Exam 1 Flashcards
An advantage over competitors gained by offering consumers greater value, by offering either lower prices or greater benefits and services that justify higher prices
Competitive advantage
SWOT
Strengths, Weaknesses, Opportunities, Threats
Five Forces Model
Threat of substitute products or services, buy power, threat of new entrants, supplier power > Rivalry among existing competitors
IS should ___________ the company’s strategy and mission/purpose.
complement/ enable
Reporting profit/ financial performance, business cash flow, and overall financial position
Financial Accounting (FI)
A federal accounting document that reports an organization’s revenues and expenses for a given period of time.
Income/ Profit Loss Statement. EX: Sales, earnings before interest and taxes.
Defining, recording, and reporting costs and other financial impacts associated with specific operating functions.
Cost/ Managerial Accounting (CO)
current assets, cash and cash equivalents, trade receivables, net of allowance for doubtful accounts, anything receivable, inventory
Assets
Anything payable, borrowings, long-term borrowings
Liabilities
Total equity
Equity
The direct costs attributable to the production of the goods/services sold in a company
Cost of Goods Sold (COGS)
The amount of money tat a company receives in exchange for goods or services during a specific period, including discounts and deductions for returned merchandise.
Sales (Revenue)
Assesses a company’s efficiency at using its labor and supplies in producing goods or services
Gross Profit/ Margin
Expenses a business incurs through its normal operations.
Operating Expenses (Opex or Overhead)
Measures the amount of profit realized from a business’s operations, after deducting cost of goods sold and operating expenses.
Net Profit ( Earnings) (EBIT)
A sequence of tasks or activities that take a set of inputs and convert them to desired outputs
Business Process Definition
A process that comprises all of the work that should be done to achieve the process goal. “Cross-functional” in nature. Eliminates as many middle layers or steps as possible to optimize performance and efficiency in any process.
End-to-End Business Process
Highly integrated, cross-functional business structure based on information sharing among various business process participants.
Enterprise Resource Planning (ERP)
Challenges of ERP
Configuration, Implementing
Students should inform instructors ahead of time if they will be absent
True
ERP Value
Better coordination of activities, information accuracy, better support for global business, Faster
The combination of practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifestyle, with the goal of improving customer service relationships and assisting in customer retention and driving sales growth
Customer relationship management (CRM)
Procurement Proposals, Dependent requirements are?
MRP main tasks
Plans to EXTERNALLY Procure Raw Materials
Purchase Requisitions
Plans to INTERNALLY procure Finished Goods
Planned Production Orders
Functionality that looms at demand and checks to see if there is enough supply to meet demand
MRP
Demand is for finished goods which is synonymous with Independent Requirements
MRP
MRP is important because it…
Reduces Waste, Reduces cost, increases customer satisfaction
Buying and selling of goods and services over the internet
Ecommerce
Includes e-commerce along with all activities related to internal and external business operations.
Ebusiness
Advantages of Ebusiness
Expanding global reach, opening new markets, reducing cost, improve operations and effectiveness
Information systems used in manufacturing, to track and document the transformation of raw materials to finished goods. Real-time to enable the control of multiple elements of the production process. Decision makers understand how current conditions on the plant floor can be optimized to improve production output.
Manufacturing Information Systems
IT-based set of tools that create a workflow of info for specific teams and members. This allows an individual to share ideas and talents with other members so that the task can be finished both efficiently and effectively. Efficient sharing of documents and knowledge
Collaboration Systems
Email, news posts, instant messaging, and chat are all examples of…
Communication
groupware software tools consist of real-time collaboration of project members who are presented with a unified view screen.
Conferencing
The most recdnt collaborative software type and the one with the highest growth potential today.
Coordination
Productivity, reducing travel, bringing together distributed teams, and globalization are all examples of..
Enterprise Collaboration Systems
A form of electronic communication through which people create online communities to interact with each other.
Social Media
Practice of promoting/hosting a customer or employee network.
Social Networking
Facilities identify who knows each other and who works together, to increase the size and quality of the community.
Social Networking Analysis
Collecting data from social media sites and evaluating that data to make business decisions. A good way to understand real-time consumer choices, intentions and sentiments.
Social Media Analytics
Benefits of Social Media to a Business
Brand awareness, customer satisfaction, brand loyalty, cost-effective, marketplace insights
This class will help students understand “Domain knowledge” (business) and the appropriate application of the right “tools” (information systems)
True
T/F This class will provide hands on experience with SAP ERP and Salesforce.com
True
Enterprise Information Systems supports the entire process, not just one part of the process.
True
ERP Challenges are…
Data Migration, Costly, Does not guarantee success
SAP is an example of enterprise information system
True
ERP
Enterprise Resource Planning
In SAP only one person can change the price at a time
True
Reports in SAP can be run by multiple users at the same time
True
Fiori is a component of SAP that provides the user interface to the SAP transactions and data we utilize in the business simulation.
True
In the SAP simulation, the sequence in which you release planned production orders is unimportant
Fasle, it is very important
How many types/flavors of cereal can be manufactured simultaneously in the simulation
1
In the business simulation, the business simulation software must be in operation in order for customer orders to be received by your company.
True
to log into sap you must select
The client, user id, password
Enterprise Information Systems supports the entire process, not just one part of the process.
True
An income statement does not reset at the beginning of each year
False
Describes what an organization believes in and how it will behave
Value statement
Describes an organization as it would appear in the future successful state
Vission statement
Explains the organizations reason for existence
Mission statement
Performing a SWOT analysis may help a company understand that more investment is needed in information systems
True
Uber, Airbnb, GrubHub are all examples of what kind of companies with what kind business model?
Network Orchestration
Capturing financial data and analyzing financial performance is a major role in information systems
True
What does a balance sheet create an overview of?
Assets, Liabilities, Equity. A=L+E
MRP will create both planned purchase orders and purchase requisitions if needed
True
You can release planned production orders even if you don’t have raw materials in stock
True
MRP stands for
Materials requirements planning
ERP stands for
Enterprise Resource Planing
In the SAP sim it is unimportant in which order you release planned production orders
False, you need to do this in pairs
When MRP is run all Planned Production Orders and Purchase Requisitions are deleted.
True
Overtime the relationship between business and information systems has…
become more overlapping
IS enables business through
Communication, decision making, business process automation, productivity, customer engagement.
Students should contact instructors via email to set up an appointment
True
If students commit academic misconduct they can..
Get a 0 for the assignment, a deduction in final grade, academic misconduct charges
Students often give away points on assignments because they fail to read instructions
True
What technology did the farming video have?
robotics, drones, data analytics, self-driving vehicles
When leveraging IS…
IS should complement a company/ enable the business strategy, IS can benefit any size company, IS utilization should be based upon need, and the company must be able to support and sustain the IS.
If two competing products are offered by different companies, the cheapest product will always have the advantage
False
What is a business
An organization that provides goods or services to customers on a commercial bias
What are goods
Goods are physical or tangible products, like consumer electronics, parts, or cars
What are services
Services are intangible objects, such as insurance, dental services, and cleaning
May be individuals or other businesses
Customers
Information Systems are…
Interrelated components that work together to collect, process, store, and disseminate information, and support decision-making, coordination, control, analysis, and visualization.
Four Interrelated IS Trends Improve Business Capability
Connectivity, Mobile Devices, Cloud Computing, Data Science
Why do businesses exist?
To create a customer
