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INFS Lectures 1-4 > Lectures 1-4 > Flashcards

Lectures 1-4 Flashcards

1
Q

HIPPO

A

Highest Paid Persons Opinion

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2
Q

Data

A

Facts that can be recorded and accessed

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3
Q

Information

A

Data that is accessed for a certain reason or purpose

Information is the “data” we need

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4
Q

Information System

A

Computer-Based system that collects, stores, and uses data

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5
Q

3 Main Components of an Information System based on priority:

A

People

Data & Information

Information Technology

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6
Q

Hardware Resources

A

Computers, Servers, devices

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7
Q

Software Resources

A

System Software, Application Software

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8
Q

Networks

A

Wired & Wireless Networks

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9
Q

Application Software

A

Software to perform a specific task and improve business processes, examples include word processing, spreadsheets, database, videogames are a software

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10
Q

System Software

A

Enables application software to run properly between hardware. Think Windows 11, macOS, iOS.

Other system software includes anti-virus software

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11
Q

People Resources

A

IS Team(IT Pros) - Manage and maintain information systems, communicate with users

IT and business users are becoming less separated

Users(Business Users) - From sophisticated/knowledgeable to button presser

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12
Q

Information System Main Roles

A

Store data and facilitate business processes; Data Analysis. Not every information system is to generate profit

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13
Q

Competitive Advantage

A

An advantage that ranges from a feature, benefit, product, service or even customer perception that a company has over another. They are typically temporary as other companies will duplicate them.

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14
Q

First Mover Advantage

A

The first company to establish a certain competitive advantage

Not necessarily an advantage, can get overtaken

Think Netscape vs. Google

Usually creates improvements

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15
Q

Competitive Intelligence

A

The collection and analysis of information to monitor/anticipate competitors

Main point is to learn what is happening outside of the company

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16
Q

SWOT Analysis

A

Strength
Weakness
Opportunities
Threats

SWOT is used to analyze gathered information

17
Q

Porter’s Five Forces

A

Existing Industry Rivalry; Threat of Substitutes, Threat of New Entrants, Power of Suppliers, Power of Buyers

18
Q

Switching Cost

A

The cost for customers of using/switching to a different product(Think switching from AT&T to Xfinity) - Emotional Cost as well(Think not wanting to move on)

19
Q

Entry Barrier

A

Cost for an entrant into a market; The cost that customers expect for a product or service.

20
Q

Power of Buyers

A

Customers influence the prices

Buyer power is high when there are many alternatives

Buyer power is low when there are few alternatives

Examples: High Buyer power – Coffee shops, many options

               Low Buyer Power – Cars in this market, Pharmaceutical
21
Q

Power of Suppliers

A

Suppliers influence prices

Supplier power is high when buyer has few alternatives

Supplier power is low when buyer has many alternatives

Examples: High:

               Low: Loyola Program
22
Q

Threat of New Entrants

A

The threat new competitors pose to new companies or entrants

Threat of a new entrant is high when entry barriers are low

Threat of a new entrant is low when entry barriers are high

Examples: Personal Lawn care company vs professional company

23
Q

Threat of Substitutes

A

Threat that an alternative product may offer similar benefits to the consumer the existing products do

Threat is high when there are alternatives

Threat is low when there are no alternatives

Examples: Zoom instead of physical traveling

24
Q

Existing Industry Rivalry

A

Rivalry among already existing companies

Industry Rivalry is high when there are several competitors

Rivalry is low when there are little to no competitors

25
Q

Product Differentiation

A

Making your product/service more recognizable

26
Q

KPI’s (Key Performance Indicators)

A

Used to measure success of a business

27
Q

Measures

A

The size, amount, or degree by use of standard units

“How many items did a store sell”

28
Q

Metrics

A

Calculations/comparisons used to gauge performance

“Difference between what we sold yesterday and today”

29
Q

Benchmarking

A

A value that represents the ideal point for evaluating performance of a company

Can be a target or value

30
Q

Supervising Information Systems

A

Chief Information Officer(CIO), Chief Technology Officer(CTO)

31
Q

Data Quality

A

Non-ambiguous data and accurate

32
Q

2 Addressing Data Quality Measures

A

Preventative Data Quality Actions

Corrective Data Quality Actions

Preventative – Action taken to prevent data quality issues; Incentives and mandating of proper data entry

Corrective – Action taken to fix data quality issues ; Acknowledge that data has issues, use software to correct data quality errors

33
Q
A

INFS Lectures 1-4 (1 decks)

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