Test 2 Vocab Flashcards
an asset that can be turned easily into cash
liquid
a distributed and decentralized ledger that records and verifies transactions and ownership, making it difficult to tamper with or shut down
blockchain
an open source, decentralized payment system (sometimes controversially referred to as a digital, virtual, or cryptocurrency) that operates in a peer-to-peer environment, without bank or central authority
bitcoin
a digital asset where a secure form of mathematics (cryptography) is used to handle transactions, control the creation of additional units, and verify the transfer of assets
cryptocurrencies
in software development, when developers start with a copy of a project’s program source code, but modify it, creating a distinct and separate product form the original base
fork
money owed for products and services purchased on credit
accounts payable
offering deep discounts of a limited quantity of inventory; often run for a fixed period or until inventory is completely depleted
flash sales
a classification of software that monitors trends among customers and uses this data to personalize an individual customer’s experience
collaborative filtering
problems that arise when organizations cannot easily convert assets to cash
liquidity problems
the number of times inventory is sold or used during a specific periods
inventory turns
a randomized group of experiments used to collect data and compare performance among two options studied; often used to refine the design of technology products and easily run over the Internet on a firm’s website
A/B test
a line of identifying text assigned and retrieved by a given Web server and stored by your browser
cookie
pricing that shifts over time, usually based on conditions that change demand
dynamic pricing
products or services that get more valuable as two distinct categories of participants expand
two-sided network effect
period between distributing cash and collecting funds associated with a given operation
cash conversion cycle
marketing practice where a firm rewards partners (affiliates) who bring in new business, often with a percentage of any resulting sales
affiliate marketing program
an accounting term for an intangible asset above and beyond the operations value of the firm
goodwill
exists when a firm’s potential partners see that firm as a threat; this threat could come because it offers competing products or services via alternative channels or because the firm works closely with especially threatening competitors
channel conflict
have very little computing power in the device itself, and instead perform the bulk of computing and storage over the network, “in the cloud”
thin devices
a method of querying and reporting that takes data from standard relational databases, calculates, and summarizes the data, and then stores the data in a special database called a data cube
online analytical processing (OLAP)
a special database used to store data in OLAP reporting
data cube
a heads-up display of critical indicators that allow managers to get a graphical glance at key performance metrics
dashboards
tools that put users in control so that they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters
ad hoc reporting tools
build a model with so many variables that the solution arrived at might only work on the subset of data you’ve used to create it
over-engineer
the process of using computers to identify hidden patterns in, and to build models from, large datasets
data mining
providing customers with a unified experience across customer channels, which may include online, mobile, catalog, phone, and retail
omnichannel
reports that provide regular summaries of information in a predetermined format
canned reports
a type of machine learning that uses multiple layers of interconnections among data to identify patterns and improve predicted results; most often uses a set of techniques known as neural networks
deep learning
a statistical technique used in AI, and particularly in machine learning; it hunts down and exposes patterns, building multilayered relationships that humans can’t detect on their own
neural networks
computer software that can mimic or improve upon functions that would otherwise require human intelligence
artificial intelligence
a type of artificial intelligence that leverages massive amounts of data so that computers can improve the accuracy of actions and predictions on their own without additional programming
machine learning
the cost a consumer incurs when moving from one product to another; it can involve actual money spent as well as investment in time, and data loss, and so forth
switching costs
a market dominated by a small number of powerful sellers
oligopoly
a market that derives most of its value from a single class of users
one-sided market
products and services that allow for the development and integration of software products and other complementary goods, effectively creating an ecosystem of value-added offerings
platforms
when the value of a product or service increases as its number of users expands
network effects
Metcalfe’s Law or network externalities
an economic measure of the full cost of owning a product; includes direct costs such as purchase price, plus indirect costs such as training, support, and maintenance
total cost of ownership (TCO)
when an increase in the number of users on one side of the market creates a rise in the other side
cross-side exchange benefit
programming hooks, or guidelines published by firms that tell other programs how to get a service to perform a task such as send or receive data
APIs (application program interface)
competing by offering a new technology that is so superior to existing offerings that the value overcomes the total resistance that older technologies might enjoy via exchange, switching cost, and complementary benefits
technological leapfrogging
the positive influence created when someone finds out that others are doing something
social proof
an approach where firms seek to create and compete in uncontested “blue ocean” market spaces, rather than competing in spaces and ways that have attracted many, similar rivals
blue ocean strategy
the long term viability of a product or service
staying power
when one market attempts to conquer a new market by making it a subset, component, or feature of its primary offering
envelopment
when increasing numbers of users lower the value of a product or service
congestion effects
a product that allows a firm to tap into the complementary products, data, or user base of another product or service
adaptor
products or services that add additional value to the primary product or service that makes up a network
complementary benefits
when two or more markets, once considered distinctly separate, begin to offer features and capabilities; for example, the markets for mobile phones and media players are doing this
convergence
benefits derived by interaction among members of a single class of participants
same-side exchange benefits
network market that comprises two distinct categories of participant, both of which are needed to deliver value for the network to work
two-sided market
a market where there are many buyers but only one dominant seller
monopoly
the ability to take advantage of complementary products developed for a prior generation of technology
backward compatability
when a firm pre announces a forthcoming product or service and experiences a sharp and detrimental drop in sales of current offerings as users wait for the new item
