KEYWORDS Flashcards
Legacy Systems
Older information systems that have been maintained over several decades because they fulfill critical needs.
Knowledge Management
(pg. 341)
To capture and reuse knowledge within the enterprise.
CLV
Customer Lifetime Value:
Formula for estimating the dollar value, or worth, of a long-term relationship with a customer.
According to management guru Peter Drucker
“Those companies who know their customers, understand their needs, and communicate intelligently with them will always have a competitive advantage over those who don’t.”
Front Office operations
Customer facing activities, such as the front cash register
Back Office operations
Activities that do not engage directly with the customer. Such as, accounting, order fulfillment, inventory management, and shipping.
Creative Destroyer
(pg. 334)
- A term coined by Joseph Schumpeter.
- This is how Goldman Sachs describes 3D printing.
- A creative destroyer is an Innovation that can disrupt other industries and force established companies to adapt or fail.
Enterprise Social
Private (company owned) social media, software, platforms or apps specially designed for use by business leaders and employees to fulfill the strategic mission.
Baseline
Specification of the project plan that has been formally reviewed and agreed upon. It should be changed only through a formal change control process.
Logistics
Entails all the processes and information needed to move products from origin to destination.
Logistics Management
(pg. 309)
-Logistic Management deals with the coordination of several complex processes, Namely ordering, purchasing, or procurement.
-Logistics Management systems:
….. -Optimize transport operations
….. -Coordinate with all suppliers
….. -Integrate supply chain technologies
….. -Synchronize inbound and outbound flows of materials or goods
….. -Manage distribution of transport networks
Critical Path
(pg. 429)
- The longest path of tasks through a project.
- Critical tasks are all tasks that appear on the critical path.
Gantt chart
(pg. 426)
A horizontal bar chart that is used as a timeline for a project scheduling and planning. Displays info such as start date, finish date, tasks, and milestones.
Responsibility Matrix
(pg. 426)
Shows who has primary and support responsibility for activities in the WBS(Work Breakdown Structure).
WBS (Work Breakdown Structure)
(pg. 425)
- Identifies all the activities to be done in a project.
- List the tasks the must be performed, who will perform them, and when they must be complete.
Milestone
(pg. 425)
Very important tasks that indicate a particular phase of a project, usually deliverables.
Scope Creep
- The uncontrolled growth of a project. Results from many small changes being made after the scope has been established.
- Can be bad for a project by increasing the cost or time required.
SOW (Statement Of Work)
(pg. 421)
Defines the project plan, but does not offer any options or alternatives in the scope.
Deliverables
(pg. 418)
Items that you hand off to the client or management for their review and approval that must be produced to complete a project or past of a project.
Triple Constraint
The 3 attributes which must be managed effectively for successful completion and closure of any project.
1) Scope: What is to be accomplished
2) Time: The start and End date.
3) Cost: Estimated budget
Project Management
Structured Methodology to plan, manage, and control the completion of a project throughout its lifecycle.
Sunk Cost
Money already spent just to consider a project.
Stages of SDLC
(pg. 432)
- Initial Idea
- Requirements Analysis
- System Analysis
- Development
- Implementation
- Maintenance
Protyping
Creating a test model or a practice design for a new product.
SCM (Supply Chain Management)
(pg. 338)
The efficient management of the flows of material, data, and payments along the companies in the supply chain, from suppliers to consumers.
CRM (Customer Relationship Management)
(pg. 338)
- CRM systems help create a total view of customers to maximize share-of-wallet and profitability.
- CRM is also a business strategy to segment and manage customers to optimize CLV(Customer Lifetime Value)
ERP (Enterprise Resource Planning)
(pg. 338)
ERP is the software infrastructure that integrates an enterprise’s internal applications, supports its external business processes, and links to its eternal business partners.
Auditing
Conduct a financial investigation or of internal controls
Standard Operating Procedures (SOP)
set of written instructions on how to perform a function or activity. Provide a framework for complex tasks.
Inbound Logistics
receiving
Outbound Logistics
Shipping
Quality Control (QC)
provide data about the quality of incoming materials and parts, as well as the quantity of in process, semi-finished, and finished products.
