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IS 335 > Exam 1 - Chapter 3 > Flashcards

Exam 1 - Chapter 3 Flashcards

1
Q

Our definition of business strategy

A 
Our definition of business strategy
How it looks today
How we want it to look tomorrow
How we move between these two points
   Objectives
   KPI
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2
Q

Business function must figure out how to meet objectives

A

Business function must figure out how to meet objectives
Critical Success Factors
Lead and Lag Information

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3
Q

Tactics:

A

Employing available means to accomplish a task

Developing specific plans for accomplishing a strategic goal

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4
Q 
Tactical Business Analytics
- Identify the data needed to:
[3]
Data can come from
[2]
A 
Tactical Business Analytics
Identify the data needed to:
Develop
Implement
Monitor
Data can come from
Data Warehouse
External / Competitive data
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5
Q

What is our status?

A

Where are we in relation to the effort that we have put in so far?

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6
Q

What is the trend?

A

How quickly are we accomplishing our objectives

Is the rate increasing, decreasing, or constant?

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7
Q

What are our projections?

A

Given our status and trend when will we reach the goal?

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8
Q

Decision makers

A

Decision makers
Dashboards
Reports
Short / Long-term projections

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9
Q

Monitoring and projection systems

A

Event Notifications

Data tables

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10
Q

Line of business managers and workers

A

Status reports

Short-term projections

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11
Q

Lead Information

- A priori data :

A

A priori data (data we have in advance of an event)

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12
Q

Lead Information

- _____ _____ can be used to make projections

A

Leading data can be used to make projections

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13
Q

Lead Information

- ______ can be used to find leading indicators that you may not have been aware of

A

Analytics can be used to find leading indicators that you may not have been aware of

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14
Q

Lead Information

- Allows the company to

A

Boost activity related to positive projections

Take corrective action to minimize negative projections

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15
Q

Lag Information

- Retrospective in nature

A

Looks at what happened in the past

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16
Q

Lag Information
- Generally available in company databases
[2]

A

Generally available in company databases
Might be in transactional tables
Mature company would have this data in a data warehouse

17
Q

Lag Information
- KPI are generally lags (but not always)
[2]

A

The represent what happened

Use to monitor current status

18
Q

Lag Information

- Analytical companies use analytics with lagging data to

A

Analytical companies use analytics with lagging data to figure out WHY something happened.

19
Q

ASKING THE “WHY” QUESTION WITH ANALYTICS
- We need to find out why
[2]

A

We need to find out why
We don’t meet KPI
Leading or lagging data indicates trouble

20
Q

ASKING THE “WHY” QUESTION WITH ANALYTICS
- Potential issues can be
[4]

A 
Potential issues can be
Wrong tactics for intended objectives
Lack of strategic focus at functional level
Tactics executed incorrectly
Lack of resources to execute plan
21
Q

ASKING THE “WHY” QUESTION WITH ANALYTICS
- Analytics at functional level becomes organizational memory\
[2]

A

Analytics at functional level becomes organizational memory
We tried that once, don’t do it again
We tried that once, but the environment is different now. It might work this time

22
Q

look at the role of THE ROLE OF ANALYTICS IN LEAD AND LAG INFORMATION chart on slide 11

A

-

23
Q

LEAD INFORMATION - PREDICTIVE ANALYTICS

- Used to ____ what will happen based on leading data

A

LEAD INFORMATION - PREDICTIVE ANALYTICS

- Used to predict what will happen based on leading data

24
Q

LEAD INFORMATION - PREDICTIVE ANALYTICS
- Can use statistical techniques such as
[2]

A

Can use statistical techniques such as
Regression
Factor Analysis

25
Q

LEAD INFORMATION - PREDICTIVE ANALYTICS
- Or machine learning techniques such as
[3]

A

Clustering
Classification
Association rule mining

26
Q

LAG INFORMATION - REPORTING
- Dashboards are fundamental to Analytics Interfaces
BUT

_________ is key

A

Customization

27
Q

CREATING THE PLAN

- There are two scenarios related to planning

A

There are two scenarios related to planning
Establishing a plan for the first time
Optimizing an existing plan

28
Q

CREATING THE PLAN

- It all starts with deciding which aspect of the business you should _____

A

CREATING THE PLAN

- It all starts with deciding which aspect of the business you should prioritize

29
Q

CREATING A NEW PLAN

A
  1. Identify the objectives
    - Usually driven by Strategy and KPI
  2. Identify an operational strategy
    - Sub-strategy specific to functional level
    - Intended to provide clarity to company strategy
  3. Identify critical success factors
    - What needs to happen for us to succeed?
  4. Identify lead and lag information
  5. New process results from these steps

IS 335 (15 decks)

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