Quiz 1 Flashcards
1
Q
CHAPTER ONE
A
words
2
Q
Data
A
Facts that are recorded and can be accessed
3
Q
Why is data recorded and kept?
A
because it is considered to be of use to an intended user
4
Q
data formats
A
text, numbers, figures, graphics, images, audio/video
5
Q
Raw data
A
time consuming to read
difficult to understand
6
Q
Information
A
refers to the data that is accessed by a user for some particular purpose
7
Q
information is?
A
data that has a meaning within a context
8
Q
Getting the nedded info from a collection of data requires what?
A
preforming an activity, such as searching through, processing or manipulating the data in some form or fashion
9
Q
manipulated (processed) data does what?
A
provides useful information
10
Q
IS- Information System
A
a computer based system that collects stores and manipulates data
11
Q
IS components
A
Hardware resources software resources networks data and info people resources
12
Q
people resources include
A
IS team- manage and maintain IS, communicate with the users
User- various types, depending on the areas and levels of difficulty
Trend- IT professionals and business users are becoming less separated as groups. people with both backgrounds are essential
13
Q
Fact
A
the confirmation or validation of an event or object
14
Q
Information Age
A
the present time during which infinite quantities of facts are widely available to anyone who can use a computer
15
Q
IT- information technology
A
a field concerned with the use of technology in managing and processing information
16
Q
IT is an important what?
A
enabler of business success and innnovatoin
17
Q
Information technology basics
A
people use
information technology to work with
information
18
Q
IT requires what to be useful?
A
the right people who know how to use and manage it efficiently and effectively
19
Q
what is linked and if one fails they all fail?
A
people, information and information technology
20
Q
what is the most important asset in an organization?
A
information- primary way that people get info is through information technology
21
Q
what is time consuming or impossible without information technology?
A
fathering, correlating and analyzing information
22
Q
Management information systems- MIS
A
a general name for the business function and academic discipline covering the application of people, technologies, and procedures- collectively called information systems - to solve business problems
23
Q
an organization must?
A
- determine what info it requires
- acquire that info
- organize the info in a meaningful fashion
- assure the info’s quality
- provide software tools so that employees throughout the organization can access the info they require in a easy manner
24
Q
datebase
A
maintains info about various types of objects (inventory), events (transactions), people (employees), places (stores)
25
database management system- DBMS
software through which users and application programs interact with a database
DBMS = database
word = document
excel = spreadsheet
26
users obtain info from a database by?
1. direct user interaction
| 2. indirect user interaction
27
Data
raw facts that describe the characteristics of an event
28
information
data converted into a meaningful and useful context
29
business intelligence
applications and technologies that are used to gather, provide access to, and analyze data and info to support decision making efforts
30
organizations typically operate by functional area or silos
functional areas are interdependent
31
common departments working independently
human resources - maintains policies, plans, and procedures for the effective management of employees
sales - preforms the function of selling goods and services
marketing- supports sales by planning, pricing, and promoting goods or services
accounting - records, measures and reports monetary transactions
32
common departments working interdependently
```
accounting - monetary data
finance- monetary data
human resources - employee data
marketing - transactional data
operations management - production data
sales - transactional data
all equal business decisions
```
33
management information systems (MIS)
a business function, like accounting and human resources which moves information about people products and processes across the company to facilitate decision making and problem solving
34
system
collection of parts that link to achieve a common place
35
system thinking
a way of monitoring an entire system by viewing multiple inputs and then their outputs
36
CHAPTER TWO
words
37
competitive advantage
a product or service that an organization's customers place a greater value on than a similar offerings from a competitor. to survive and thrive a organization must have this. these are also usually temporary because competitors duplicate them
38
first mover advantage
occurs when an organization can significantly impact its market share by being first to market with a competitive advantage. not always an advantage.
Ex- mosaic web browser vs internet explorer
39
competitive intelligence
the process of gathering info about the competitive environment to improve the company's ability to succeed
40
environment scanning (example of competitive intelligence)
the acquisition and analysis of data about events and trends in the environment external to an organization
(mccafe)
41
common tools for analyzing competitive intelligence and developing competitive advantage include?
porters five forces model
| porters three generic strategies
42
organizations use porters five forces model to determine the relative attractiveness of an industry
```
threat of substitute products or services
buying power
threat of new entrants
rivalry amongst existing competitors
supplier power
```
43
buyer power(customer power)
the ability of buyers to affect the price of an item. high when buyers have many choices of whom to buy from and low when their choices are few (walmart and vlassic pickles)
44
loyalty programs
reward customers based on the amount of business they do with a particular organization. loyalty programs reduce buyer power
45
switching cost
cost to customers of switching to another product/service. Ex- comcast to at&t
46
supplier power
the suppliers' ability to influence the prices they charge for supplies. high when buyers have few choices of whom to buy from and low when their choices are many.
47
supply chain (example of supplier power)
consists of all parties involved in the procurement of a product or raw material
48
threat of new entrants
high when it is easy for new competitors to enter a market and low when there are significant entry barriers.
