F1 Flashcards

Question

Business intelligence

Answer 1

Describes the typical architecture of systems, that extract, assemble, store and access data to provide reports and analysis Not just about the hardware and software. It is about a companywide recognition that a companies data is an important strategic asset that can yield valuable information and improve decision-making.

Answer 2

The planning, directing and controlling of the transformation of inputs and outputs that meet the needs of the organisations customers

Answer 3

Single sourcing – each product is sourced from one supplier. This may be because of the scarcity of supply or to forge beneficial relationship Multiple sourcing – where a company chooses several suppliers so reducing the power of each one. Prices fall for the relationship is less stable Delegated sourcing – sourcing task is delegated to an external organisation Parallel sourcing – the product may be sourced from separate supply systems, for example, a local supplier and a separate online supplier An organisations overall mix of suppliers can be considered a supply portfolio

Answer 4

Push based – where a product is pushed onto the market. Pull, based – where a product is developed to meet the needs of the market.

Answer 5

Prevention cost – the cost of activities undertaken to prevent defects(quality assurance Appraisal cost – the cost of quality inspection and testing (quality control) Internal failure cost – the cost of detection of defective items before transfer to customer. External failure costs – arising after transfer to customer.

Answer 6

Perfect Prevention of errors before they occur. Elimination of waste Right first time Full participation of all employees. Everybody’s concern Continuous improvement needed. Teamwork. Mass inspection of products should not be used to achieve quality Staff should be trained to identify potential problems rather than just reacting to quality failures

Answer 7

Improvements through small incremental steps A long-term approach to quality improvement Provide the workforce with the appropriate tools and techniques to achieve the required quality Often incorporated into other broader theories and approaches

Answer 8

Internal benchmarking – comparison against the best elsewhere in the same organisation Competitive benchmarking – comparison against the best elsewhere in the same industry Best practice – comparison against the best functional area in any industry

Answer 9

Approach statistical approach to quality management Aims to reduce defective output from the business processes. Statistically equates to 3.4 defects in 1 million becomes the benchmark for a near perfect output.

Answer 10

Macro environment – can affect the organisation, but is outside of its Control. Microenvironment – can affect the organisation but the organisation can influence it Internal environment – all internal factors that are potentially controllable.

Answer 11

Pestel Political Economical Social Technological Environmental Legal

Answer 12

Product - key features Place - where is gonna be sold and distributed Price - what the pricing strategy will be e.g. penetration pricing, price of skimming, selective pricing or dynamic pricing Promotion - advertising – personal selling – sales promotion – publicity campaigns

Answer 13

Primary data – collected for the specific purpose of the research. Secondary data – data already available, e.g. government data

Answer 14

Undifferentiated marketing – delivery of a single product to the market with very little concern for segment analysis Differentiated, marketing – make several products each for a separate market Concentrated marketing – the company focuses on a single segment, hoping to exactly meet the needs better than the other organisation

Answer 15

Introduction Growth Maturity Decline

Answer 16

Self-actualisation – filling one’s potential Esteem needs – gain social Social needs– sense of belonging to a team Safety needs.– Job security safe and comfortable working Psychological needs.- food and shelter.

Answer 17

The idea of a learning organisation, where employees, collaborate, share knowledge, and work in teams to improve organisational efficiency and effectiveness

Answer 18

Multiple sourcing – different suppliers for different areas. Incremental approach – progressively outsourcing different areas Joint-venture sourcing – a new legal entity is created. ownership shared between the main company and the outsource company. Application service providers – companies who offer software services

Answer 19

More independent since they are not employees. Likely to have more expertise and industry experience available, adding flexibility Specialists in the service being provided. Potentially cheaper than having a full-time department – less recruitment costs, no downtime, no training costs.

Answer 20

Additional complication, for example, control systems between the entities Loss of function as a training ground for new recruits of the business Possible loss of control over how and when the work is performed. It is an inflexible decision – once made it is hard and costly to go back in- house.