Chpt 1 Management Info Systems – Flashcards
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Fact
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The confirmation or validation of an event or object
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Information Age
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The present time, during which infinite quantities of facts are widely available to anyone who can use a computer
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Data
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Raw facts that describe the characteristics of an event or object
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Information
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Data converted into a meaningful and useful context
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Business Intelligence
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Info collected from multiple sources such as suppliers, customers, competitors, partners and industries that analyzes patterns, trends and relationships for strategic decision making
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Knowledge
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Skills, experience, and expertise coupled with Info and intelligence that creates a persons intellectual resources
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Knowledge Worker
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Individual valued for their ability to interpret and analyze info
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Accounting
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Records, measures and reports monetary transactions
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Finance
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Tracks strategic financial issues including money, banking, credit, investments and assets
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Human Resources
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Maintains policies, plans and procedures for the effective man of employees
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Marketing
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Supports sales by planning, pricing and promoting goods or services
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Operations Management
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Manages the process of converting
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Operations Management
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Manages the process of converting or transforming or resources into goods or services
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Sales
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Performs the function of selling goods or services
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Accounting
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Transactional data, purchasing data, payroll data, tax data
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Finance
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Investment data, monetary data, reporting data
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Human Resources
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Employee data, promotion data, vacation data
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Marketing
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Promotion data, sales data, advertising data
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Operations Management
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Manufacturing data, distribution data, production data
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Sales
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Potential customer data, sales report data, commission data, customer support data
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Goods
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Material items or products that customers will buy to satisfy a want or need
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Services
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Tasks performed by people that customers will buy to satisfy a want or need
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Systems Thinking
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A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
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Management Info System
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A business function like acct and HR which moves info about people, products and processes across the co. to facilitate decisions making and problem solving
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Chief Info Officer
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Oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives
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Chief Knowledge Officer
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Responsible for collecting, maintaining and distributing the organizations knowledge
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Chief Privacy Officer
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Responsible for ensuring the ethical and legal use of info
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Chief Security Officer
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Responsible for ensuring the security of IT systems
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Chief Technology Officer
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Responsible for ensuring the throughput, speed, accuracy, availability and reliability of IT
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Business Strategy
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A leadership plan that achieves a specific set of goals or objectives
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Partners/Suppliers
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Reliable contracts, ethical materials responsible production
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Shareholders/Investors
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Max profits, grow market share, high return on investment
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Community
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Profession Associations, Ethical Recycling, Increase Employment
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Employees
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Fair compensation, job security, ethical conduct/treatment
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Customers
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Exceptional customer service, high quality products, ethical dealing
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Government
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Adhere to regulations/laws, increase employment, ethical taxation reportinf
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Competitive Advantage
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A product or service that an organizations customers place a greater value in their similar offerings from a competitor
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First Mover Advantage
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Occurs when an organization can significantly impact its market share by being first to market with a competitive Advantage
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SWOT Analysis
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Evaluates an organizations strengths, weaknesses, opportunities and threats to identity significant influences that work for or against business strategies
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1. Threat of Substitutes 2. Buyer power 3 . Supplier power 4. Threat of new entrants 5. Rivalry among existing competitors
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Porters 5 Forces Model
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Switching Cost
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Manipulating costs that make customers reluctant to switch to another product
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Loyalty Program
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Rewards customers based on the amount of business they do with a particular organization
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Supply Chain
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Consists of all parties involved in the procurement of a product or raw material
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Value Chain Analysis
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Views a firm as a series of business processes that each add value to the product/service
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Inbound Logistics
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Acquires raw materials and resources and distributes
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Operations
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Transforms raw materials or inputs into goods and services
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Outbound Logistics
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Distributes good and services to customers
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Firm Infrastructure
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Includes the co format of departmental structure environment and systems
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HR Management
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Provides employee training, hiring and compensation
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Tech Development
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Applies MIS to processes to add value
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Procurement
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Purchases inputs such as raw materials, resources equipment and supplies
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True
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The chief tech officer is responsible for ensuring the speed, accuracy, availability and reliability for MIS
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Zappos
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Which of the following is NOT a tech co but used tech to revamp the business process of selling shoes?
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False
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The business decisions made by the HR dep include potential customer data, sales report data, commission data and customer support data.
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Government
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Which group of stakeholders primary interests include adhering to reg/laws, increasing employment and ethical taxation reporting?
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True
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The business decisions made by the sales dep include potential customer data, sales report data, commission data and customer support data
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True
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It is not uncommon to find stakeholders business strategies have conflicting interests such as investors looking to increase profits by eliminating employee jobs
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Chief Knowledge Officer
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Susan is an executive at Equity Title where she is responsible for collecting, maintaining and distributing knowledge for the co. What is Susan's role at Equity Title?
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True
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BI is info collected from multiple sources such as suppliers, customers, competitors, partners and industries that analyzes patterns, trends and relationships for strategic decision making.
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Carrying large product inventories
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Which of the following is NOT a typical way that a co would duplicate a competitive Advantage?
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All are correct
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Which of the following represents the types of data commonly found in the acct dep?
