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Information Systems > OMIS MIDTERM WEEK 2 > Flashcards

OMIS MIDTERM WEEK 2 Flashcards

1
Q

What are the six steps in decision-making?

A

1) Problem identification
2) Data collection
3) Solution generation
4) Solution test
5) Solution selection
6) Solution implementation

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2
Q

What are Structured decisions?

A

Situations where established processes offer potential solutions

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3
Q

What is Managerial decision making?

A

Employees evaluate company operations to identify, adapt to, and leverage change

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4
Q

What are Semistructured decisions?

A

Occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision

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5
Q

What is strategic decision making?

A

Managers develop overall strategies, goals, and objectives

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6
Q

What are Unstructured decisions?

A

Occurs in situations in which no procedures or rules exist to guide decision makers toward the correct choice

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7
Q

What are critical success factors (CSFs)?

A

The crucial steps companies make to perform to achieve their goals and objectives and implement strategies

Ex:

  • Create high-quality products
  • Retain competitive advantages
  • Reduce product costs
  • Increase customer satisfaction
  • Hire and retain the best professionals
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8
Q

What is a project?

A

A temporary activity a company undertakes to create a unique product, service, or result

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9
Q

What is a metric?

A

Measurements that evaluate results to determine whether a project is meeting its goals

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10
Q

What are Key performance indicators? (KPIs)

A

The quantifiable metrics a company uses to evaluate progress toward critical success factors

Ex:

  • Turnover rates of employees
  • Number of product returns
  • Number of new customers
  • Average customer spending
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11
Q

What is an external KPI?

A

Market share - The portion of the market that a firm captures (external)

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12
Q

What is an internal KPI?

A

Return on investment (ROI) – Indicates the earning power of a project

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13
Q

What are Efficiency MIS metrics?

A

Measure the performance of MIS itself, such as throughput, transaction speed, and system availability

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14
Q

What are Effectiveness MIS metrics?

A

Measures the impact MIS has on business processes and activities, including customer satisfaction and customer conversation rates

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15
Q

What is benchmarking?

A

A process of continuously measuring system results, comparing those results to optimal system performance (benchmark values), and identifying steps and procedures to improve system performance

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16
Q

What is benchmark?

A

Baseline values the system seeks to attain

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17
Q

What is a model?

A

A simplified representation or abstraction of reality

Models help managers to

  • Calculate risks
  • Understand uncertainty
  • Change variables
  • Manipulate time to make decisions
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18
Q

What are Operational support systems?

A

1) Transaction processing system (TPS)

2) Online transaction processing (OLTP)

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19
Q

What is a Transaction processing system (TPS)?

A

Basic business system that serves the operational level and assists in making structured decisions

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20
Q

What is a Online transaction processing (OLTP) -

A

Capturing of transaction and event information using technology to process, store, and update

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21
Q

What is a Source document?

A

The original transaction record

22
Q

What is Online analytical processing (OLAP)?

A

Manipulation of information to create business intelligence in support of strategic decision making

23
Q

What is Decision support system (DSS)?

A

Models information to support managers and business professionals during the decision-making process

24
Q

What are 4 quantitative models used by decision support systems (DSS)?

A
  • What-if analysis
  • Sensitivity analysis
  • Goal-seeking analysis
  • Optimization analysis
25
Q

What is an example of a Strategic support system?

A

Executive information system (EIS)

26
Q

What is an Executive information system (EIS)?

A

A specialized DSS that supports senior level executives within the organization

  • Granularity
  • Visualization
  • Digital dashboard
27
Q

What capablities do Executive information system (EIS) offer?

A
  • Consolidation
  • Drill-down
  • Slice-and-dice
  • Pivot
28
Q

What is Artificial intelligence (AI)?

A

Simulates human intelligence such as the ability to reason and learn

29
Q

What is an Intelligent system?

A

Various commercial applications of artificial intelligence

30
Q

What is Machin learning?

A

A type of artificial intelligence that enables computers to both understand concepts in the environment, and also to learn

  • Weak AI: chatbots
  • Strong AI: automated cars
31
Q

What are the five most common categories of AI?

A

1) Expert system
2) Neural network
3) Genetic algorithm
4) Intelligent agent
5) Virtual reality

32
Q

What is an Expert system? (AI)

A

Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems

Ex:
- Machine vision: The ability of a computer to “see” by digitizing an image, processing the data it contains, and taking some kind of action

33
Q

What is a Neural network?

A

Attempts to emulate the way the human brain works

Ex:
- Fuzzy logic: A mathematical method of handling imprecise or subjective information

  • Deep learning: A process that employs specialized algorithms to model and study complex datasets; the method is also used to establish relationships among data and datasets
34
Q

What is a Genetic algorithm? (AI)

A

An artificial intelligent system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem

  • Shopping bot:: Software that will search several retailer websites and provide a comparison of each retailer’s offerings including price and availability
35
Q

What is an Intelligent agent? (AI)

A

Special-purpose knowledge-based information system that accomplishes specific tasks on behalf of its users

36
Q

What is Virtual reality? (AI)

A

A computer-simulated environment that can be a simulation of the real world or an imaginary world

37
Q

What are Customer facing processes?

A

Results in a product or service that is received by an organization’s external customer

38
Q

What are Business facing processes?

A

Invisible to the external customer but essential to the effective management of the business

39
Q

What is Business process modelling (or mapping)?

A

The activity of creating a detailed flow chart or process map of a work process showing its inputs, tasks, and activities, in a structured sequence

40
Q

What is a Business model?

A

A graphic description of a process, showing the sequence of process tasks, which is developed for a specific

Ex:

  • As-Is process model
  • To-Be process model
41
Q

What is Workflow?

A

Includes the tasks, activities, and responsibilities required to execute each step in a business process

42
Q

What are Operational business processes?

A

Static, routine, daily business processes such as stocking inventory, checking out customers, or daily opening and closing processes

43
Q

What are Operationalized analytics?

A

Makes analytics part of a business process

44
Q

What are Business process improvements?

A

Attempts to understand and measure the current process and make performance improvements accordingly

45
Q

What is Automation?

A

The process of computerizing manual tasks

46
Q

What are the steps in Business process improvement?

A

1) Document As-Is processes
2) Establish measures
3) Follow process
4) Measure performance
5) Identify and implement improvements

47
Q

What is Streamlining?

A

Improves business process efficiencies by simplifying or eliminating unnecessary steps

48
Q

What is a Bottleneck?

A

Occur when resources reach full capacity and cannot handle any additional demands

49
Q

What is a Redundancy?

A

Occurs when a task or activity is unnecessarily repeated

50
Q

What is Business process reengineering (BPR)?

A

Analysis and redesign of workflow within and between enterprises

Information Systems (3 decks)

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