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E Business > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Information age

A

The present time during which infinite quantities of facts or Wylie available to anyone who can use a computer

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2
Q

Snapshot

A

A view of data at a particular moment in time

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3
Q

What is the chief technology officer responsible for?

A

Ensuring the throughput, speed, accuracy, availability, and reliability of an organizations information technology

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4
Q

Information

A

Data converted into a meaningful and useful context

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5
Q

Business unit

A

A segment of a company representing a specific business function

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6
Q

What is the chief privacy officer responsible for?

A

Ensuring the ethical and legal use of information within a company

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7
Q

Business analytics

A

The scientific process of transforming data into insight for making better decisions

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8
Q

Many chief privacy officers are what by training?

A

Lawyers

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9
Q

Business process

A

A Standardized set of activities that accomplish a specific task, such as processing a customers order

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10
Q

Internet of things

A

A world where interconnected Internet enabled devices or things have the ability to collect and share data without human intervention

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11
Q

Machine to machine

A

Devices that connect directly to other devices

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12
Q

Structured data

A

Stored in a traditional system such as a relational database or spreadsheet. Ex: sensor data, point of sale data, accounting data

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13
Q

Unstructured data

A

Data that is not stored in a formal database. Example word processed documents, text messages

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14
Q

Big data

A

A collection of large complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods

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15
Q

What are the five characteristics of big data?

A

Variety
veracity
volume
velocity
value

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16
Q

Report

A

A document containing data organized in a table, matrix, or graph allowing users to comprehend and understand info

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17
Q

Static report

A

Created once based on data that does not change

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18
Q

Dynamic report

A

Changes automatically during creation

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19
Q

Business intelligence

A

Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making

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20
Q

Analytics

A

The science of fact-based decision making

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21
Q

Business analytics

A

The scientific process of transforming data into insight for making better decisions

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22
Q

Descriptive analytics

A

Techniques that describe part performance and history

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23
Q

Predictive analytics

A

Techniques that extract information from data and use it to predict future trends and identify behavioral patterns

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24
Q

Prescriptive analytics

A

Techniques that create models including the best decision to make or course of action to take

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25
Q

Behavioral analysis

A

Uses data about peoples behaviors to understand and predict future actions

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26
Q

Exploratory data analysis

A

Identifies patterns in data, including outliers, uncovering the underlying structure to understand relationships between variables

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27
Q

Pattern recognition analysis

A

Classifies or labels an identified pattern in the machine learning process

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28
Q

Social media analysis

A

Analyzes text flowing across the Internet including unstructured text from blogs and messages

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29
Q

Speech analysis

A

Analyzes recorded calls to gather information

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30
Q

Text analysis

A

Analyzes unstructured data to find trends and patterns and words and sentences

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31
Q

Web analysis

A

Analyzes unstructured data associated with websites to identify consumer behavior and website navigation

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32
Q

Knowledge

A

Skills, experience, and expertise coupled with information and intelligence that creates a persons intellectual resources

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33
Q

Knowledge worker

A

Individual valued for their ability to interpret and analyze information

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34
Q

Management information systems (MIS)

A

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

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35
Q

Chief data officer

A

Responsible for determining the types of information the enterprise will capture, retain, analyze, and share

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36
Q

Chief Security officer

A

Responsible for ensuring the security of MIS systems

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37
Q

Chief knowledge officer

A

Responsible for collecting, maintaining, and distributing the organizations knowledge

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38
Q

What is the Luddite fallacy?

A

The simple observation that new technology does not lead to higher overall unemployment in the economy. New technology doesn’t destroy drops it only changes the composition of jobs in the economy

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39
Q

What Is porters five forces model?

A

A model that identifies and analyzes five competitive forces that shape every industry

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40
Q

Porters five forces

A

Buying power, supplier power, threat of substitutes, threat of new entrants, rivalry among existing competitors

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41
Q

Organizations typically follow one of Porter’s three generic strategies when entering a new market, which are:

A

Cost leadership, differentiation, focused strategy

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42
Q

Value chain analysis

A

Views a firm as a series of business processes that each add value to the product or service

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43
Q

The difference between cost and value

A

Margin

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44
Q

What are challenges for managerial decision making?

