MIS E2 Flashcards
(45 cards)
What Gets Measured Gets Done
Measuring tasks help managers hold workers accountable for their responsibilities
Tragedy of the Commons
People acting independantly towards their own interest work contrary to the benefit of everyone in the community together
Group Norms
Small groups have difficulties influencing a large group - o Punishing everyone together for one person’s actions will ensure everyone reinforces the same norms
Moral Hazard
When someone takes huge risks because they wont bare the consequences
Informational Asymmetry
When the person taking a risk knows more than the party that will bare consequences
Principal Agent Problem
When an agent takes risk on behalf of principals, who know less because they cant monitor the agents actions
Enforcing Behavior Requirements
All individuals have an equal chance of getting caught, the punishment is significant enough that everyone cares, there is a reasonable chance of the punishment being enforced
Naive Averages
Uses the previous years data to forcast trends
Trend Line Forcast
Simple linear trends based on slope, no casual analysis (?)
Best Case - Worst Case
(Best) what we can achieve 10% of the time if we work REALLY hard, (worst) what we are LIKELY to exceed 90% of the time
Model Inputs
Assumptions and relationships/interactions
Business Model
Use business model assumptions to make forcasts, explicity of assumptions lead to more company transperacy
Black Box Model
No transparany, may be functional but no one understands why - this makes it difficult to achieve success outside tested parameters
Partial Sensitivity Analysis
Take one variable and test it under all conditions, evaaluate how much the forcast changes
Monte Carlo Analysis
Multiple simulation runs, where the input is generated based on probability distributions
Breakeven Analysis
When revenues equal expenses
High Sensitivity
When a small change in input creates a drastic change in the output
Low Sensitivity
When any change in input creates a small change in output
10 Reasons for ERP Failure
Doing it when not needed, no goals set, a good plan or not? (all resources, stakeholders, and requirements should be planned out), part time projust management (needs accountability, transparicy, decisiveness), underestimating resources needed, over reliance of consultants (you should be making the final decision), customization (constantly recreating the design adds more work because you have to create new codes), lack of job training, insufficient testing, not enough user training
What causes a business the most money when systems fail?
An inability to ship goods and lost revenue
Cntrl X
Cut function
Sorting and Filtering
Quick A-Z sort, sorting with headers, removing duplicates, adding customized filters
VLOOKUP
Looking down a table for a match in the first column (=vlookup(lookup value, table array, column, [range lookup])
HLOOKUP
Looking across a table for a match in the first column, =hlookup(lookup value, table array, row, [range lookup]
