MIS 309- CH 1 – Flashcards
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Fact
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confirmation or validation of an event or object
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Information Age
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present time, infinite quality of facts available to anyone who can use a computer
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What are the 5 core drivers of the information age?
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data, information, business intelligence, knowledge
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Data
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raw facts that describe characteristics of an event or object
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order date, amount sold, customer #, quanity ordered
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data examples
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Information
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data converted into a meaningful and useful context
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best selling product, best customer
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information examples
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Business intelligence
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info collected from multiple sources such as customers, suppliers, competitors, partners that analyze patterns , trends, relationships for strategic decision making
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Knowledge
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Skill, experience, and expertise creates a persons intellectual resources
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Knowledge worker
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individual valued for their ability to interact and analyze information
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Systems thinking
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entire system, multiple inputs to produce outputs, continously gathering feedback on each part
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System
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Collection of parts that link to achieve a common purpose
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MIS
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a business function which moves info about people, products, and processes across the company to facilitate decision making and problem solving
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CIO
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ensures IT aligns with business goals and objectives
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CKO
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collecting, maintaining, distributing orgs knowledge
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CPO
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ensures ethical and legal use of information
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CSO
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ensures security of IT systems
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CTO
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throughput, speed, accuracy, and availability and readability 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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Stakeholder
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Can drive business strategies
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Competitive advantage
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a product or service a orgs customers place higher value on than similar offerings from a competitor
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First mover advantage
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org can make bigger impact on market share by being its first to market with competitive advantage
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SWOT analysis
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influences that work for or against business strategies
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porters 5 forces
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threat of substitute, buyer power, supplier power, rivivarly among existing competitors, threat of new entrants
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If ________ ______is high, customers can force a company and its competitors to compete on price, which typically drives prices down.
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buyer power
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Switching costs
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manipulates costs to make customers reluctant to switch to another product
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If supplier power is high, the supplier can influence the industry by:
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Charging higher prices. Limiting quality or services. Shifting costs to industry participants
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Entry Barrier
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a feature of product or service customers have come to expect and entering customers must offer the same for survival
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Porters 3 generic strategies
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broad cost leadership, broad differentiation, focused strategy
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Value chain analysis
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views firms as a series of business processes
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Business processes
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standardized set of activities to accomplish specific tasks such as a specific process
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Primary value activities ( def)
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acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services
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5 Primary Value activities:
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1. inbound logistics 2. Operations 3. outbound logistics 4. Marketing and sales 5. Service s
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Support value activities:
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1. Firm infastructure 2. HRM 3. Tech development 4. Procurement
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Firm infastructure
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company format or department structures, environment, and systems
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HRM
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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 RM, resources, equip, and supplies