A

Analyze large amounts of information
apply sophisticated analysis techniques
make decisions quickly

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45
Q

The six step decision-making process

A

Problem identification
data collection
solution generation
solution test
solution selection
solution implementation

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46
Q

Structured decisions

A

Situations where established processes offer potential solutions

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47
Q

Managerial decision making

A

Employees evaluate company operations to identify, adapt to, and leverage change

48
Q

Unstructured decisions

A

Occurs in situations in which no procedures or rules exist guide decision makers toward the correct choice

49
Q

Strategic decision making

A

Managers develop overall strategies, goals, and objectives

50
Q

Project

A

A temporary activity a company undertakes to create a unique product, service, or result

51
Q

Metrics

A

Measurements that evaluate results to determine whether a project is meeting its goals

52
Q

Critical success factors

A

The crucial steps companies make to perform to achieve their goals and objectives and implement strategies

53
Q

Key performance indicators

A

The quantifiable metrics a company uses to evaluate progress toward critical success factors. Examples: turnover rate of employees, number of product returns, number of new customers, average customer spending

54
Q

External key performance indicators

A

Market share – the portion of the market that a firm captures

55
Q

Internal key performance indicators

A

Return on investment – indicates the earning power of a project

56
Q

Efficiency MIS metrics

A

Measure the performance of MIS itself, such as throughput, transaction speed, and system availability

57
Q

Effectiveness MIS metrics

A

Measures the impact MIS has on business processes and activities, including customer satisfaction and customer conversation rates

58
Q

Benchmark

A

Baseline values the system seeks to attain

59
Q

Benchmarking

A

A process of continuously measuring system results, comparing those results to optimal system performance and identifying steps and procedures to improve system performance

60
Q

What is the difference between a structured decision process and an unstructured decision process?

A

Structured is one for which there is an understood and accepted method, and unstructured is one for which there is no agreed-upon decision making process

61
Q

Transaction processing system

A

Basic business system that serves the operational level and assists in making structure decisions

62
Q

Decision support system

A

Models information to support managers and business professionals during the decision-making process

63
Q

Executive information system

A

A specialized DSS that supports senior level executives within the organization

64
Q

What does CRUD stand for within the transaction processing system?

A

Create, read, update, and delete

65
Q

Analytical information

A

Encompasses all organization information and its primary purpose is to support the performing of managerial analysis or semistructured decisions

66
Q

Online analytical processing

A

Manipulation of information to create business intelligence in support of strategic decision making

67
Q

Sensitivity analysis

A

The study of the impact that changes in one or more parts of the model have on other parts of the model

68
Q

Goal seeking analysis

A

Find the input necessary to achieve goals such as a desired level of output

69
Q

Optimization analysis

A

An extension of goal seeking analysis, finds the optimum value for a target variable by repeatedly changing Other variables, subject to specified constraints

70
Q

What are the four quantitative models used by DSSs?

A

Input, process, output, feedback

71
Q

How are the transaction processing system and decision support system related?

A

The TPS supplies transaction based data to the DSS

72
Q

What is an executive information system?

A

Specialized DSS that support senior-level executives within the organization. Characteristics are granularity, visualization, and digital dashboard

73
Q

The executive information system needs information from what to help executives make decisions?

A

The transaction processing systems

74
Q

Drill-down

A

Enables users to get details, and details of details, of information

75
Q

Slice-and-dice

A

Looks at information from different perspectives

76
Q

Pivot

A

Rotates data to display alternative presentations of the data

77
Q

Expert systems

A

Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems

78
Q

Generic algorithm

A

An artificial intelligence system that mimics the revolutionary survival of the fittest process to generate increasingly better solutions to a problem

79
Q

Case-based reasoning

A

A method whereby new problems are solved based on the solutions from similar cases solved in the past

80
Q

Mutation

A

The process within a genetic algorithm of randomly trying combinations and evaluating the success or failure of the outcome

81
Q

What are some examples of AI?

