Exam One Flashcards
Information
data with some context that makes it useful (the stock price of apple on Aug 26th 2014 was $101)
System
components that allow information to be captured, stored, processed, and communicated
Information System Example
I obtained the info using google finance website that aggregates financial and other information related to companies and makes it available on the web
Information Technology (IT)
the hardware, software, and media used to store, organize, retrieve, and communicate information
Information System (IS)
an organized combination of hardware, software, infrastructure, data and people that is used to accomplish a specified organizational or personal objective
Use of info in organization
communication
business processes
decision making
Business process
an ongoing collection of related activities that create a product or service or value to the organization, its business partners, and/or its customers
Business Process compromised of three elements
Inputs
Resources
Outputs
Flowchart
a diagram that provide a logical description of a process or an algorithm
Moore’s Law
observation that number of transitors in electronic chips double every couple of years
Strategic information systems
information systems are considered strategic when they provide a competitive advantage
Information system’s vital role in three areas of business processes
Executing the process
Capturing and storing process data
Monitoring process performance
Business Process Reengineering (BPR)
a radical redesign of an organization’s business processes to increase productivity and profitability
- Examines business processes with a “clean slate” approach
- Example: the process of hailing a cab has changed completely through the use of mobile apps
Business Process Improvement (BPI)
an incremental approach to move an organization toward business process centered operations, focuses on reducing variation in process outputs by identifying the underlying cause of variation
- Six sigma is a popular methodology for BPI
Globalization
the integration and interdependence of economic, social, cultural, and ecological facets of life, made possible, by rapid advances in IT
Three eras
Globalization 1.0 countries
Globalization 2.-0 companies
Globalization 3.0- individuals and groups
Three pillars of information technology growth
exponential
digital
combinatorial
Goal seek
excel provides a goal seek function where you can provide the desired ouput value for a cell and also the input cell that may be varied to get the desired value. The excel then searches for an input value that will provide the desired output value
Nesting functions
OUTPUT 2 = FUNCTION 2(INPUT B, FUNCTION 1(INPUTS A))
Collaborative consumption and sharing economy
new marketplaces where excess capacity in goods and services can be shared efficiently using information technology
Basic functions to combine logical conditions
AND, OR
Function to provide the opposite of a condition
NOT
Porter’s five competitive forces
- Threats of new entrants
- Supplier power (bargaining power of suppliers)
- Buyer power (bargaining power of buyers)
- Threats of substitute products or services
- Rivalry (competing organizations)
Big data
diverse, high-volume, high-velocity, information assets that require new forms of processing to enable enhanced decision making, insight discover, and process optimization
