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Information Systems > OMIS MIDTERM WEEK 1 > Flashcards

OMIS MIDTERM WEEK 1 Flashcards

1
Q

Internet of Things (IoT)

A

A world where interconnected Internet-enabled devices or “things” have the ability to collect and share data without human intervention.

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2
Q

Machine-to-Machine (M2M)

A

Refers to devices that connect directly to other devices

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3
Q

What are the core drivers of the information age?

A

Data
Information
Business intelligence
Knowledge

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4
Q

What are Information Systems? (IS)

A
  • Computer-based tools that are used to work with information and support the information and information-processing needs of an organiztion
  • Includes: Hardware, Software, Trained personnel, Policies & Procedures & Security measures
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5
Q

What is Information Technology? (IT)

A
  • The acquisition, processing, storage, and distribution of voice, graphics, text, and numbers and other information by a combination of computers and telecommunications networks.
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6
Q

What are Management Information Systems? (MIS)

A
  • The function that plans for, develops, implements, and maintains IS hardware, software, and applications that people use to support the goals of an organization
  • MIS is a business function, similar to Accounting, Finance, Operations, and Human Resources
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7
Q

What is Data?

A

Raw facts that describe the characteristics of a event or object.

Ex: order date, amount sold, customer number, quantity ordered

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8
Q

What is Information?

A

Data converted into a meaningful and useful context.

Ex: best-selling product, best customer

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9
Q

What is Business Intelligence?

A

Information collected from multiple sources that analyses patterns ,trends, and relationships for strategy decision making.

Ex: lowest sales per week compared with the economic interest rates, best selling product by month compared to sports seasons and city team wins and losses

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10
Q

Knowledge

A

The skills, experience, and expertise, coupled with information and intelligence, that creates a person’s intellectual resources.

Ex: choosing not to fire a sales representative who is underperforming knowing that person is experience family problems, listening products that are about to expire first on the menu or creating them as a daily special to move the product

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11
Q

What is Information-Functional Culture?

A

Employees use information as a means of exercising influence or power over others.

Ex: a sales manager refuses to share information with marketing.

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12
Q

What is Information-Inquiring culture?

A

Employees across departments search for information to better understand the future and align themselves with current trends and new directions

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13
Q

What is Information-Sharing culture?

A

Employees cross departments trust each other to use information (especially about problems and failures) to improve performance.

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14
Q

What is Information-Discovery culture?

A

Employees across departments are open to new insights about crises and radical changes and seek ways to create competitive advantage.

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15
Q

What is a Chief information officer (CIO)?

A

Oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives.

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16
Q

What is a Chief knowledge officer (CKO)?

A

Responsible for collecting, maintaining, and distributing the organization’s knowledge.

17
Q

What is a Chief privacy offer (CPO)?

A

Responsible for ensuring the ethical and legal use of information.

18
Q

What is a Chief security officer? (CSO)

A

Responsible for ensuring the safety of IT resources including data, hardware, software, and people.

19
Q

What is a technology officer? (CTO)

A

Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IT

20
Q

What is a business strategy?

A

A leadership plan that achieves a specific set of goals or objectives.

Ex: Developing new products or services, Entering new markets, Increasing customer loyalty, Attracting new customers, Increasing sales

21
Q

Who are the stakeholders of an organization?

A

Government, partners/suppliers, shareholders/investors, community, employees, customers, government

22
Q

What’s a competitive advantage?

A

A product or service that an organization’s customers place a greater value on than similar offerings from a competitor.

23
Q

What is first-mover advantage?

A

Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage.

24
Q

What is a SWOT analysis?

A

Evaluates an organization’s strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

25
Q

What is Porter’s Five Forces Model?

A

Threat of substitute products or services

Buyer power

Supplier power

Threat of new entrants

Rivalry among existing competitors

26
Q

What is buyer power?

A

The ability of buyers to affect the price of an item.

27
Q

What are Switching costs?

A

Manipulating costs that make customers reluctant to switch to another product

28
Q

What is a Loyalty program?

A

Rewards customers based on the amount of business they do with a particular organization

29
Q

What is a supply chain?

A

Consists of all parties involved in the procurement of a product or raw material.

30
Q

What is the threat of substitute products or services?

A

When there are many alternatives to a product or service and low when there are few alternatives

31
Q

What is rivalry among existing competitors?

A

When competition is fierce in a market and low when competitors are more complacent

32
Q

What is Product differentiation?

A

Occurs when a company develops unique differences in its products or services with the intent to influence demand

33
Q

What are Porter’s Three Generic Strategies?

A

High cost vs. Low cost

Differentiation vs. Low differentiation

Broad market vs. Narrow market

34
Q

What is a business process?

A

A standardized set of activities that accomplish a specific task, such as a specific process

35
Q

What is a Value chain analysis?

A

Views a firm as a series of business processes that each add value to the product or service

36
Q

What are primary value activities?

A
  • Inbound logistics: acquires raw materials and resources, and distributes
  • Operations: transforms raw materials or inputs into goods and services
  • Outbound logistics: distributes goods and services to customers
  • Marketing and sales: promotes, prices, and sells products to customers
  • Service: provides customer support
37
Q

What are support value activities?

A
  • Firm infrastructure: includes the company format or departmental structures, environment, and systems
  • Human resource management: provides employee training, hiring, and compensation
  • Technology development: applies MIS to processes to add value
  • Procurement: purchases inputs such as raw materials, resources, equipment, and supplies

Information Systems (3 decks)

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