49
entry barrier (example of threat of new entrants)
a feature of a product or service that customers have come to expect and entering competitors must offer the same for survival
50
threat of substitute products or services
high when there are many alternatives to a product or service and low when there are few alternatives
ex- blockbuster vs netflix
borders books, barnes and noble and amazon
51
rivalry among existing competitors
high when competition is fierce in a market and low when competitors are more complacent.
52
product differentiation (example of rivalry among existing competitors)
occurs when a company develops unique differences in its products or services with the intent to influence demand.
ex- grocery stores in chicago
53
The three generic strategies
low cost/ broad market
high cost / broad market
low & high / narrow market
54
low cost/ broad market
Southwest Airlines
| walmart
55
high cost/ broad market
virgin airlines
| neiman marcus
56
low and high cost / narrow market
singapore airlines
| payless shoes vs tiffiany and co
57
CHAPTER 3
words
58
organizations can undertake high profile strategic initiatives including?
supply chain management
customer relationship management
business process reengineering
enterprise resource planning
59
supply chain management (SCM)
involves the management of info flows between and among stages in a supply chain to maximize total supply chain effectiveness and profitability
60
four basic components of supply chain management include?
supply chain strategy
supply chain partner
supply chain operations
supply chain logistics
61
supply chain strategy
strategy for managing all resources to meet customer demand all products and services
ex- walmart (cost minimization), zara (speed and flexibility)
62
supply chain partner
partners throughout the supply chain that deliver finished products, raw materials, and services including pricing, delivery, and payment processes along with partner relationship monitoring metrics
ex- suppliers, suppliers suppliers, shopping partners
63
supply chain operation
schedule for production activities including testing, packaging, and preparation for delivery
64
supply chain logistics
product delivery processes and elements including orders, warehouses, carriers, defective product returns, and invoicing
65
customer relationship management (CRM)
involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability. CRM systems hep organizations understand and manage their customers
66
CRM is?
not just a technology but a strategy, process and business goal that an organization must embrace on an enterprise-wide level
67
CRM can enable an organization to?
identify types of customers
design individual customer marketing campaigns
treat each customer as an individual
understand customer buying behaviors
68
business process
a standardized set of activities that accomplish a specific task, such as processing a customer's order
69
business process reengineering (BPR)
the analysis and redesign of workflow within and between enterprises. it is about finding opportunity for improvement. the purpose is to make all business processes as good as possible. have to create diagram of the "as is" and then "to be process
70
finding opportunity using BPR
an individual can improve the way he/she ravels the roads by moving from foot to horse and then horse to car. BPR looking at taking a different path such as an airplane which ignore the road completely.
71
A true BPR effort does more for a company than simply improve it by performing a process better, faster and cheaper.
*
72
an organization can achieve the different types of change, along with the magnitude of change and the potential business benefit:
Automate
streamline
BPR
Strategic reengineering
73
automate
automating what you do
| ex- answering phones with computer
74
streamline
remove redundant (duplicate) or unnecessary jobs (steps) in the process, use a different tool to preform the same task
75
BPR
the analysis and redesign of processes
| ex- taking an airplane over route B, instead of a bike, horse or car
76
Strategic reengineering
taking BPR to the level where you redefine an entire industry
ex- progressive insurance method adopted by much of insurenace industry
77
Enterprise resource planning (ERP)
integrates all departments and functions throughout an organization into a single pre made IT system so that employees can make decisions by viewing enterprise wide info on all business operations
78
EPR is one of the ways to achieve an
integrated enterprise wide information system
79
The goal of integrated enterprise wide information systems (including EPR system)
every department or functional area work together sharing common information and not be a silo. Because functional areas are interdependent not independent.
80
Enterprise resource planning
erp systems (and other integrated enterprise wide info systems) collected data from across an organization and correlates the data generating an enterprise wide view
81
large ERP vendors include
SAP
| ORace (following the peoplesoft)
82
most ERP solutions include SCM and CRM components
however vendors that focus on just SCM (like i2) or just CRM (like siebel) tend to be the best vendors in those markets
purchasing dilemma:
best of breed software (BOB) vs ERP
83
Key performance indicators (KPIs)
measures that are tied to business drivers. quantifiable measures, agreed to beforehand, that reflect the critical success factors of an organization. They differ depending on the organization. whatever KPIs are selected they must reflect the organization's goal they must be key to its success and they must be quantifiable.
