MIS chapter 2 terms – Flashcards
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analytics
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the science of fact-based decision making
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operational level of decision making
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employees develop, control, and maintain core activities required to run the day-to-day operations
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structured decisions
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established processes offer potential solutions-repetitive in nature
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managerial level
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employees are continuously evaluating company operations to hone the firm's abilities to identify, adapt to, and leverage change
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semistructured decisions
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a few established processes help evaluate potential solutions, but not enough to lead to a definite recommended decision
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strategic level
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managers develop overall business strategies, goals and objectives as part of the company's strategic plan
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unstructured decision
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occurring in situations in which no procedures or rules exist to guide decision makers toward the correct choice
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project
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a temporary activity a company undertakes to create a unique product, service or result
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metrics
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measurements that evaluate results to determine whether a project is meeting its goals
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critical success factors (CSFs)
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crucial steps companies perform to achieve their goals and objectives and implement their strategies
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key performance indicators (KPIs)
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the quantifiable metrics a company uses to evaluate progress toward critical success factors, more specific than CSFs
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return on investment (ROI)
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a common internal KPI that indicates the earning power of a project
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market share
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the proportion of the market that a firm captures (divide the firm's sales by the total market sales for the entire industry)
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best practices
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the most successful solutions or problem-solving methods that have been developed by a specific organization or industry
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efficiency MIS metrics
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measure the performance of MIS itself, such as throughput, transaction speed, and system availability
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effectiveness MIS metrics
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measure the impact MIS has on business processes and activities, including customer satisfaction and customer conversion rates
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benchmarks
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baseline values the system seeks to attain
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benchmarking
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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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model
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simplified representation or abstraction of reality, used to help calculate risks, understand uncertainty, change variables and manipulate time to make decisions
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transactional information
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encompasses all the information contained within a single business process or unit of work, its primary purpose being to support the performance of daily operational or structural decisions
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online transaction processing (OLTP)
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the capture of transaction and event information using technology to 1. process the information according to defined business rules, 2. store the information, and 3. update existing information to reflect new information
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transaction processing system (TPS)
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the basic business system that serves the operational level (analysts) and assists in making structured decisions
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source documents
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the original transaction record for a TPS
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analytical information
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encompasses all organizational information, and its primary purpose is to support the performance of managerial analysis or semistructured decisions-includes transactional information along with other information (market and industry formation)
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online analytical information (OLAP)
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the manipulation of information to create business intelligence in support of strategic decision making
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decision support system (DSSs)
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model information using OLAP, which provides assistance in evaluating and choosing among different courses of action. Enables high-level managers to examine and manipulate large amounts of detailed data from different internal and external sources
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executive information system (EIS)
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a specialized DSS that supports senior-level executives and unstructured, long-term, nonroutine decisions requiring judgment, evaluation, and insight
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granularity
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the level of detail in the model or the decision-making process
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visualization
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produces graphical displays of patterns and complex relationships in large amounts of data
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digital dashboard
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a common visualization tool that tracks KPIs and CSFs by compiling information from multiple sources and tailoring it to meet user needs
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artificial intelligence
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simulates human thinking and behavior, such as the ability to reason and learn
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intelligent systems
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various commercial applications of artificial intelligence, including sensors, software, and devices that emulate and enhance human capabilities
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expert systems
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computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems
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genetic algorithm
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an artificial intelligence system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem
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mutation
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the process within a genetic algorithm of randomly trying combinations and evaluating the success (or failure) of the outcome
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intelligent agent
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a special-purpose, knowledge-based information system that accomplishes specific tasks on behalf of its users
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shopping bot
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software that will search several retailer websites and provide a comparison of each retailer's offerings, including price and availability
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augmented reality
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the viewing of the physical world with computer-generated layers of information added to it
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virtual workplace
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a work environment that is not located in any one physical space
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haptic interface
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uses technology allowing humans to interact with a computer through bodily sensations and movements (ex: a cell phone vibrating)
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customer-facing processes
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also called front-office processes, result in a product or service received by an organization's external customer
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business-facing processes
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also called back-office processes, are invisible to the external customer but essential to the effective management of the business (goal setting, day-to-day planning, allocating resources, etc)
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business process patent
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a patent that protects a specific set of procedures for conducting a particular business activity
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core processes
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business processes, such as manufacturing goods, selling products, and providing service, that make up the primary activities in a value chain
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static process
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uses a systematic approach in an attempt to improve business effectiveness and efficiency continuously
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dynamic process
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continuously changing and provides business solutions to ever-changing business operations
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business process modeling (mapping)
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the activity of creating a detailed flowchart or process map of a work process that shows its inputs, tasks, and activities in a structured sequence
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business process model
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a graphic description of a process, showing the sequence of process tasks, which is developed for a specific purpose and from a selected viewpoint
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business process model and notation (BPMN)
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a graphical notation that depicts the steps in a business process
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as-is process models
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represent the current state of the operation that has been mapped, without any specific improvements or changes to existing processes
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to-be process models
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show the results of applying change improvement opportunities to the current (as-is) process model
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swim lane
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business process layout that arranges the steps of a business process into a set of rows depicting various elements
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workflow control systems
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monitor processes to ensure tasks, activities and responsibilities are executed as specified
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business process improvement
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attempts to understand and measure the current process and make performance improvements accordingly
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automation
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the process of computerizing manual tasks, making them more efficient and effective, and dramatically lowering operational costs
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bottleneck
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occurs when resources reach full capacity and cannot handle any additional demands, they limit throughput and impede operations
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streamlining
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improves business process efficiencies by simplifying or eliminating unnecessary steps
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managerial business processes
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semidynamic, semiroutine, monthly business processes such as resource allocation, sales strategy, or manufacturing process improvements
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redundancy
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when a task or activity is unnecessarily repeated
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cycle time
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the time required to process an order
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strategic business processes
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dynamic, nonroutine, long-term business processes such as financial planning, expansion strategies, and stakeholder interactions
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business process reengineering (BPR)
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the analysis and redesign of workflow within and between enterprises
