Chapter 1: Management Information Systems – Flashcards
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Fact
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- confirmation/validation of event/object
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Information Age
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- present time during which infinite quantities of facts are widely available to anyone who can use a computer
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Machine to Machine
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- M2M - devices connecting directly to other devices
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Data
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- raw facts describing characteristics of event/object - structured v. unstructured
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Internet of Things
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- IoT - world where interconnected internet enabled devices/things can collect/share data without human intervention
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Structured Data
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- data that has defined length/type/format including numbers/dates/strings - 20% data
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Machine Generated Data
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- data created by machine without human intervention
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Human Generated Data
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- data humans, when interacting with computers, generate
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Unstructured Data
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- data not defined and not following specified format, typically free-form text
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Big Data
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- collection of large/complex data sets including structured/unstructured data which cannot be analyzed using traditional tools/methods
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Snapshot
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- view of data at particular moment in time
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Information
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- data converted into meaningful/useful context
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Report
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- document containing data organized in table/matrix/graphical format allowing users to easily comprehend/understand information
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Static Report
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- report created once, based on data that doesn't change - Basically based on past data
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Dynamic Report
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- report changing automatically during creation
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Variable
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- data characteristic standing for value that changes/varies over time - Manipulation = critical to business
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Business Intelligence
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- BI - information collected from multiple sources that analyzes patterns/trends/relationships for strategic decision making - incorporates both internal and external variables in order to predict business performance
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Analytics
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- science of fact-based decision making
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Predictive Analytics
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- extracts information from data and uses it to predict future trends/identify behavioral patterns
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Behavioral Analytics
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- uses data about people's behaviors to understand intent/predict future actions
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Knowledge
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- skills/experience/expertise coupled with information/intelligence creating person's intellectual resources
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Knowledge Worker
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- individuals valued for ability to interpret/analyze information
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System
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- collection of parts linking to achieve common purpose
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Good
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- material items/products customers but to satisfy want/need
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Service
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- tasks customers buy to satisfy want/need
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Production
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- process where business takes new materials and converts them into finished product - Input + process = output
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Productivity
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- rate at which goods/services produced based on total output given total input
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Systems Thinking
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- way of monitoring entire system by viewing multiple inputs being processed/transformed to produce outputs while continuously gathering feedback on each part
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Feedback
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- information returning to original transmitter and modifying transmitter's actions to maintain stability
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Management Information Systems
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- MIS - business function moving info about people/products/processes across company to facilitate decision making/problem solving
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Chief Information Officer
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- CIO - responsible for overseeing all uses of MIS and ensuring MIS strategically aligns with business objectives/goals
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Chief Data Officer
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- CDO - responsible for determining types of info enterprise will capture/retain/analyze/share
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Chief Technology Officer
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- CTO - responsible for ensuring throughput, speed, accuracy, availability, and reliability of organization's information technology
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Chief Security Officer
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- CSO - responsible for ensuring security of MIS systems and developing strategies/MIS safeguards against attacks from hackers/viruses
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Chief Privacy Officer
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- CPO - responsible for ensuring ethical/legal use of information within company
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Chief Knowledge Officer
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- CKO - responsible for collecting/maintaining/ distributing company knowledge
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Chief Intellectual Property Officer
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- manage/defend intellectual property/copyright/patents
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Chief Automation Officer
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- determine if person/business process can be replaced by robot/software
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Chief User Experience Officer
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- create optimal relationship between user/tech
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MIS Skills Gap
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- difference between existing MIS workplace knowledge and knowledge required to fulfill business goals/strategies
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Business Strategy
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- leadership plan that achieves specific set of goals/objectives
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Competitive Advantage
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- feature of product/service on which customers place greater value than on similar offerings from competitors
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Stakeholder
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- person/group with interest/concern in company
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First Mover Advantage
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- advantage occurring when company can significantly increase its market share by being first to market with competitive advantage
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Competitive Intelligence
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- process of gathering info about competitive environment including competitor's plans/activities/products to improve company's ability to succeed
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SWOT Analysis
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- evaluates organization's strengths/weaknesses/opportunities/threats to identify significant influences working for/against business strategies - strength/weakness = internal - opportunities/threats = external
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Porter's Five Forces Model
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- model for analyzing competitive forces within environment in which company operates to assess potential for profitability in industry
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Buyer Power
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- ability of buyers to affect price they must pay for item - High BP = bad for company... hard to control costs
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Switching Costs
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- costs that make customers reluctant to switch to another product/service - Not necessarily cash, also time/relationship/etc...
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Loyalty Programs
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- rewards customers based on spending/loyalty to company
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Supplier Power
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- measures suppliers' ability to influence prices they charge for supplies - High SP = bad for consumers as most companies pass increase in supply price to consumer (unless high BP and high SP)
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Supply Chain
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- all parties involved indirectly/directly in obtaining raw materials or product
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Threat of Substitute Products/Services
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- high when many alternatives to product/service - low with few alternatives - alternatives ? alternative brands
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Threat of New Entrants
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- high when easy for new competitors to enter - low when hard for new competitors to enter b/c barriers to entry
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Entry Barrier
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- feature of product/service customers come to expect that entering competitors must offer ni order to survive
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Rivalry Among Existing Competitors
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- high when competition is fierce in market - low when competition is complacent in market - competition between brands - generally high in every industry
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Product Differentiation
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- advantage occurring when company develops unique differences in product with intent to influence demand
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Porter's Three Generic Strategies
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- generic business strategies neither organization/industry specific and can be applied to any business/product/service
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Broad Cost Leadership
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- broad market/product/service offering - low prices Ie: Walmart
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Broad Differentiation
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- broad market/product/service offering - high prices because products differentiated Ie: Neiman Marcus, Nordstrom
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Focused Strategy
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- narrow market with more options + low cost: Payless - narrow market with more options + high cost: Tiffanys, Prada
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Business Process
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- standardized set of activities that accomplish specific task
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Value Chain Analysis
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- views firm as series of business processes that each add value to product/service- - business can target high value and further value, target low value and turn to high, or combo - Porter's five forces threaten parts of VCA
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Primary Value Activities
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- bottom of value chain - activities including... inbound logistics, operations/manufacturing, outbound logistics, marketing/sales, and after-services
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Support Value Activities
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- top of value chain - business processes supporting primary value activities... firm infrastructure, HR management, R&D, procurement
