Exam Revision Flashcards
Data
Facts and figures without any real context or meaning
Information
Data that has been made meaningful and helps someone understand something.
Knowledge
Information that has been incorporated into someone’s view of the world. typically defined with reference to information. information having been processed, organised or structured in some way, or else as being applied or put into action.
Rich Picture
- Technique used in Soft Systems Methodology (SSM) (but can be used elsewhere for dealing with messy problems)
- A pictorial caricature of what the organisation (or group of people) is ‘about’
- Should be self-explanatory and easy to understand
- Should identify the elements of structure, process, climate, and issues/symptoms in the situation
System
A system is a collection of interrelated components that function together to achieve
some predefined purposes or objectives.
Component
a part, or aggregation of parts, of a system, commonly referred to as a subsystem;
Interrelated components
the dependency of one subsystem on one or more
other subsystems. Subsystems are related and usually interact with each other in order to achieve their pre-declared objectives, within their environment;
Boundary
the line that distinguishes the inside from the outside of a system and so distinguishes the system from its environment;
Environment
everything external to a system that interacts with the system;
Interfaces
points of contact where a system meets its environment or where subsystems meet each other;
Inputs
whatever a system takes from its environment in order to fulfil its purpose
Outputs
whatever a system returns to its environment in order to fulfil its
purpose
Constraints
limits or conditions within which a system can accomplish its objectives;
Open and closed systems
Systems can be classified on a continuum between the extremes of open systems
and closed systems. Open systems interact freely with their environments, taking in
inputs and returning outputs. Closed systems don’t interact with their environments,
so changes in the environment do not affect the system.
Systems thinking
Business problem solvers, sometimes referred to as “systems analysts”, use the nine
systems characteristics to understand, in a holistic way, business situations. They
consider businesses as if they were open systems. This is termed applying “systems
thinking” to a business situation.
Stakeholder
A person, group or organization that has interest or concern in an organization.
Stakeholders can affect or be affected by the organisation’s actions, objectives and policies.
VLOOKUP FUNCTION
VLOOKUP( lookup_value, table_array, col_index_num, range_lookup)
VLOOKUP EXPLANATION
Searches for a value (lookup_value) in the leftmost column of a table (table_array),
and then returns a value in the same row from a column you specify in the table
(col_index_num). If range_lookup is FALSE, VLOOKUP will only find an exact
match. If TRUE, then it will find an exact match or a “best” approximate match.
IF FUNCTION
IF( logical_test, value_if_true, value_if_false )
IF EXPLANATION
Returns one value (i.e. value_if_true), if a condition you specify (i.e. logical_test)
evaluates to TRUE and another value (i.e. value_if_false) if the condition evaluates to
FALSE.
SUMIF FUNCTION
SUMIF(Range, Criteria, Sum_range)
SUMIF EXPLANATION
Sums the values in a range (Sum_range) where the values in an associated range
(Range) meet a criteria (Criteria) that has been specified.
Describe 2 Excel spreadsheet features that will help City Used Cars to improve the way they
manage and use their car sales profit data.
. The calculations are automatically carried out – eliminating human error
. Calculations and outcomes are saved/recorded
. Calculation template can be reused for future calculations
. Updates to the vehicle costs table are automatically reflected in the calculations
. Information generated is organised, easy to understand, and well presented
. Data Visualisation - Pivot tables and graphs providing display of relative car category
sales
Business intelligence
Information that results from the processing of operational data to create information. It exposes patterns, relationships, and trends of importance to an organisation
Business analytics
Business analytics is the use of data, information technology, statistical techniques, and quantitative models, to help managers build their understanding of business operations. It supports them to take improved, informed decisions. Insights derived from analytics, ensure industries and businesses spot new opportunities, and uncover hidden connections.
Relationship between business intelligence & business analytics
The application of business analytics to operational data generates business intelligence
3 forms of business analytics
Descriptive analytics
Predictive analytics
Prescriptive analytics
Descriptive analytics
The use of data to understand past and current business performance and to make informed decisions.
Predictive analytics
Analysis of past performance in an effort to predict the future. Done by examining historical data, detecting patterns or relationships in these data (i.e. creating a “model”), and then extrapolating these relationships forward in time.
Prescriptive analytics
Using a model where the output of the model can be optimised (maximised) by adjusting the input alternatives, so “prescribing” what the best decision is.
5 steps of the five step approach to business problem solving
Problem Analysis Understand the Problem Decision Making Solutions Design Implement
Problem analysis
What kind of problem exists. use the problem-solving framework to determine the cause/source of the problem (i.e. T, O, or P).
Understand the problem
Fact collection to obtain better information. Use techniques such as Interviews Observations Questionnaires/surveys Workshops/Focus groups Brainstorming
Decision making
The process of selecting the best optional solution
Solutions design
Develop the proposed solution taking physical, logical and people factors into account. Any optional solutions proposed need to be checked for viability against costs and benefits, work practice considerations, technology available, the predicted staff response to changed workload and process, and the organisation’s functional strategic objectives.
Implement
Put the proposed solution into practice. Evaluate the performance and modify. A successful product meets user needs and supports the business’ functional viability. Communicate to employees
Identifying causes or symptoms
To solve a problem, you must first identify the cause(s):
A Cause (the source of the problem) is often obscured by one/more symptoms/effects
A Symptom/Effect is a condition produced by the problem cause
Problem Identification Framework - TOP
A Framework described by Jane and Kenneth Laudon (1998) that assists reviewing the problem symptoms in context
The symptoms are viewed in relation to each of the interacting components of the context
Technology
Organisations
People
to attempt to identify the underlying problem cause
Creativity
unleashing the potential of the mind to conceive new ideas.
Innovation
about introducing change into relatively stable systems. It’s also concerned with the work required to make an idea viable. By identifying an unrecognised and unmet need, an organisation can use innovation to apply its creative resources to design an appropriate solution and reap a return on its investment.
2 design approaches
Functional design and empathic
Functional design
Functional Design focusses on the business solution’s functionality. The solution is then imagined and built. It is, at heart, an INNOVATION activity
Empathic design
a CREATIVE activity that Seeks to identify business solution designs. Involves identifying customer needs in order to create products that the customers don’t even know they desire or, solutions that customers have difficulty envisioning.
Systems thinking - nice problems
Well defined structure comprised of parts and relationships. Suitable for systematic reduction of the whole problem to its component parts.
Systems - thinking messy wicked problems
Real-world problems are usually messy, ill-structured. The actions necessary to attain goal(s) are not obvious. Several people involved with different viewpoints - whose objectives should be addressed? The customer? The salesperson? The manager?