84
metrics
are detailed measures that feed KPIs. performance metrics require input from both IT and business professionals
85
Efficiency IT metric
measures the performance of the IT system itself
| " doing things right"
86
effectiveness IT metric
measures the impact IT has on business processes and activities "doing the right things"
87
benchmark
baseline values the system seeks to attain
| ex- modern commercial wed site availability benchmark is higher than 99.9%
88
benchmarking
a process of continuously measuring system results, comparing those results to optimal system performance (benchmark values) and identifying steps and procedures to improve system performance "what gets measured, gets done"
89
efficiency IT metrics focus on technology an include:
```
throughput
transaction speed
system availability
information accuracy
response time
```
90
throughput
the amount of info that can travel through a system at any point (website crashing)
91
transaction speed
the amount of time a system takes to perform a transaction (websites create user accounts)
92
system availability
the number of hours a system is available for users (system crash- too many users)
93
information accuracy
the extend to which a system generates the correct results when executing the same transaction numerous times (ventra card users)
94
response time
the time it takes to respond to user interactions such as a mouse click
95
effectiveness IT metrics focus on a organization's goals, strategies, and objectives that include:
usability
customer satisfaction
conversion rates
financial
96
usability
the ease with which people perform transactions and/or find information
ex- degrees of freedom, which measures the number of clicks required to find desired information, surveys
97
customer satisfaction
the number of customers an organization touches for the first time and persuades to purchase its products or services
98
financial
ex- ROI and break even analysis
99
website metrics example
```
abandoned registrations
abandoned shopping carts
click through
conversion rate
cost per thousand
page exposures
total hits
unique visitors
```
100
click through
count of the number of people who visit a site, click on an ad and are taken to the site of the advertiser
101
conversion rate
percentage of potential customers visit a site and actually buy something
102
cost per thousand (CPM)
sales dollars generated per dollar of advertising, commonly used to make the case for spending money to appear on a search engine
103
page exposures
average number of page exposures to an individual visitor
104
total hits
number of visits to a website, many which may be the same visitor
105
unique visitors
number of unique visitors to a site in a given time
106
supply chain management metrics examples
```
back order
customer order promised cycle time
customer order actual cycle time
inventory the replenishment cycle time
inventory turns (inventory turnover)
```
107
back order
an unfilled customer order. a back order is demand (immediate or past due) against an item whose current stock level is insufficient to satisfy demand
108
customer order promised cycle time
the anticipated or agreed upon cycle time of a purchase order. it is a gap between the purchase order creation date and the requested delivery date
109
customer order actual cycle time
the average time it takes to actually fill a customer's purchase order
110
inventory replenishment cycle time
measure of the manufacturing cycle time plus the time included to deploy the product to the appropriate distribution center
111
inventory turns (inventory turnover)
the number of times that a company's inventory turns over per year
112
management metrics examples
sales metrics
service metrics
marketing metrics
113
sales metrics
ex- number of prospective customers, new customers, retained customers, open leas, sales calls, sales call per lead, proposals given, amount of new revenue, recurring revenue
114
service metrics
number of cases closed same day, cased handled by agent, service calls, average number of service requests by type, average time to resolution, average number of service calls per day, percentage of service renewals, customer satisfactory
115
marketing metrics
customer retention rates, number of marketing campaigns, responses by marketing campaign, purchases by marketing campaign, new leads by products, new customers acquired by marketing campaign
116
BPR and ERP metrics examples
the balanced scorecard enables organizations to measure and manage strategic initiatives. uses a balanced set of metrics (expanding managements view beyond the financial metrics) to measure the health of a business
117
Chapter five
words
118
information technology is a relatively new functional area, having only been around formally for around 40 years.
*
119
recent IT-related strategic positions
chief info officer
chief tech officer
chief security officer
chief privacy officer
120
chief information officer (CIO)
overseas all uses of IT and ensures that strategic alignment of IT with business goals and objectives. successful CIOs must have strong business skills and strong IT skills.
121
CIO functions include
manager- ensuring the delivery of all IT projects on time and within budget
leader- ensuring the strategic vision of IT is in line with the strategic vision of the organization
communicator- building and maintaining strong executive relationships
122
Chief technology officer (CTO)
responsible for ensuring the throughput, speed, accuracy, avaiablity and reliability of IT
123
Chief Security officer (CSO)
responsible for enduring the security of IT systems
124
Chief privacy officer (CPO)
responsible for ensuring the ethical and legal use of information
125
The gap between business Personnel and IT personnel
Business personnel possess expertise in functional areas such as marketing, accounting and sales. IT personnel have technological expertise. This typically causes a communications gap between teh business personnel and IT personnel
126
Improving communications
Business personnel must seek to increase their understanding of IT. IT personnel must seek to increase their understanding of that business. It is the responsibility of the CIO to ensure effective communication between business personnel and IT personnel.
127
organizational fundamentals ethics and security
ethics and security are two fundamental building blocks that organizations must base their businesses on to be successful
128
Ethics
the principal and standards that guide our behavior toward other people
129
privacy
the right to be left alone when you want to be, to have control over your own personal possessions and not to be observed without your consent
130
Ethics - issues affected by technology advances
```
intellectual property (intangible work)
copyright (legal protection)
fair use doctrine
pirated software
counterfiet software
```
131
protecting intellectual assets
organizational info is intellectual capital - it must be protected
132
information security
the protection of information from accidental or intentional misuse of persons inside or outside an organization
133
feedback
info that returns to its original transmitter and modifies the transmitters actions
