Exam 1 Flashcards

1
Q

Characteristics of good data

A
  • Accurate
  • Timely
  • Relevant (in all ways)(to context and to subject)
  • Just sufficient (just what you need and nothing else)
  • Worth its cost
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2
Q

Non Routine marketable skills

A
  • collaboration
  • abstract reasoning
  • systems thinking
  • experiment
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3
Q

collaboration

A

develop ideas and plans with others. provide and receive critical feedback

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4
Q

abstract reasoning

A

construct a model or representation

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5
Q

systems thinking

A

model system components and show how components inputs and outputs relate to one another

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6
Q

experiment

A

create and test promising new alternatives, consistent with available resources

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7
Q

Metcalfe’s Law

A

network value equal to square of number of users connected to it (google, amazon, ebay exist due to large numbers of internet)

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8
Q

MIS key elements

A
  • management
  • development and use
  • achieving strategies
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9
Q

management

A

develop, maintain and adapt; create an IS that meets your needs

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10
Q

development and use

A

active role, understand needs and requirements; consider users needs during development

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11
Q

achieving strategies

A

IS systems exist to help people in a business achieve the business strategy

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12
Q

Porters 5 forces

A
  • bargaining power of customers
  • threat of substitutes
  • bargaining power of suppliers
  • threat of new entrant
  • rivalry
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13
Q

Primary activities of the value chain

A
  • inbound logistics
  • operations/manufacturing
  • outbound logistics
  • sales and marketing
  • customer service
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14
Q

inbound logistics

A

receiving, storing and disseminating inputs to the products

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15
Q

operations/manufacturing

A

transforming inputs into the final product

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16
Q

outbound logistics

A

collecting, storing and physically distributing the products to the buyers

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17
Q

sales and marketing

A

inducing buyers to purchase the products and providing a means for them to do so

18
Q

customer service

A

assisting the customers use of the products and thus maintaining and enhancing the product value

19
Q

What is BI?

A

a technology driven process for analyzing data and presenting actionable information to help corporate executives, business managers and other end users make more informed business decisions

20
Q

Activities in the BI process

A
  • acquire data
  • perform analysis
  • publish results
21
Q

acquire data

A

obtain, cleanse, organize and relate, catalog

22
Q

perform analysis

A

reporting, data mining, big data, knowledge

23
Q

publish results

A

print, web servers, report servers, automation

24
Q

components of BI system

A
  • operational
  • social
  • purchased
  • employee knowledge
25
Q

How do organizations use BI?

A
  • project management
  • problem solving
  • deciding
  • informing
26
Q

project management

A

particulars of opening a new branch

27
Q

problem solving

A

how do we decrease our overall budget

28
Q

deciding

A

should we cancel this product line

29
Q

informing

A

compare sales to forecasts

30
Q

unsupervised data mining

A
  • does not use a priori hypothesis or model
  • findings obtained solely by data analysis
  • hypothesized model created to explain patters found
  • ex: cluster analysis
31
Q

Supervised data mining

A
  • uses priori model
  • prediction, such as regression analysis
  • ex: cellphoneweekendminutes
32
Q

data mart

A

addresses a particular component or functional area of the business

33
Q

market based analysis

A

an unsupervised data mining technique for determining sales patterns (statistical methods to identify sales patterns in large volumes of data, products customers tend to buy together, identify cross selling opportunities)

34
Q

wrong granularity

A
  • too fine
  • not fine enough
35
Q

reporting applications

A

create meaningful information from disparate data sources

36
Q

basic operations in reporting applications

A
  • sorting
  • filtering
  • grouping
  • calculating
37
Q

Moore’s law

A

computer price/performance ratio decreases

38
Q

goals

A
  • gain competitive advantage
  • improve business processes
  • gain knowledge about your business
39
Q

intangible (nonphysical)

A
  • patents
  • property rights
  • trademarks
  • goodwill
  • employee moral
  • intellectual properties
40
Q

tangible (physical)

A
  • buildings
  • computers
  • any kind of equipment