why or what will happen in the future
  • Relies on the accuracy of the historic data.
52
Q

What question does Diagnostic analytics answer?

A

Why did it happen?

53
Q

What does Diagnostic analytics do?

A

Finds connections between the different sets of data

54
Q

What are two advantages of Diagnostic analytics?

A
  • Helps to understand why something happened and how it happened
  • Relatively quick and easy compared to forward looking methods.
55
Q

What are three disadvantages of Diagnostic analytics?

A
  • More complex and time consuming than descriptive analysis (the first method).
  • Doesn’t help understand what will happen in the future.
  • The creation of ‘good’ information relies on the accuracy of the historic data.
56
Q

What question does predictive analytics aim to answer?

A

What will happen next?

57
Q

What does predictive analytics aim to do?

A

Use historical and current data to predict how things may unfold

58
Q

What are three advantages of predictive analytics?

A
  • Helps forecast possible future events.
  • Informs effective future business strategy.
  • Helps improve many areas of the business
59
Q

What are three disadvantages of predictive analytics?

A
  • Relies on the accuracy of historic data.
  • Based on probabilities, these may not be completely accurate.
  • More complex and time consuming than the methods above.
60
Q

What question does prescriptive analytics aim to answer?

A

What action should be taken?

61
Q

What does prescriptive analytics do?

A

Combines AI and machine learning algorithms to predict what, when and why something might happen.

62
Q

What are three examples of what prescriptive analytics could help with?

A

– capital rationing decisions
– replacement analysis
– identifying the optimal balance of finance.

63
Q

What are three advantages of prescriptive analytics?

A
  • Invaluable insights to help make the best business decisions.
  • Can consider multiple decisions and variables.
  • Reduces the scope for human error.
64
Q

What are three disadvantages of prescriptive analytics?

A
  • Relies on the accuracy of historic data and its ability to predict future events.
  • Complex and requires specialist data scientist skills
  • The most complex and time consuming of the methods.
65
Q

What are two advantages of regression analysis?

A
  • Models are simple to use and easily explained to non-financial managers.
  • Models can be used to predict the impact of changes in estimates
66
Q

What are three disadvantages of regression analysis?

A
  • There will not always be a linear relationship between variables and outcomes.
  • Correlation vs causation.
  • Will be less meaningful if the data collected is inaccurate.

ACCA APM (14 decks)

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