A

Automation, complex analytics, fraud detection, resource scheduling

82
Q

Machine learning

A

A type of artificial intelligence that enables computers to both understand concepts in the environment and also to learn

83
Q

Data augmentation

A

Occurs when adding additional training examples by transforming existing examples

84
Q

What is overfitting and underfitting?

A

Over fitting is when the machine learning model matches the training data so closely that the model fails to make correct predictions. Unfitting occurs when a machine learning model has poor predictive abilities because it did not learn the complexity in the training data

85
Q

Sample bias

A

Occurs when using incorrect training data to train the machine

86
Q

Prejudice bias

A

Occurs as a result of training data that is influenced by cultural or other stereotypes

87
Q

Measurement bias

A

Occurs when there is a problem with the data collected that skews the data in One Direction

88
Q

Variance bias

A

A mathematical property of an algorithm. This is the only bias not associated with the input or training data. Models are sensitive to noise

89
Q

Neural network

A

Attempts to emulate the way the human brain works

90
Q

Fuzzy logic

A

Mathematical method of handling imprecise or subjective information

91
Q

Reinforcement learning

A

The training of machine learning models to make a sequence of decisions

92
Q

Haptic interface

A

Uses technology allowing humans to interact with a computer through bodily sensations and movements

93
Q

Customer facing process

A

Results in a product or service that is received by an organizations external customer

94
Q

Business facing process

A

Invisible to the external customer but essential to the effective management of the business

95
Q

Business process mapping

A

The activity of creating a detailed flow chart or process map of a work process showing its inputs, tasks, and activities in a structured sequence

96
Q

Business process model

A

Graphic description of a process showing the sequence of process tasks which is developed for a specific model

97
Q

As-is process model

A

Represents the current state of the operation that has been mapped without any specific improvements or changes to existing processes

98
Q

To-be process model

A

Shows the results of applying change improvement opportunities to the current (as-is) process model

99
Q

Workflow

A

Includes the tasks, activities, and responsibilities required to execute each step in a business process

100
Q

Workflow control systems

A

Monitor processes to ensure tasks, activities, and responsibilities are executed as specified

101
Q

Digitization

A

The automation of existing manual and paper-based processes and workflows to a digital format

102
Q

Operationalized analytics

A

Makes analytics part of a business process

103
Q

Business process improvement

A

Attempts to understand and measure the current process and make performance improvements accordingly

104
Q

Robotic process automation

A

Do use of software with artificial intelligence and machine learning capabilities to handle high volume, repeatable tasks that previously required a human to perform

105
Q

Machine vision

A

The ability of a computer to see by digitizing an image, processing the data contains, and taking some kind of action

106
Q

Business process reengineering

A

The idea that radical redesign and re-organization of an enterprise (wiping the slate clean) sometimes was necessary to lower costs and increase quality of service. Also that information technology was the key enabler for change

107
Q

Data mining

A

The process of analyzing data to extract information not offered by the raw data alone

108
Q

What are the three elements of data mining?

A

Data, discovery (new patterns), deployment (implementing discoveries)

109
Q

Data Profiling

A

The process of collecting statistics and information about data in an existing source

110
Q

Data replication

A

The process of sharing information to ensure consistency between multiple data sources

111
Q

Recommendation engine

A

A data mining algorithm that analyzes a customers purchases and actions on a website and then uses the data to recommend complementary products

112
Q

Classification

A

Assigns records to one of a predefined set of classes

113
Q

Estimation

A

Determines values for an unknown continuous variable behavior or estimated future value

114
Q

Affinity grouping

A

Determines which things go together

115
Q

Clustering

A

Segments a heterogeneous population of records into a number of More homogenous subgroups

116
Q

Data mining prediction

A

A statement about what will happen or might happen in the future like predicting future sales or employee turnover

E Business (2 decks)

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