exam 1 Flashcards
(55 cards)
Moore’s Law
computers are getting faster &
price/performance ratio and cost decreasing giving nearly unlimited, cheap storage
Metcalfe’s Law
digital devices are very connected
Nielson’s Law
network speed increasing
Kryder’s Law
storage capacity increasing
Bell’s Law
a new class of computers establishes a new industry every decade
MIS
management and use of information systems that help organizations achieve their strategy
goals of MIS
to develop, maintain, and adapt
take an active role in systems’ development
employ the system to accomplish job tasks
information systems (IS)
drives development of new information systems, plus procedures and people
5 components of IS
hardware, software, data, procedures, people
information tech (IT)
drives development of new IS
components of IT
hardware, software, data
human side of IS
procedures and people
computer side of IS
hardware and software
information
knowledge derived from data
5 characteristics of information
accurate, timely, relevant, just barely sufficient, worth its cost
describe the “accurate” characteristic of information
complete, correct, crucial for management
describe the “timely” characteristic of information
produced in time for intended use
describe the “relevant” characteristic of information
context, subject
describe the “just barely sufficient” characteristic of information
for purpose which generated
describe the “worth its cost” characteristic of information
relationship between cost and value
5 forces to determine industry structure
- competition from vendors who manufacture substitutes
- competition from new competitors
- competition from existing rivals
- bargaining power of customers
- bargaining power of suppliers
competitive strategy
organizations’ response to the structure of industry
industry-wide cost
lowest cost across the industry
industry-wide differentiation
better product/service across the industry
