Exam 1 Flashcards
Internet of things
A world where interconnected, Internet-enabled devices or “things” have the ability to collect and share data without human intervention
Big data
a collection large, complex datasets, which cannot be analyzed using traditional database methods
Example of structure data
has a defined length, type, and format and includes numbers, dates, or strings such as a relational database or spreadsheet and accounts for about 20% of the data that surrounds us. Sources of structure data include: machine generated data & human-generated data
Management information systems what is it
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 e.g. CEO, CFO, COO, CIO, CDO, CTO, CSO, CPO, CKO
Competitive advantage
a feature of product or service on which customers place greater value than they do on similar offerings from competitors
Swot analysis
Strengths
Weaknesses
Threats
Opportunities
Porter three generic strategies
Generic business strategies that are neither organization nor industry specific and can be applied to any business, product, service
Business Intelligence
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends, and relationships for strategic decision making.
System Thinking
A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback from each part
Operation decision making level
Operational decisions are considered structured decisions. They are decisions that are needed to run the business in a day to day sense. There is not a lot of thought behind these decisions
What is decision making process of
The process of viewing/analyzing information and figuring out the best response or course of action to take to ensure the desired outcome / best result.
The six step process of decision making
Problem Identification
Data collection
Solution Generation
Solution Test
Solution Selection
Solution Implementation
Visualization
a technique / tool used by executive information systems to deliver specific key information to top managers at a glance, with little or no interaction with the system e.g. infographics
KPI
Key performance indicators; The quantifiable metrics a company uses to evaluate progress toward critical success factors. KPIs are far more specific
Metrics
Critical success factors focusing on effectiveness
Decision support system(DSS)
Model information using OLAP, which provides assistance evaluating and choosing among different courses of action
Granularity
The level of detail in the model or decision making process
Machine Vision Resolution
The extent to which a machine can differentiate between objects. In general, the better the resolution, the more confined the field vision . Sensitivity and resolution reduces the resolution, and improving the resolution reduces the sensitivity.
Data Mining
the process of sorting through large data sets to identify patterns & relationships that can help solve business problems through data analysis