The Osborne Effect
ensuring that an organization’s systems operate within required legal constraints, and industry and organizational obligations
compliance
developing work continually and iteratively with a goal of more frequent product rollouts and constant improvement across smaller components of the larger product
agile development
software for creating, maintain, and manipulating data
database management system (DBMS) sometimes called database software
systems that use data created by other systems to provide reporting and analysis for organizational decision making
business intelligence (BI) systems
applications that address the needs of multiple users throughout an organization or work group
enterprise software
systems used to support customer-related sales and marketing activities
customer relationship management (CRM)
software that houses and serves business logic for use and reuse by multiple applications
application server
systems that can help a firm manage aspects of its value chain, from the flow of raw materials into the firm, through delivery of finished products and services at the point-of-consumption
supply chain management (SCM)
a software package that integrates the many functions (accounting, finance, inventory management, human resources, etc.) of a business
enterprise resource planning (ERP)
software stored on nonvolatile memory chips (as opposed to being stored on devices such as hard drives or removable discs)
firmware
an application that includes an editor (a sort of programmer’s word processor), debugger, and compiler, among other tools
integrated development environment (IDE)
small pieces of code that are accessed via the application server, and permit interoperable machine-to-machine interaction over a network
web services
the physical components of information technology
computer hardware
a form of computing where systems in different locations communicate and collaborate to complete a task
distributed computing
applications installed on a personal computer, typically supporting tasks performed by a single user
desktop software
includes desktop applications, enterprise software, utilities, and other programs that perform specific tasks for users and organizations
applications
the software that controls the computer hardware and establishes standards for developing and executing applications
operating system
a program that fulfills the requests of a client
server
a software program that makes requests of a server program
client
a computer program or a collection of programs; it is a precise set of instructions that tells hardware what to do
software
the costs associated with each additional unit produced
marginal costs
products and services designed to target a specific industry
vertical niches (also sometimes called vertical markets)
the use of cloud computing to provide excess capacity during periods of spiking demand; is a scalability solution that is usually provided as an overflow service, kicking in as needed
cloudbursting
term used to describe technology products that contain particularly strong security features
security-focused or hardened
a massive network of computer servers running software to coordinate their collective use
server farm
where cloud providers offer services that include the hardware, operating system, development tools, testing, and hosting that its customers use to build their own applications on the provider’s infrastructure; client has control over the creation and deployment of their application
platform as a service (Paas)
unpredicted but highly impactful events
black swans
software that is free and where anyone can look at and potentially modify the code
open source software (OSS)
a form of cloud computing where a firm develops its own software, and then runs it over the Internet on a service provider’s computers
utility computing
ability to either handle increasing workloads or to be easily expanded to manage workload increases
scalability
where cloud provides offer services that include running the remote hardware, storage, and networking, but client firms can choose software used; cloud firm usually manages the infrastructure while the client has control over most other things
infrastructure as a service (IaaS)
an acronym standing for Linux, the Apache Web server software, the MySQL database, and any of several programming languages that start with P
LAMP
a type of software that allows a single computer (or cluster of connected computers) to function as if it were several different computers, each running its own operating system and software
virtualization
a form of cloud computing where a firm subscribes to a third-party software and receives a service that is delivered online
software as a service (SaaS)
replacing computing resources-either an organization’s or individual’s hardware or software-with services provided over the internet
cloud computing
polling a diverse crowd and aggregating opinions in order to form a forecast of an eventual outcome
prediction market
the idea that a group of individuals, often consisting of untrained amateurs, will collectively have more insight than a single or small group of trained professionals
wisdom of crowds
the act of taking a job traditionally performed by a designated agent and outsourcing it to an undefined, generally large group of people in the form of an open call
crowdsourcing
altering a product offering, business model, or target market in hopes that the change will lead to a viable business
pivot
a key concept in entrepreneurship and new product development that conveys the degree to which a product satisfies market demand
product-market fit
chip performance per dollar doubles every 18 months
Moore’s law
storage (such as RAM chips that is wiped clean when power is cut off from a device
volatile memory
the rate at which the demand for a product or service fluctuates with price change
price elasticity
nonvolatile, chip-based storage, often used in mobile phones, cameras, and MP3 players; is slower than conventional RAM but holds its charge even when the power goes out
flash memory
a substance used inside most computer chips that is capable of enabling as well as inhibiting the flow of electricity; means computer chips
semiconductor
the part of the computer that executes the instructions of a computer program
microprocessor
the fast, chip based volatile storage in a computing device
random access memory (RAM)
storage that retains data even when powered down
nonvolatile memory
a vision where low-cost sensors, processors, and communications are embedded into a wide array of products and our environment, allowing a vast network to collect data, analyze input, and automatically coordinate collective action
Internet of Things
a term often used in computing that refers to delay, especially when discussing networking and data transfer speeds
latency; low latency systems are faster systems
computers that are among the fastest of any in the word at the time of their introduction
supercomputers
a type of computing that uses special software to enable several computers to work together on a common problem, as if they were a massively parallel supercomputer
grid computing
connecting server computers via software and networking so that their resources can be sued to collectively solve computing tasks
cluster computing
discarded, often obsolete technology
e-waste; also known as electronic waste
