Exam 1 Flashcards by Ryan McHale

IoT

How everything connects to the internet

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Structured Data

Stored in conventional system: database or spreadsheet

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Big Data

A collection of large complex data sets including structured and unstructured

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SWOT Analysis

Strengths - Internal
Weaknesses - Internal
Opportunity - External
Threats - External

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Porter’s Five Forces

Threat of Substitute Products
Buyer Power
Supplier Power
Threat of New Entrants

Rivalry Among Existing Competitors

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Porter Generic Strategy

Low Cost Broad - Walmart
Low Cost Narrow - Payless Shoes
High Cost Broad - Nordstrom
High Cost Narrow - Apple

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Value Chain Analysis

Views corporation as a series of processes adding value to company

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Primary Value

Aquire Raw Materials (5%)
Make Product (40%)
Deliver Product (6%)
Market &amp; Sales (4%)
Service (2%)

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Support Value

Firm Infrastructure (3%)
HR Management (7%)
R&D (4%)
Procurement (27%)

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Support Value

Firm Infrastructure (3%)
HR Management (7%)
R&D (4%)
Procurement (27%)

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What is A Process?

A group of activities a business takes to pursue a goal

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Customer Facing Process

Results in a product or service that is received by a customer

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Business Facing Process

Essential to the effective management of the business

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Systems Thinking

How the thing being studied interacts with other things in the system

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Systems Thinking Componets

Input - Process - Output - Feedback - Control(s)

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“Wholes”

View the organization as a whole and how they integrate, not parts an

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Business Process Modeling

Creating a detailed flowchart of processes in a structured sequence (As-Is/To-Be)

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Business Process Management

Focuses to improve processes that include person to person or system to system

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Process Improvement

Document current state - Establish measure - Follow process - Measure - Implement Improvements

Business Process Reengineering

Rethinking and radical redesign of processes to improve cost, quality, service etc. (instead of cars, ignore the road and use planes for transport)

Decision Making Process

Problem identification
Data collection
Solution generation
Solution test
Solution selection
Solution implementation

Operational Decision

Maintaining core business activities required to run the day-to-day operations (structured)

Managerial Decision

Employees evaluate company operations to identify, adapt to, and leverage change (semi-structured)

Strategic Decision

Managers develop overall strategies, goals, and objectives (unstructured)

Model

A simplified representation or abstraction of reality Help to: Calculate risks, Change variables, Understand uncertainty

Executive Information System

Specialized DSS that supports senior level executives within the organization

Simulates human intelligence such as the ability to reason and learn (Goal, computers that can think, see, hear, walk, talk, and feel)

Intelligent system

Various commercial applications of artificial intelligence

5 Categories of AI

``` Expert system Neural Network Genetic algorithm Intelligent agent Virtual reality ```

Data Mining

Uses AI to find patterns in data (neural network and expert system)

Disruptive Technology

A new way of doing things that initially does not meet the needs of existing customers

Sustaining technology

Produces an improved product customers are eager to buy

Why WWW Growth?

``` Microcomputer revolution Advancements in networking Easy browser software Speed, convenience, and low cost of email Web pages easy to create and flexible ```

Web 1.0

ecommerce - buying and selling goods (1991-2003)

Web 2.0

Communication platform (colab, sharing and free)

Web 3.0

Intelligent web apps using natural language processing and machine based learning

eBusiness Model

A plan that details how a company creates, delivers, and delivers value on the internet

Forward Auction

Sellers use as a selling channel to many buyers and the highest bid wins

Reverse Auction

Buyers use to purchase a product or service, selecting the seller with the lowest bid

Clickstream Data

tracks the exact pattern of a consumer’s navigation through a website ``` Number of page views Pattern of websites visited Length of stay on a website Date and time visited Number of customers with shopping carts Number of abandoned shopping carts ```

Clickstream analytics

Collecting, analyzing and reporting aggregate data about which pages a website visitor visits—and in what order

Website traffic analytics

Uses clickstream data to determine the efficiency of the site for the users and operates at the server level.

Website ebusiness analytics

Uses clickstream data to determine the effectiveness of the site as a channel-to-market.

eBusiness Negatives

Managing consumer trust, taxation rules

HelloFresh

By creating long delivery lead-times through their Wednesday order cut-off date along with their low stock keeping units, they're able to forecast their demand over an 8 week period with 90 to 95% accuracy.