Chapter 2 Flashcards
(27 cards)
Analytics
The science of fact-based decision making
First 3 steps in decision making process
- Problem identification
- Data collection
- Solution generation
Last 3 steps in decision making process
- Solution test
- Solution selection
- Solution implementation
Metrics
Measurements that evaluate results to determine whether a project is meeting its goals
Critical Success Factors (CSFs)
Crucial steps companies perform to achieve their goals and objectives and implement their strategies
Key Performance Indicators (KPIs)
Quantifiable metrics a company uses to evaluate progress toward critical success factors
Which is less specific: KPIs or CSFs
CSFs
Pyramid from bottom to top
Operational, managerial, strategic
Benchmarks
baseline values the system seeks to attain
Transactional information
all of the info contained within a single business
Customer-facing
external customer receives product or service
Business-facing
essential for effective management
As-Is process model
identifies bottlenecks and redundancies
To-Be process model
designs new process to fix problems from as-is
What removes bottlenecks and redundancies
Streamlining
Operational
decisions to run day-to-day operations
Managerial
Decisions for whole company
Strategic
decisions for a strategic path
Consolidation
the aggregation of data from simple roll-ups to complex groupings of interrelated information
Drill-down
enables users to view details, and details of details, of information
Slice-and-Dice
the ability to look at information from different perspectives
Efficiency
measures performance of MIS (speed, availability, etc.)
Effectiveness
measures impact MIS has on business processes and activities
Efficiency metrics
transaction speed, response time, system availability
