IB Lecture 10 Information Systems

Question 1

Decision Making Process

Answer 1

1. Intelligence (Organizational Objectives, search and scanning procedure)
2. Design Alternatives
   formulating assumption
3. Choice
4. Implementation (Durchführung)

Question 2

Systems of decision making

Answer 2

1. fast, intuitive and emotional

2. slower and more logical

Question 3

Prospect theory

Answer 3

Most of us find losses roughly twice as painful as we find gains pleasurable

Question 4

knowledge

Answer 4

knowing how to interpret the data

Question 5

uncodified information

Answer 5

words and gestures

Question 6

codified

Answer 6

words, numbers etc.

Question 7

undiffused information

Answer 7

information that is not readily shared

Question 8

diffused information

Answer 8

information that is readily shared (to the world)

Question 9

codifying information

Answer 9

YOU GAIN MANIPULABILITY AND PREDICTABILITY,IT BEHAVES LIKE AN OBJECT, YOU CAN STORE ITYOU CAN WRITE CONTRACTS BUT YOU MIGHT LOOSE CONTEXTUAL RICHNESS, FEELING, AND UNDERSTANDING.

Question 10

I-Space theory

Answer 10

from slides

Question 11

information system

Answer 11

can be any organized combination of people, hardware, software, communications networks, data resources, and policies and procedures that stores, retrieves, transforms, and disseminates information in an organization.”

Question 12

Enterprise Resource Planning Systems

Answer 12

today mostly SAP

Question 13

wisdom of crowds

Answer 13

average is a very good predictor

Question 14

Sources for competitive advantage

Answer 14

personal knowledge  (a new business idea)
proprietary knowledge (implemented business idea, patented)
public knowledge (selling/buying on the market)
common knowledge (what everybody knows)

Question 15

The Value Chain model

Answer 15

the activities
conducted in any organization can be divided into two parts: primary
activities and support activities.

Question 16

Primary activities

Answer 16

Primary activities are those activities in which materials are
purchased, processed into products, and delivered to
customers. Each adds value to the product or service hence
the value chain.

Inbound logistics (inputs)
Operations (manufacturing and testing)
Outbound logistics (storage and distribution)
Marketing and sales
Service

Question 17

the support activities

Answer 17

the support activities are operations that
support the creation of value

The firm’s infrastructure (accounting, finance, management)
Human resources management
Technology development (R&D)
Procurement (Beschaffung)

Question 18

Information Asymmetry as Business Model (Hotwire)

Answer 18

Hotel rooms can be chosen, but you don’t know which hotel it is.

Question 19

Information System

Answer 19

as Business Model (Google)

Question 20

Information Market

Answer 20

as Business Model (HSX) Hollywood stock exchange

Question 21

Diffusion Effect

Answer 21

With Advanced Internet –
Mobile technologies one
can reach more people

Question 22

Bandwidth Effect

Answer 22

With Advanced Internet –
Mobile Technologies with
more bandwidth one can
provide more ``rich``
information including video,
audio, smell, touch.