Exam 1

Question 1

An advantage over competitors gained by offering consumers greater value, by offering either lower prices or greater benefits and services that justify higher prices

Answer 1

Competitive advantage

Question 2

SWOT

Answer 2

Strengths, Weaknesses, Opportunities, Threats

Question 3

Five Forces Model

Answer 3

Threat of substitute products or services, buy power, threat of new entrants, supplier power > Rivalry among existing competitors

Question 4

IS should ___________ the company’s strategy and mission/purpose.

Answer 4

complement/ enable

Question 5

Reporting profit/ financial performance, business cash flow, and overall financial position

Answer 5

Financial Accounting (FI)

Question 6

A federal accounting document that reports an organization’s revenues and expenses for a given period of time.

Answer 6

Income/ Profit Loss Statement. EX: Sales, earnings before interest and taxes.

Question 7

Defining, recording, and reporting costs and other financial impacts associated with specific operating functions.

Answer 7

Cost/ Managerial Accounting (CO)

Question 8

current assets, cash and cash equivalents, trade receivables, net of allowance for doubtful accounts, anything receivable, inventory

Answer 8

Assets

Question 9

Anything payable, borrowings, long-term borrowings

Answer 9

Liabilities

Question 10

Total equity

Answer 10

Equity

Question 11

The direct costs attributable to the production of the goods/services sold in a company

Answer 11

Cost of Goods Sold (COGS)

Question 12

The amount of money tat a company receives in exchange for goods or services during a specific period, including discounts and deductions for returned merchandise.

Answer 12

Sales (Revenue)

Question 13

Assesses a company’s efficiency at using its labor and supplies in producing goods or services

Answer 13

Gross Profit/ Margin

Question 14

Expenses a business incurs through its normal operations.

Answer 14

Operating Expenses (Opex or Overhead)

Question 15

Measures the amount of profit realized from a business’s operations, after deducting cost of goods sold and operating expenses.

Answer 15

Net Profit ( Earnings) (EBIT)

Question 16

A sequence of tasks or activities that take a set of inputs and convert them to desired outputs

Answer 16

Business Process Definition

Question 17

A process that comprises all of the work that should be done to achieve the process goal. “Cross-functional” in nature. Eliminates as many middle layers or steps as possible to optimize performance and efficiency in any process.

Answer 17

End-to-End Business Process

Question 18

Highly integrated, cross-functional business structure based on information sharing among various business process participants.

Answer 18

Enterprise Resource Planning (ERP)

Question 19

Challenges of ERP

Answer 19

Configuration, Implementing

Question 20

Students should inform instructors ahead of time if they will be absent

Answer 20

True

Question 21

ERP Value

Answer 21

Better coordination of activities, information accuracy, better support for global business, Faster

Question 22

The combination of practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifestyle, with the goal of improving customer service relationships and assisting in customer retention and driving sales growth

Answer 22

Customer relationship management (CRM)

Question 23

Procurement Proposals, Dependent requirements are?

Answer 23

MRP main tasks

Question 24

Plans to EXTERNALLY Procure Raw Materials

Answer 24

Purchase Requisitions

Question 25

Plans to INTERNALLY procure Finished Goods

Answer 25

Planned Production Orders

Question 26

Functionality that looms at demand and checks to see if there is enough supply to meet demand

Answer 26

MRP

Question 27

Demand is for finished goods which is synonymous with Independent Requirements

Answer 27

MRP

Question 28

MRP is important because it...

Answer 28

Reduces Waste, Reduces cost, increases customer satisfaction

Question 29

Buying and selling of goods and services over the internet

Answer 29

Ecommerce

Question 30

Includes e-commerce along with all activities related to internal and external business operations.

Answer 30

Ebusiness

Question 31

Advantages of Ebusiness

Answer 31

Expanding global reach, opening new markets, reducing cost, improve operations and effectiveness

Question 32

Information systems used in manufacturing, to track and document the transformation of raw materials to finished goods. Real-time to enable the control of multiple elements of the production process. Decision makers understand how current conditions on the plant floor can be optimized to improve production output.

Answer 32

Manufacturing Information Systems

Question 33

IT-based set of tools that create a workflow of info for specific teams and members. This allows an individual to share ideas and talents with other members so that the task can be finished both efficiently and effectively. Efficient sharing of documents and knowledge

Answer 33

Collaboration Systems

Question 34

Email, news posts, instant messaging, and chat are all examples of...

Answer 34

Communication

Question 35

groupware software tools consist of real-time collaboration of project members who are presented with a unified view screen.

Answer 35

Conferencing

Question 36

The most recdnt collaborative software type and the one with the highest growth potential today.

Answer 36

Coordination

Question 37

Productivity, reducing travel, bringing together distributed teams, and globalization are all examples of..

Answer 37

Enterprise Collaboration Systems

Question 38

A form of electronic communication through which people create online communities to interact with each other.

