CIS 3380 exam #1

information

Data converted into a meaningful and useful context

Big Data: the 5th "V"

-Volume -transactions -Velocity -processes -Variety -(un)structured -Veracity -authenticity -**Value -hypothetical, statistical

knowledge

Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources

database

stores info for a single application *warehouse stores info from multiple databases/applications & external info such as industry info

association analysis

market analysis is used to discover which products tend to be purchased together

Effectiveness MIS metrics

measure the impact MIS has on business processes and activities, including customer satisfaction, conversion rates, and sell-through increases

The World is Flat

•Thomas Friedman •technology is leveling global competition making the world "flat" -whatever can be done will be done, the question is will it be done by you or to you? -communication, distributed tools of innovation

foreign key

A primary key of one table that appears as an attribute in another table and acts to provide a logical relationship between the two tables

BPI vs BPR

BPI: Low risk / low cost Incremental change Bottom-up approach Takes less time Quantifiable results All employees trained in BPI CONTINUOUS BPR: High risk / high cost Radical redesign Top-down approach Time consuming Impacts can be overwhelming High failure rate not taken lightly!

BPM

Business Process Management: integrates all of an organization's business process to make individual processes more efficient (monitor/adjust)

BPR

Business Process Reengineering: Analysis and redesign of workflow within and between enterprises (total rethink)

BPI

Business process improvement: creating new, re-designed processes to improve teh workflows, and/or utilizing new technologies enabling new process structures. ** has the most potential** (continuous)

applications of BI

CRM - target marketing, churn analysis, fraud detection, credit scoring Finance - pricing of corporate bonds, risk assessment Ecommerce & internet - from clicks to customers, shopping cart abandonment Education - at-risk students/student traits (EMC/RGV), MH Connect Statistics

CSF's vs. KPI's

CSF: *what should be done in order to be successful *specify requirements for the success *qualitative *standalone *use business insights KPI: *are we successful? *indicate what we are doing *quantitative *depend on benchmarks *generate insights

internal sources

Corporate databases, company documents

attribute

(field, column) data elements associated with an entity

use KPI library to:

*discover key performance indicators based on industry and interests *ask advice & read expert articles on how to measure business performance *benchmark your business performance against industry peers

Monitoring Process Performance

- IS evaluates information to determine how well a process is being executed - Evaluations occur at two levels *Process level (delays, KPIs) *Instance level (metrics about EACH one) -Monitoring identifies problems for process improvement

Difficulties in Managing Data

-Data QUALITY -Data increases exponentially with time -Multiple sources of data -Data rot, or data degradation -Data security, quality, and integrity -Government Regulation

3 generic strategies

1. broad cost leadership -low cost 2. broad differentiation -high cost 3. focused strategy

prevention & resistance tech. tools

1. content filtering 2. encryption 3. firewalls

Thomas Friedman's 10 flatteners

1. fall of berlin wall 2. netscape goes public 3. development of workflow software 4. uploading 5. outsourcing 6. offshoring 7. supply chaining 8. insourcing 9. informing 10. computing - IM & file sharing, voice over internet protocol

4 categories of BI benefits

1. quantifiable - time savings, faster info 2. indirectly quantifiable - improved systems = sales increases 3. unpredictable - discoveries & the OMG factor 4. intangible - improved communications, knowledge sharing, employee empowerment

entity

A person, place, thing, transaction, or event about which information is stored -rows in a table contain entities (record data)

data quality

A comprehensive approach to ensuring the accuracy, validity, and timeliness of data. -business decisions are only as good as the quality of the info used to make the decisions

Nonrepudiation

A contractual stipulation to ensure that ebusiness participants do not deny their online actions (Blockchain)

primary key

A field (or group of fields) that uniquely identifies a given entity in a table

data warehouse

A logical collection of information - gathered from many different operational databases - that supports business analysis activities and decision-making tasks

integration

Allows separate systems to communicate directly with each other, eliminating the need for manual entry into multiple systems

Phishing

An attack that sends an email or displays a Web announcement that falsely claims to be from a legitimate enterprise in an attempt to trick the user into surrendering private information

Pharming

An online scam that attacks the browser's address bar. Users type in what they think is a valid website address and are unknowingly redirected to an illegitimate site that steals their personal information.

virtualization

Creation of a virtual version of computing resources, such as an operating system, a server, a storage device, or network resource

