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MIS30080 Info management for actuaries > Week 07 > Flashcards

Week 07 Flashcards

1
Q

Differentiate operational IT and Decision Making IT

A

Operational IT
- Does things you need to get done e.g. take bookings
- Direct cost saving

Decision-making IT
- Uses data to make better decisions
- Improves profits by better efficiency, greater sales etc

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2
Q

What are the different levels of IS systems with examples?

A

Operational/ transaction processing: Lead to productivity
Ex: Office automation or processing control systems
Management support systems: lead to better decisions
Tactical - decision support system
Strategic- executive information systems

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3
Q

Define both batch transaction procssing and real-time transaction processing

A

Transaction Processing
Batch – transaction data are accumulated over a period of time and
processed periodically
Real-Time – data are processed immediately after a transaction occurs

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4
Q

Explain enterprise systems

A

Enterprise systems (ES) supports enterprise-wide or cross-functional requirements, rather than a single department or group within the company

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5
Q

Explain ERP

A

Enterprise resource planning (ERP) is a type of software system that helps organizations automate and manage core business processes for optimal performance. An erp system might include MRP,CRM,FRM,SCM,HRM resources

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6
Q

What does MRP stand for

A

Manufacturing resource planning

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7
Q

at does CRM stand for

A

Customer relationship management

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8
Q

Whar does FRM stand for

A

Finance resources management

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9
Q

Explain MRP

A

Material requirements planning (MRP) integrates production, purchasing, and inventory management of related products

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10
Q

Explain ERP enterprise system

A

Enterprise resource planning (ERP) further integrates transaction processing and other routine activities in the entire enterprise

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11
Q

Explain modern idea of CRM

A

CRM provides information from customer transactions
– Capture and integrate customer data from all over the organisation.
– Consolidate and analyse customer data.
– Distribute customer information to systems and customer touch points across enterprise.
– Provide single enterprise view of customers - formed from analysis

Back in history shopkeeper would know customers personally

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12
Q

What is the traditional supply chain and information flow

A

Supplier - Manufacturer plant - Manufacturer warehouse - wholesaler- retail- customer
There is often inadequate information flow along the supply chain or between other situations where different companies are involved.

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13
Q

What are the aims in supply chain collaboration and information sharing?

A

– optimal inventory Levels
– optimal shipping plans
– successful management of just-in-time approaches

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14
Q

Explain the just in time method

A

Just in time methods mean information links between suppliers and customers so that the suppliers understand the customer demand and are better able to meet that demand as a consequence. Its an inventory management method in which goods are received from suppliers only as they are needed

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15
Q

What is B2B supply chain?

A

A transaction or business conducted between one business and another, such as a wholesaler and retailer. B2B transactions tend to happen in the supply chain, where one company will purchase raw materials from another to be used in the manufacturing process.

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16
Q

in supply chain what will a business have a network of organisation and processes for?

A

– Procuring raw materials
– Transforming them into products
– Distributing the products

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17
Q

What does upstream supply chain and downstream supply chain refer to?

A

Upstream supply chain:
– Firm’s suppliers, suppliers’ suppliers, processes for managing relationships with them

Downstream supply chain:
– Organisations and processes responsible for delivering products to customers

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18
Q

What do supply chain execution systems do

A

Manage flow of products through distribution centers and warehouses

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19
Q

What do supply chain planning systems do?

A

– Model existing supply chain.
– Demand planning.
– Optimise sourcing, manufacturing plans.
– Establish inventory levels.
– Identify transportation modes.

20
Q

Explain EDI in terms of supply chain

A

Electronic data interchange is the exchange of structured business data electronically. IN supply chain includes: Purchase orders, invoices, shipping notices

21
Q

Explain UN/EDIFACT

A

The United Nations rules for Electronic Data Interchange for Administration, Commerce and Transport: comprise a set of internationally agreed standards, directories, and guidelines for the electronic interchange of structured data, between independent computerized information systems.

22
Q

What other technologies and IT are used in supply chain and for what purpose

A

Use IOT sensors,
RFID
Mobiles devices
Expert systems and AI to monitor things

Apart from reducing investory cost also need IT to monitor perishable goods, ensure security and audit trail

23
Q

What are the tangible benefits of E-supply chains

A

– Reduced costs
– Customer responsiveness
– Standardisation
– Globalisation
– Reduction in duplication of entries
– controls and reconciliation are enhanced
– rapid assimilation of data into the organisation

24
Q

What are the intangible benefits of E-supply chains

A

– better information ➔ better management
– Information visibility
– New/improved processes
– Customer responsiveness
– Flexibility
– Reduced risk
– More data means More feedback to customers

25
Q

What is XML?