Computer-Integrated
Manufacturing (CIM)
control day-to-day shop floor activities.
Fraud Risk Management
system of policies and procedures to prevent and detect illegal acts committed by managers, employees, customers, or business partners against a company’s interests
Strategic Plan
a document used to communicate the company’s goals and the actions needed to achieve them
Internal Controls
Segregation of duties Job Rotation Oversight Safeguarding of Assets IT Policies
Cognitive overload
Condition when business users suffer from too much data that interferes with their ability to focus and be productive
Isolation
means that a failure in one component can’t bring down the entire system
Negligent hiring
Claim made by an injured party against an employer who knew or should have known about an employee’s background that indicates a dangerous or untrustworthy character
Privacy paradox
Refers to a phenomenon where social users are concerned about privacy, but their behaviors contradict these concerns to an extreme degree
Protected class
Characteristics identified by law that cannot be used in the hiring process
Redundancy
Every component is backed up by an alternative in case it fails
Wardriving
Refers to driving around sniffing out and mapping the physical location of the world’s Wi-Fi routers . Wardriving is also hacking technique, and invasion of privacy, and information security risk
Discrimination
is biased or prejudicial treatment in recruitment, hiring, or employment based on certain characteristics, such as age, gender, and genetic information, and is illegal in the United States.
Best practices
Best practice provisions are:
- Have either a third party or a designated person within the company who does not make hiring decisions do the background check.
- Use only publicly available information. Do not friend someone to get access to private information.
- Do not request username or passwords for social media accounts.
API
Application programming interface (API). APIs facilitate the transfer of data
from one website app to another. APIs can be either proprietary or open source.
Use of a proprietary API requires the developer to pay a fee to gain access to
data.
Crowdfunding
The practice of funding a project or venture by raising monetary contributions from a large number of people.
Crowdsourcing
a model of problem solving and idea generation that marshals the collective talents of a large group of people.
Mashup
A Web application that combines information from two or more sources and presents this information in a way that creates some new benefit or service.
Enterprise mashups
Combine data from internal business sources (e.g., sales records, customer information, etc.) and/or information from external sources for enhanced usefulness and productivity.
Open Source
An application programming interface (API) that anyone can use, usually for free.
Semantic web
An extension of the World Wide Web that utilizes a variety of conventions and technologies and languages developed by the W3C that allow machines to understand the meaning of web content.
Social media
A collection of web applications, based on Web 2.0 technology and culture, that allows people to connect and collaborate with others by creating and sharing digital content.
Social web
The new technologies, often called Web 2.0, that dramatically increase the ability of people to interact with businesses and each other, sharing and finding information, and forming relationships.
Terms of service (TOS) agreement
A formal listing of the policies, liability limits, fees, and user rights and responsibilities associated with using a particular service. Users are typically required to acknowledge they have read, understand and agree to the terms of the TOS before they are allowed to use the service.
Web 2.0
A term used to describe a phase of World Wide Web evolution characterized by dynamic webpages, social media, mashup applications, broadband connectivity, and user-generated content.
Groundswell
The spontaneous effort of people using online tools to obtain information, support, ideas, products, and bargaining power from each other.
Augmented reality
A technology that superimposes a computer-generated image
onto an image of the real world to provide information or entertainment.
Business-to-business (B2B): Markets in which the buyers, sellers, and transactions involve only organizations, not individual consumers.
Digital dependents
The emerging generation of young people who are growing up in a world of broadband connections, constant connectivity, and related technology and who become uncomfortable if they do not have access to it.
Digital immigrants
Typically, a member of an older age cohort that may be increasingly comfortable with technology but much less likely to incorporate mobile technology into their shopping behavior.
Digital natives
The first generation to have grown up surrounded by digital devices (i.e., computers, smartphones, digital cameras, and video recorders, etc.) and Internet connectivity.
Corporate procurement
Also called corporate purchasing, deals with the transactional
elements of buying products and services by an organization for its operational
and functional needs.
E-procurement
It refers to the reengineered procurement process using e-business technologies and strategies.
Mobile commerce or m-commerce
The buying or selling of goods and services using a wireless, handheld device such as a cell phone or tablet (slate) computer.
Micropayments
Transactions involving relatively small sums of money.