Answer 38

Social Media

Question 39

Practice of promoting/hosting a customer or employee network.

Answer 39

Social Networking

Question 40

Facilities identify who knows each other and who works together, to increase the size and quality of the community.

Answer 40

Social Networking Analysis

Question 41

Collecting data from social media sites and evaluating that data to make business decisions. A good way to understand real-time consumer choices, intentions and sentiments.

Answer 41

Social Media Analytics

Question 42

Benefits of Social Media to a Business

Answer 42

Brand awareness, customer satisfaction, brand loyalty, cost-effective, marketplace insights

Question 43

This class will help students understand "Domain knowledge" (business) and the appropriate application of the right "tools" (information systems)

Answer 43

True

Question 44

T/F This class will provide hands on experience with SAP ERP and Salesforce.com

Answer 44

True

Question 45

Enterprise Information Systems supports the entire process, not just one part of the process.

Answer 45

True

Question 46

ERP Challenges are...

Answer 46

Data Migration, Costly, Does not guarantee success

Question 47

SAP is an example of enterprise information system

Answer 47

True

Question 48

ERP

Answer 48

Enterprise Resource Planning

Question 49

In SAP only one person can change the price at a time

Answer 49

True

Question 50

Reports in SAP can be run by multiple users at the same time

Answer 50

True

Question 51

Fiori is a component of SAP that provides the user interface to the SAP transactions and data we utilize in the business simulation.

Answer 51

True

Question 52

In the SAP simulation, the sequence in which you release planned production orders is unimportant

Answer 52

Fasle, it is very important

Question 53

How many types/flavors of cereal can be manufactured simultaneously in the simulation

Answer 53

1

Question 54

In the business simulation, the business simulation software must be in operation in order for customer orders to be received by your company.

Answer 54

True

Question 55

to log into sap you must select

Answer 55

The client, user id, password

Question 56

Enterprise Information Systems supports the entire process, not just one part of the process.

Answer 56

True

Question 57

An income statement does not reset at the beginning of each year

Answer 57

False

Question 58

Describes what an organization believes in and how it will behave

Answer 58

Value statement

Question 59

Describes an organization as it would appear in the future successful state

Answer 59

Vission statement

Question 60

Explains the organizations reason for existence

Answer 60

Mission statement

Question 61

Performing a SWOT analysis may help a company understand that more investment is needed in information systems

Answer 61

True

Question 62

Uber, Airbnb, GrubHub are all examples of what kind of companies with what kind business model?

Answer 62

Network Orchestration

Question 63

Capturing financial data and analyzing financial performance is a major role in information systems

Answer 63

True

Question 64

What does a balance sheet create an overview of?

Answer 64

Assets, Liabilities, Equity. A=L+E

Question 65

MRP will create both planned purchase orders and purchase requisitions if needed

Answer 65

True

Question 66

You can release planned production orders even if you don't have raw materials in stock

Answer 66

True

Question 67

MRP stands for

Answer 67

Materials requirements planning

Question 68

ERP stands for

Answer 68

Enterprise Resource Planing

Question 69

In the SAP sim it is unimportant in which order you release planned production orders

Answer 69

False, you need to do this in pairs

Question 70

When MRP is run all Planned Production Orders and Purchase Requisitions are deleted.

Answer 70

True

Question 71

Overtime the relationship between business and information systems has...

Answer 71

become more overlapping

Question 72

IS enables business through

Answer 72

Communication, decision making, business process automation, productivity, customer engagement.

Question 73

Students should contact instructors via email to set up an appointment

Answer 73

True

Question 74

If students commit academic misconduct they can..

Answer 74

Get a 0 for the assignment, a deduction in final grade, academic misconduct charges

Question 75

Students often give away points on assignments because they fail to read instructions

Answer 75

True

Question 76

What technology did the farming video have?

Answer 76

robotics, drones, data analytics, self-driving vehicles

Question 77

When leveraging IS...

Answer 77

IS should complement a company/ enable the business strategy, IS can benefit any size company, IS utilization should be based upon need, and the company must be able to support and sustain the IS.

Question 78

If two competing products are offered by different companies, the cheapest product will always have the advantage

Answer 78

False

Question 79

What is a business

Answer 79

An organization that provides goods or services to customers on a commercial bias

Question 80

What are goods

Answer 80

Goods are physical or tangible products, like consumer electronics, parts, or cars

Question 81

What are services

Answer 81

Services are intangible objects, such as insurance, dental services, and cleaning

Question 82

May be individuals or other businesses

Answer 82

Customers

Question 83

Information Systems are...

Answer 83

Interrelated components that work together to collect, process, store, and disseminate information, and support decision-making, coordination, control, analysis, and visualization.

Question 84

Four Interrelated IS Trends Improve Business Capability

Answer 84

Connectivity, Mobile Devices, Cloud Computing, Data Science

Question 85

Why do businesses exist?

Answer 85

To create a customer