A

XML stands for eXtensible Markup Language · XML is a markup language much like HTML, but a bit cleverer · XML was designed to store and transport data and exchange information. A browser knows (from a Stylesheet) how to
display it and Other programs can process it too. It’s all about tagging

26
Q

Explain XBRL

A

XBRL Xtensible Business Reporting Language - enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy.
*Freely licensed standard, originated in accountancy profession
It is XML – and cleverer still, as well as tagging data items it can show relationships and how they have been calculated and it Uses a taxonomy

27
Q

Explain the international XBRL consortium

A

Supported by more than 600 member organisations, from both the private and public sectors. The standard has been developed and refined and supports almost every kind of conceivable reporting, while
providing a wide range of features that enhance the quality and
consistency of reports, as well as their usability

28
Q

What did the SOA adopt as an extension of XML for datasets?

A

XTbML - original standard was generalized and improved so that it would apply across a range of actuarial tabular data needs.

29
Q

Explain blockchain

A

Blockchain is a transaction database that uses encryption to ensure the validity of transactions among the parties in the system. It is a distributed ledger in a peer to peer distributed database so ther eis no central authority. ex: used by bitcoin

30
Q

What are the three fundamentals of a blockchain that establish it as a robust system of trust

A

Mutual - shared across organisation and owned equally by all
Distirbuted - Multilocational data structure and so any user has its own copy
Ledger - once a transaction is written it cannot be easily erased so ledgers integrity can be proven.
Business users can be confident that transaction data are precisely the same as seen by their counterparty. Changes or updates are automatically propagated to all parties

31
Q

Explain a mutual distributed ledger and its benesits

A

Mutual distributed ledgers allow groups of people to validate, record, and track transactions across a network of decentralized computer systems.
Security - unalterable
Transparency - available and shared data since creation
Resilience - copy of data are distributed and shared by all nodes of the network
Disintermediation - No central authority

32
Q

Explain a smart contract and its benefits

A

A Smart Contract is a computer program that automatically executes the preset terms of a contract when conditions are met. Implements straight-through processing so increase time to market and makes more efficient business processes. There is more certainty the contract will be executed as agreed.

33
Q

Explain idea of pay as you go insurance

A

Pay as you go insurance using your phone location to determine where you are.
- Phone GPS
- Network roaming
- Pay-as-you-go

34
Q

How does blockchain prevent fraud in insurance

A

Eliminating double-booking, or processing multiple claims from the same incident
Establishing ownership through digital certificates
Reducing premium diversion, for example, in the case of unlicensed brokers selling insurance and pocketing premiums

35
Q

Explain B31

A

Reinsurance market initiative - aims to explore the use of blockchain to serve clients through faster, more efficient and secured services. Members are trying to assess how blockchain tech can be established as a viable tool for the reinsurance industry

36
Q

Explain EIS and what capabilities they need to have

A

Executive Information System (EIS) – a specialised IS that supports senior-level executives within the organization.
Executives need to understand huge amounts of data quickly
Most EISs offer the following capabilities:
– Consolidation (reduce quantity)
– Drill-down (look in more detail at one area)
– Slice-and-dice (selection

37
Q

Explain a digital dashboard

A

A graphic that integrates information form multiple components - turning data into information.
Can have dense information but must not be cluttered - must be easy to view

38
Q

What is business intelligence?

A

Infrastructure for collecting, storing, analyzing data
produced by business ex:Databases, data warehouses, data marts

39
Q

What is business analytics

A

Tools and techniques for analyzing data ex: OLAP (online analytical processing), statistics, models, data mining

40
Q

What are six elements of the business intelligence environment

A

– Data from the business environment ex: web data, social media
– Business intelligence infrastructure ex: databases
– Business analytics toolset ex: models, OLAP
– Managerial users and methods. Strategy, performance management
– Delivery platform—MIS, DSS, ESS
– User interface: Data visualisation tools

41
Q

What are the main analytic functionalities of BI systems?

A

– Production reports
– Parameterised reports
– Dashboards/scorecards
– Ad hoc query/search/report creation
– Drill down
– Forecasts, scenarios, models

42
Q

What is the overall goal and mission of BI and business analytics?

A

To deliver accurate real time information to decision makers

43
Q

Who uses BI info?

A

The producers of BI - IT developers, business analysts, analytical modellers
Consumers of BI (majority) - operational employees, senior managers, business analysts, staff

44
Q

What is the difficulty of a visual as a pie chart over a abr chart?

A

The human eye can tell the difference between two bars of marginally different height, but cannot tell the difference between two marginally different segments

45
Q

What do you need to know about Data to use it for making decisions

A

– Where did data come from?
– Who provided it and why?
– How was it collected?
– How was it subsequently processed? - may lead to bias

MIS30080 Info management for actuaries (13 decks)

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