Mobile location-based marketing
A marketing strategy that uses information from a mobile device’s GPS or customer’s mobile check-in on a social network to determine the content of marketing communications they receive on the device (e.g., advertisements, coupons, special offers).
Omni-channel retailing
The effort by retailers to fully integrate both traditional and emerging methods to influence consumers.
Showrooming
Using mobile search engine for locating product reviews and price comparisons while shopping in brick-and-mortar stores.
Applications portfolio
A list of major, approved information system projects that are also consistent with the long-range plan. Expectations for sourcing of resources in the project or applications portfolio should be driven by the business strategy.
edge services
Cloud services, have to integrate back to core internal systems . That is, edge services have to connect and share data with enterprise systems such as order and inventory management, ERP, CRM, SCM, legacy financial, and HR systems and on mobile and social platforms.
IT strategy
Shapes the direction of IT investments over the next one to five years to maximize business value and shareholder wealth.
Lagging indicators
Confirm what has already happened. They evaluate outcomes and achievements.
Offshoring
Sourcing that is done off-shore.
Onshore sourcing
Work or development that can be sourced to consulting companies or vendors that are within the same country.
Opportunistic repricing
When a client enters into a long-term contract with a vendor, the vendor changes financial terms at some point or overcharges for unanticipated enhancements and contract extensions.
Poaching
The vendor develops a strategic application for a client and then uses it for other clients.
Shirking
The vendor deliberately underperforms while claiming full payment, for example, billing for more hours than were worked and/or providing excellent staff at first and later replacing them with less qualified ones.
The steering committee
A team of managers and staff representing various business units that establish IT priorities and ensure the IT department is meeting the needs of the enterprise.
Value driver
Any activity that enhances the value of a product or service to consumers, thereby creating value for the company. Advanced IT, reliability, and brand reputation are examples.
Baseline
A specification of the project plan that has been formally reviewed and agreed upon. It should be changed only through a formal change control process.
Critical path
The longest path of tasks through a project, as shown on a Gantt chart. A delay of any task on the critical path will delay the project.
Deliverables
The outputs or tangible things that are produced by a business process. Common deliverables are products, services, actions, plans, or decisions, such as approval or denial of a credit application. Deliverables are milestones, produced in order to achieve specific objectives.
Gantt chart
Horizontal bar chart that graphically displays the project schedule.
Milestone
Used to manage the project work effort, monitor results, and report meaningful status to project stakeholders.
Project management
Structured methodology to plan, manage, and control the completion of a project throughout its lifecycle.
responsibility matrix
A document that lets everyone know who is responsible for completion of tasks.
Scope creep
Refers to the growth of the project, which might seem inconsequential—at least to the person who is requesting that change. Scope creep is the piling up of small changes that by themselves are manageable, but in aggregate are significant.
Statement of work (SOW)
Defines the project plan, but does not offer any options or alternatives in the scope.
The system development life cycle (SDLC)
The traditional system development method for large IT projects, such as IT infrastructure or an enterprise system.
Triple constraint
Three attributes–time, scope, and cost–that must be managed effectively for successful completion and closure of any project.
Work breakdown structure (WBS)
List of tasks in a project shown in sequential order, resources allocated to each task, and schedule.
- List and explain three of the major reasons why companies replace parts of their legacy systems or supplement them with enterprise systems.(p339)
- High Maintenance Costs – Maintaining and upgrading legacy systems are some of the most difficult challenges facing CIOs
- Inflexibility – Legacy architectures were not designed for flexibility
- Integration Obstacles – Legacy systems execute business processes that are hardwired by rigid, predefined process flows. The hardwiring makes integration with other systems difficult, if not impossible.
- What are the major reasons (provide 4) why organizations choose sourcing? (p405)
- To Generate revenue
- Increase efficiency
- Cut operational costs
- Offshoring has become a more accepted IT strategy
- Identify and describe the triple constraint of project management. Why is it important to manage the triple constraint? (p418)
Refers to the three attributes that must be managed effectively for successful completion and closure of any project
- Scope – Definition of what the project is supposed to accomplish
- Time – Start/End Date, duration
- Cost – Estimation of the amount of money that will be required to complete the project.