Porter's 5 Forces

Evaluating industry attractiveness 1. Threat of substitute products/services 2. Threat of new entrants 3. Supplier Power 4. Buyer Power 5. Rivalry among existing competitors

ETL

Extract - extracts info from internal & external databases Transform - transforms the info using a common set of enterprise definitions Load - loads the info into a data warehouse

Business Intelligence

Improving the quality of business decisions has a direct impact on costs and revenue enables business users to receive data for analysis that is: *reliable *consistent *understandable *easily manipulated

knowledge worker

Individual valued for their ability to interpret and analyze information

data visualization

Infographics Data artist Analysis paralysis Data visualization Business intelligence dashboards

ECM

Information System's vital role in 3 areas of business processing 1. Executing the process 2. Capturing and storing process data 3. Monitoring process performance

Information Does Not Have Ethics, People Do

Information does not care how it is used, it will not stop itself from sending spam, viruses, or highly-sensitive information

McAfee Mess

McAfee pushes daily updates to its corporate customers -- the update was meant to detect & destroy a relatively minor threat. Instead it went rogue, wrongly fingered a critical file as malware, and then quarantined it by removing it from its normal location. In some cases, the update actually deleted the file.

Efficiency MIS metrics

Measure the performance of MIS itself, such as throughput, transaction speed, and system availability

personal sources

Personal thoughts, opinions, experiences

latency

The DELAY between the transmission of a signal and its receipt.

Supply Chain Management (SCM)

The management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and profitability

Key performance indicators (KPIs)

The quantifiable metrics a company uses to evaluate progress toward critical success factors

value chain analysis

Views a firm as a series of business processes that each add value to the product or service

Metrics for Strategic Initiatives

Website metrics Supply chain management (SCM) metrics Customer relationship management (CRM) metrics Business process reengineering (BPR) metrics Enterprise resource planning (ERP) metrics

Internet of Things (IoT)

a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention

data-driven websites

an interactive website kept constantly updated and relevant to the needs of its customers using a database

benchmarks

baseline values the system seeks to attain

Social Engineering

being tricked to disclose info

external sources

commercial databases, government reports, and corporate web sites

Assorted security threats

compromised/stolen data lost/stolen data data loss (leakage) hacked network social engineering unauthorized access

data mart

contains a subset of data warehouse information for use by a specific department, business unit, or application

Critical Success Factors

crucial steps companies perform to achieve their goals and objectives and implement their strategies [client, process, technology, people]

SWOT analysis

evaluates an organizations's strengths, weaknesses, opportunities, threats to identify significant influences that work for or against business strategies

Data Warehousing

extend the transformation of data into info provided the ability to support decision-making w/o disrupting the day-to-day operations *access data quickly & easily *conduct extensive analysis *consolidated view

workflow

includes the tasks, activities, and responsibilities required to execute each step in a business process

IPO

inputs (data, materials, conditions); process (steps of action); outputs (results or decisions)

Enterprise Resource Planning (ERP)

integrates all departments and functions throughout an organization into a single IT system so that employees can make decisions by viewing enterprise-wide information on all business operations

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

retail apocalypse

key problem: how these companies invest in 1. customer intelligence - gathering, organizing & analyzing info to learn about you customers; used to make strategic decisions 2. business technology - differentiation is key, better shopping experience = success 3. employee wages and training - pay well, train well, hire remotely

managerial control in decision making

operational control - executing specific tasks efficiently & effectively management control - decisions concerning acquiring & using resources efficiently in accomplishing organizational goals strategic planning - decisions concerning the long range goals & policies for growth & resource allocation

5 Supply Chain Activities

plan, source, make, deliver, return

data

raw facts that describe the characteristics of an event or object

integration

sharing; departments working interdependently

confidentiality

the assurance that messages and information are available only to those who are authorized to view them

fact

the confirmation or validation of an event or object

Biometrics

the identification of a user based on a physical characteristic, such as a fingerprint, iris, face, voice, or handwriting (best & most effective/costly & intrusive)

data mining

the process of analyzing data to extract information not offered by the raw data alone [optimization, forecasting, regression] -tools use a variety of techniques to find patterns & relationships in large volumes of info

clustering analysis

the process of grouping observations into clusters so that the degree of similarity is strong between members of the same cluster and weak between members of different clusters

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

spam

unsolicited commercial email

Association rules

useful rule - with high quality & actionable info trivial rule - already known by managers/business professionals inexplicable rule - seems to have no explanation & does not suggest a course of action