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ITM Midterm > ITM Midterm > Flashcards

ITM Midterm Flashcards

1
Q

Six Strategic Business Objectives

(The role of Info Systems (IS) in business today)

A
  1. Operational excellence
  2. New products & services
  3. Customer and supplier intimacy
  4. Improved decision making
  5. Competitive advantage
  6. Survival
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2
Q

Functions of an Information System

A

An organization uses the environment as input to process and calculate an output

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3
Q

Operational excellence

A

*improvement in efficiency to attain higher profitability
*IS and technologies (important in achieving greater productivity)

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4
Q

New products & services

A

IS help create new products, services and business models

(ex. APPL business model changing from tapes, CDs etc to Online, iPhone and Apple Music)

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5
Q

Customer and supplier intimacy

A
  • Serving customers well leads to customers returning
  • Intimacy with suppliers results in lower cost
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6
Q

Improved decision making

A
  • Managers do not have the right info without accurate info
  • Real-time data improves ability to make decisions
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7
Q

Competitive advantage

A
  • Delivering better performance
  • Charging less for superior products
  • Responding to customers and suppliers in real-time
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8
Q

Survival

A

Information technologies as necessity for business

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9
Q

The Business Information Value Chain

A
  • Raw data data acquired and transformed through stages that add value to that info
  • Value of information system shown in better decisions, greater efficiency, and higher profits
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10
Q

Business perspective on information systems

A
  • Investing in IS does not guarantee good returns
  • Factors include adopting the right business model and investing in complementary assets
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11
Q

Complementary Assets

A

Assets required to derive value from a primary investment

  • Organizational assets
  • Managerial assets
  • Social assets
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12
Q

Dimensions of IS

A
  • Organization
  • Management
  • Technology
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13
Q

Business processes examples

A
  • Manufacturing and production
  • Sales and marketing
  • Finance and accounting
  • HR
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14
Q

Types of Information Systems

A
  • Serves operational managers
  • Transaction processing systems (TPS)
  • allow managers to monitor status
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15
Q

Business Intelligence

A

A technology-driven process for analyzing data

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16
Q

Management Information Systems (MIS)

A
  • Serves middle management
  • Based on data from TPS
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17
Q

Decision Support Systems (DSS)

A
  • serves middle management
  • improved decision making
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18
Q

Executive Support Systems

A
  • support senior management
  • address non-routine decisions
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19
Q

Enterprise Applications

A
  • systems for linking the enterprice
  • includes all levels of management
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20
Q

Enterprise Systems (also known as Enterprise Resource Planning Systems [ERP])

A
  • resolve problem of fragmented data
  • Efficient response to customer orders
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21
Q

Supply Chain Management (SCM) Systems

A
  • manage firm’s relationships with suppliers
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22
Q

Customer Relationship Management (CRM) Systems

A
  • provides info that deals with customers
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23
Q

Knowledge Management Systems (KMS)

A
  • collect internal knowledge
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24
Q

Intranets and Extranets

A
  • Intranets: Internal company websites
  • Extranets: Company website accessible externally (only to vendors and suppliers)
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25
Q

What is social business?

A

The use of social networking platforms to engage employees and customers

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26
Q

Different systems for different management

A
27
Q

Collaboration

A

Working with others to achieve shared and explicit goals

28
Q

IT Infrastructure

A

provides the foundation for serving customers and managing internal business processes

29
Q

Moore’s Law

A

Computing power doubles ≈ every 2 years

30
Q

Law of Mass Digital Storage

A

The amount of data being stored each year doubles (as cost declines)

31
Q

Metcalfe’s Law

A

value/power of a network grows exponentially

32
Q

Total Cost of Ownership (TCO)

A

TCO will be greater than initial purchase price for a device/system

33
Q

What are Enterprise Systsems
or
Enterprise Resource Planning (ERP) Systems

A
  • Collects data from firm for use in all of firm’s internal business activities
  • Information entered in one process is immediately available for other processes
34
Q

Business Value of Enterprise Systems

A
  • increase operational efficiency
  • provide info to support decision making
  • enable rapid response to customer requests
35
Q

Six strategic business objectives

A
  1. Operational excellence –> SCM
  2. New products and services
  3. Customer and supplier intimacy –> SCM, CRM
  4. Improved decision making
  5. Competitive advantage
  6. Survival
36
Q

The Supply Chain

A
  • network of organizations and processes for procuring materials, turning materials into products, and distributing products
37
Q

Supply Chain Management:
- Just-in-time Strategy (JIT)
- Safety Stock
- Bullwhip Effect

A

JIT: Components arrive as they are needed

Safety stock: buffer for lack of flexibility in supply chain

Bullwhip effect: info about product demand distorts as its passed across the supply chain

38
Q

Demand-Driven Supply Chains

A
  • Push-based model (build-to-stock)
    - schedules based on best
    guesses of demand
  • Pull-based model (demand-driven)
    - customer order triggers events
    in supply chain
39
Q

Customer Relationship Management (CRM)

A
  • helps firms know their customers (through sales, marketing, services)
40
Q

CRM Software includes tools for what

A
  • Sales force automation (SFA)
  • Customer service
  • Marketing
41
Q

Operational vs Analytical CRM

A

Operational CRM
- customer-facing applications

Analytical CRM
- Analyzes customer data

42
Q

Business value of CRM systems

A
  • customer satisfacion
  • more effective marketing
  • increased sales revenue
43
Q

Churn rate

A
  • Number of customers who stop purchasing products/services from a company
  • indicator of growth/decline of customer base
44
Q

Database

A

Group of related files

45
Q

File

A

Group of records of same type

46
Q

Record

A

Group of related fields

47
Q

Field

A

Group of characters as words/numbers

48
Q

Byte

A

Group of bits that represents a single character (eg. the letter “A” or “5”)

49
Q

Bit

A

Smallest unit of data; binary digit (0,1)

50
Q

Database Management Systems (DBMS)

A

separates logical and physical data files

51
Q

Relational DBMS

A

represents data as 2D tables

52
Q

Non-relational databases: “NoSQL”

A
  • data sets stored across distributed machines
  • easier to scale
53
Q

Databases in the cloud

A

appeal to start-ups, smaller businesses

54
Q

Blockchain

A
  • maintains a list of records and transactions
  • encryption used to identify participants and transactions
55
Q

Big data

A

massive sets of unstructured/semi-structured data from web traffic, social media, sensors, etc

56
Q

Data warehouse

A

stores current and historical data

57
Q

Data marts

A
  • subsets of data warehouses
  • focuses on single line of business
58
Q

Business Intelligence Infrastructure – In-memory computing

A
  • used in big data analysis
  • uses RAM for storage to avoid delays
59
Q

Online Analytical Processing (OLAP)

A
  • supports multidimensional data analysis
  • enables rapid, online answers to ad hoc queries
60
Q

Data mining

A

finds hidden patterns, relationships in datasets (ex. customer buying patterns)

61
Q

Text mining vs Web mining

A

Text mining: extracts key elements from large unstructured data sets

Web mining: analysis of useful info from web

62
Q

Types of Decision (Structured vs Unstructured)

A

Unstructured: judgment and insight used to solve problem

Structured: repetitive and routine; do not have to be treated each time as new

Semistructured: Only part of problem has clear-cut answer given by
procedure

63
Q

How Does the Decision-Making Process Work? (manager heirarchy)

A
64
Q

The Decision-Making Process

A
  • intelligence
  • design
  • choice
  • implementation

ITM Midterm (1 decks)

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