Information Management System DAC1 – 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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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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Variable
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Data characteristic that stands for a value that changes or varies over time.
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Business Intelligence (BI)
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information 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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Top Managers
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use BI to define the future of the business, analyzing markets, industries, and economies to determine the strategic direction the company must follow to remain profitable.
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Knowledge
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includes the skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources
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Knowledge workers
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are individuals valued for their ability to interpret and analyze information.
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Accounting
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Records, measures, and reports monetary transactions
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Finance
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Deals with 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 management 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 or transforming or resources into goods or services
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Sales
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Performs the functions of selling goods or services
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System
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a collection of parts that link to achieve a common purpose
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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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Production
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the process where a business takes raw material and processes them or converts them into a finished product for its goods or services
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Productivity
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the rate at which goods and services are produces based upon total output given total inputs
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System thinking
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a way of monitoring the entire system by viewing multiple inputs being process or transformed to produce outputs while continuously gathering feedback on each part
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Feedback
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information that returns to its original transmitter (input, transform, or output) and modifies the transmitters actions
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Feedback
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helps the system maintain stability
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Management Information System (MIS)
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a business function like accounting and human resources which moves information about people, products and process across the company to facilitate decision making and problem solving.
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Management Information System (MIS)
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incorporates systems thinking to help companies operate cross functionally.
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Chief Knowledge Officer
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Responsible for collecting, maintaining, and distributing company knowledge
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Chief Security Officer
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Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses
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Chief Technology Officer
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Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS
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Chief Privacy Officer
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Responsible for ensuring the ethical and legal use of information within a company
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Chief Information Officer
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Responsible for: 1. Overseeing all uses of MIS 2. Ensuring that MIS strategically aligns with business goals and objectives
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What represents information
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Data converted into a meaningful and useful context
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What represents a variable?
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Data characteristic that stands for a value that changes or varies over time
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What represents business intelligence
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Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making
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What represents Knowledge?
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Skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources
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Successful companies operate ______________, integrating the operations of all departments.
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Cross Functionally
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Operating cross functionally means integrating the operations of all ________.
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Departments
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Knowledge __________ are individuals valued for their ability to interpret and analyze information.
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Workers
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Management __________ systems is a business function, like accounting or human resources, that moves information about people, products, and processes across the company to facilitate decision making and problem solving.
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Information
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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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Competitive Advantage
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a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors
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First Mover Advantage
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Occurs when a company can significantly increase its market share by being first with a new competitive advantage
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Competitive Intelligence
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the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed.
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Three common tools to analyze competitive intelligence and develop competitive advantages
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The Five Forces Model (for evaluating industry attractiveness) ,The three generic strategies (for choosing a business focus),Value chain analysis (for executing business strategies).
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The Five Forces Model
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for evaluating industry attractiveness analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry. Identifies Opportunities, competitive advantages and competitive intelligence
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The three generic strategies
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for choosing a business focus
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Value chain analysis
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for executing business strategies, which views a firm as a serties of business processes that each add value to the product or service
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Primary value Activities
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acquire raw materials and manufacture, deliver market sell and provide after sales survives
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Buyer Power
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the ability to affect the price they must pay for an item
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Switching Costs
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One way to manipulate buyer power
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Supply Chain
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consists of all parties involved, directly or indirectly in obtaining raw materials or a producer
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Supplier Power
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is the suppliers ability to influence the prices they charge for supplies
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Threat of substitute products or services
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is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.
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Threat of New Entrants
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is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market
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Entry Barrier
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is a feature of a product or service that customers have come to expect and entering competitors must offer the same for survival.
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Rivalry among Existing Competitors
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is high when competition is fierce in a market and low when competitors are more complacent
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Product Differentiation
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Occurs when a company develops unique difference n its products or services with the intent to influence demand
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Business Process
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A standardized set of activities that accomplish a specific tsk, such as processing a customer's order
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Inbound logistics
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Acquires raw materials and resources and distributes to manufacturing as required
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Operations
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transforms raw materials or inputs onto good and services
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Outbound logistics
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distributes goods and services to customers
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Marketing and sales
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promoted prices and sells products to customers
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Service
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Provides customer support after the sale of goods and services
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Firm Infrastructure
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includes the company format or departmental structures, environment and systems
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Human resource management
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Provides employee training hiring and compensation
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Technology development
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applies MIS to process 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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Rivalry among existing competitors
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is when competition is fierce in a market and:when competitors are more complacent.
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Rivalry among existing competitors is high when competition is fierce in a market and low when competitors are more complacent.
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High Low
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What makes customers reluctant to move to another product or service?
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Switching costs can make customers reluctant to switch to another product or service.
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What is it called when a company develops unique differences in its products or services with the intent to influence demand?
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Product Differentiation
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Which of the following represents buyer power for the organic milk industry?
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Safeway, Whole Foods, King Soopers, and Kroger are all companies that purchase organic milk from the milk industry.- Safeway, Whole Foods, King Soopers, and Kroger
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When analyzing the organic milk industry, which of the following represents supplier power?
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Horizon Organic, Organic Valley, Whole Foods Organic, and Safeway Organic represent supplier power.
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When analyzing the organic milk industry, which of the following represents a substitute product?
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Vitamin water, fruit juice, coffee, and tea are all examples of substitute products to organic milk.
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Which of the following is not part of Porter's three generic strategies?
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Business process strategy
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Based on the examples of Porter's three generic strategies in your textbook, which of the following is Walmart following?
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Broad cost leadership
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In analyzing Neiman Marcus, which of Porter's three generic strategies would you determine that it was following?
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Broad differentiation
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If you were asked to analyze Payless Shoes, which of Porter's three generic strategies would you determine that it was following?
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Focused cost leadership
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Of the below generic strategies, which one best represents the business strategy implemented by Tiffany & Co.?
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Focused differentiation
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The :cost operator saves on expenses and passes the savings along to customers in the form of :prices.
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low; low
