Lecture 1 Flashcards
What is an Information System?
A set of integrated components for collecting, processing, and storing data.
What is Cloud Computing?
Delivery of computing services over the internet.
(e.g databases, networking, storage, etc)
What is E-Commerce?
Buying and selling of goods and services online.
What defines a Digital Firm?
A firm where core processes are digitally enabled.
What is Operational Excellence?
The improvement in efficiency and tools to attain higher profitability and organizational performance.
What is Customer Intimacy?
Building strong relationships with customers for loyalty.
What is Supplier Intimacy?
Close relationships with suppliers for cost reduction.
What is Decision Making?
Process of making choices based on information.
What is Competitive Advantage?
Factors that allow a company to produce goods or services better or more cheaply than its rivals.
What is Survival in a business context?
Necessity of information technologies for business.
What are New Business Models?
Innovative ways to create, deliver, and capture value.
What is Big Data?
Large volumes of data analyzed for insights.
What does AI stand for?
Simulation of human intelligence in machines.
What is the Internet of Things (IoT)?
Network of interconnected devices communicating data.
What are Management Changes?
Shifts in management practices due to technology.
What is Globalization?
Integration of economies through global communication.
What is Time Shifting?
Ability to work across different time zones.
(Business being conducted continuously 24/7)
What is Space Shifting?
Ability to work from various locations.
(In global workshop within national boundaries)
What is the Retail Link System?
Walmart’s system linking suppliers for efficient replenishment.
What is a Business Model?
Framework for how a company creates value.
What is Real-Time Data?
Information available immediately for decision making.
What is Management Consulting?
Advisory services to improve business performance.
What are Virtual Meetings?
Online gatherings using digital communication tools.
What is Business Intelligence?
Technologies for analyzing business data.
What is Information Technology?
Hardware and software for achieving business objectives.
What is Data?
Raw facts collected for processing.
What is Information?
Data shaped into meaningful form.
What are ATMs?
Automated teller machines introduced by Citibank.
What is the Toxic Substances Control Act?
Regulation requiring record-keeping for hazardous substances.
What is the Sarbanes-Oxley Act?
Law enhancing corporate governance and accountability.
What is the Dodd-Frank Act?
Regulation aimed at financial stability and consumer protection.
What is Input in an information system?
Raw data provided to an information system.
What is Processing?
Conversion of raw data into meaningful information.
What is Output?
Information supplied to users or other systems.
What is Feedback?
Output returned for evaluation or correction.
What is the Business Information Value Chain?
Stages transforming raw data into valuable information.
What are Complementary Assets?
Assets enhancing value from primary investments.
What is the Technical Approach?
Focus on mathematically based models in information systems.
What is the Behavioral Approach?
Focus on human factors in information systems.
What is the Sociotechnical Approach?
Optimizing both social and technical systems together.
Who are Industry Leaders?
Companies excelling in using information systems effectively.
(e.g Apple, Walmart, UPS)
What is Real-Time Response?
Immediate reaction to customer and supplier needs.
What are Organizational Dimensions?
Hierarchy, culture, and processes within a business.
What are Management Dimensions?
Strategic decision-making and product/service creation.
What are Technology Dimensions?
Hardware, software, and data management infrastructure.
