Chapter I Flashcards
- – - The confirmation or validation of an event or object
- – - The present time, during which infinite quantities of facts are widely available to anyone who can use a computer
Fact
Information Age
- – (IoT) - A world where interconnected Internet-enabled devices or “things” have the ability to collect and share data without human intervention
- (M2M) - Refers to devices that connect directly to other devices
Internet of THings
Machine-to-Machine
The core drivers of the information age:
Data
Information
Business Intelligence
Knowledge
- Raw facts that describe the characteristics of an event or object
- – data – Stored in a traditional system such as a relational database or spreadsheet
- – data – Created by a machine without human intervention
- –data – Data that humans, in interaction with computers, generate
Data
Structured Data
Machine-generated data
Human-generated data
— data – Not defined and does not follow a specified format
Unstructured
- – A collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools
- – A view of data at a particular point in time
Big Data
Snapshot
— - Data converted into a meaningful and useful context
Information
- – A document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information
- – Creating once based on data that does not change
- – – Changes automatically during creation
Report
Static report
Dynamic Report
Business intelligence - Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
Business Intelligence
— – The science of fact-based decision making
Descriptive —
Predictive —
Prescriptive —-
Analytics
– Analytics
Techniques that describe past performance and history
Example: Creating a report that includes charts and graphs that explains data
– Analytics
Techniques that extract information from data and use it to predict future trends and identify behavioral patterns
Example: Using past sales data to predict future sales data
– Analytics
Techniques that create models indicating the best decision to make or course of action to take
Example: Airline using past purchasing data as inputs into a model that recommends the best pricing strategy across all flights allowing the company to maximize revenue.
Descriptive
Predictive
Prescriptive
– - Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources
Knowledge worker – Individual valued for their ability to interpret and analyze information
Knowledge
Knowledge Worker
Departments Working Independently…
- –: records,measures, and reports monetary transactions
- –:Tracks Financial Strategic issues including money, banking, credit, investments, and assets
- – —: Maintains policies, plans, and procedures for effective management of employees
- –: Supports sales by planning, pricing, and promoting goods or services
- – —: Manages the process of converting or transforming or resources into goods or services
–: Performs the function of selling goods or services
Accounting Finance Human Resources Marketing Operations Management Sales
Departments Working Together..
—: Transactional data, Purchasing data, Payroll data, Tax Data
—: Investment data, Monetary data, reporting data
— —: Employee data, Promotion data, Vacation data
–: Promotion data, Sales data, Advertising data
— —: Manufacturing data, Distribution data, production data
—: Potential customer data, Sales report data, commission data, customer support data
Accounting Finance Human Resources Marketing Operations Management Sales
–: Material items or products that customers will buy to satisfy a want or need
Goods
—: Tasks people perform that customers will buy to satisfy a want or need
Services
— — – 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
Systems Thinking
— – –(MIS) – 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
Management Information Systems
- – Oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives
- – - Responsible for collecting, maintaining, and distributing the organization’s knowledge
- — – Responsible for ensuring the ethical and legal use of information
Chief information officer (CIO)
Chief knowledge officer (CKO)
Chief privacy officer (CPO)
–– Responsible for ensuring the security of IT systems
–– Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IT
Chief intellectual property officer
Chief automation officer
Chief user experience officer
Chief security officer (CSO)
Chief technology officer (CTO)
-- -- – 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
Business Strategy
Stakeholders Interests
—: Reliable Contracts, Ethical Materials Handling, Responsible Production
—: Maximize Profits, Grow Market Share, High Return on Investment
—: Professional Associations, Ethical Recycling, Increase Employment
—: Fair Compensation, Job Security, Ethical Conduct/Treatment
—: Exceptional Customer Service, HIgh-Quality Products, Ethical Dealing
–: Adhere to Regulations/Laws, Increase Employment, Ethical Taxation Reporting
Partners/Suppliers
Shareholders/Investors
Community
Employees
Customers
Government
