Final exam study guide Flashcards
(120 cards)
Which of the following accurately describes the five-component framework of information systems?
computer hardware, software, data, procedures, and people
A manager will essentially require ________ skills to clearly understand how the resources that his or her company uses are converted to desired outputs.
Systems thinking
Which of the following types of skills is most likely be outsourced to the lowest bidder?
Accounting skills
Which of the following best defines Management Information Systems (MIS)?
The management and use of information systems to help organizations achieve their goals and objectives
Automation moves work from people to machines. However, it can also _________________ the complexity of the system and require more time for change.
Increase
Data by itself is information.
False
Characteristics of good information include: It must be accurate, timely, relevant, sufficient, and?
Worth the cost
The most important component in the five-component model is?
People
The ability to make and manipulate models is called?
Abstract reasoning
A new computer class forms roughly each decade is a statement of?
Bell’s Law
The 5 forces model to determine industry structure includes: bargaining power of customers, bargaining power of suppliers, threats of new entrants, rivalry among existing firms and?
Threat of substitution
The amount of money a customer is willing to pay for a product or service is called?
value
The difference between the value of a product or service and its associated cost is called?
margin or profit margin
The primary activity associated with labeling and shipping products is called?
outbound Logistics
When you view a “swim lane” chart to understand the flow of information across a company, you are looking at what type of model?
bpm-business process model
Three main ways to improve a product or service position in the marketplace include: Create a new product or service, enhance the existing product or service, and?
differentiate the product or service in the marketplace
Another name for improving the position of a product or service in the marketplace is to?
gain competitive advantage
What is the strategy called when organizations “lock” customers in by making it difficult or expensive to switch to other products?
establishing High switching cost
If you make it harder or more expensive for a competitor to operate in your marketplace, it is called raising?
barriers to entry
What do you need to accomplish to differentiate your product or service from the competition?
make some type of improvement in the product or service, decrease costs, improve transportation, Etc
In ________, data miners develop a model prior to the analysis and apply statistical techniques to data to estimate parameters of the model.
Supervised data mining
In ________, statistical techniques can identify groups of entities that have similar characteristics.
cluster analysis
In large organizations, a group of people manage and run a(n) ________, which is a facility for managing an organization’s BI data.
data warehouse
In marketing transactions, the fact that customers who buy product X also buy product Y creates a ________ opportunity. That is, “If they’re buying X, sell them Y” or “If they’re buying Y, sell them X.”
cross-selling