Module 4 Reading Assignment

5 Whys Analysis

1. identify the current problem 2. ask why the problem happened 3. continue to ask why 4. consult with members of the organization

Includes the analysis of the money, time, effort, and essentially anything expended when implementing a solution.

Allocation of resources

Financial management

Budgeting, revenue, expenses, asset management, debt, credit, and investments, and tax minimization.

Software that provides decision makers with the information necessary to solve problems in complex and rapidly-changing environments is commonly referred to by which 2 of the following?

Business intelligence (BI) software Decision support system (DSS) software

This element of the supply chain management system may include payment and demand management, customer service management, and returns management.

Choice Customer relationship management element

Software that is now essential in the logistics industry, used in everything from scheduling port visits for shipping and railways to managing locks on canals and river systems is ___.

Choice decision support systems

When designing a solution, you should consider other possible plans or ways to overcome the problem. Creating multiple plans (Plan A, Plan B, Plan C, etc.) helps to visualize all possible solutions.

Consider all outcomes

Once a problem has been investigated, analyzed, and determined, it is necessary to determine the best solution to overcome the problem. When investigating a solution, it is important to take into the account which of the following consideration?

Consider all outcomes. Identify what you know and don't know. Allocation of resources

The classical model of management describes what managers do. Classical management theorist Henry Fayol identified the five classical functions of managers which includes:

Coordinating Organizing Planning

Which of the following should be considered when evaluating alternatives?

Costs Disadvantages

Arguably the biggest changes business applications technology has brought to small retailors is the ability to quickly process which 3 of the following?

Credit cards Debit cards Mobile payments (Apple Pay, Google Wallet, etc.)

Select the 3 major elements of a supply chain management system.

Customer relationship management Order fulfillment management Supplier relationship management

The focus is on who is purchasing products or services. Measurable outcomes include customer satisfaction and retention, product/service delivery, and product/service performance.

Customers

The analytical hierarchy process (AHP) is a multi-criteria programming model that uses an analytical hierarchy process for decision making in multifaceted operational environments. Data included in an AHP model includes which of the following?

Data from enterprise systems Qualitative data Observational data

Modern air travel would not be possible without ___ software.

Decision support systems software

Managers help to initiate new strategic objectives, handle conflicts, and distribute budgetary resources to departments and employees under their supervisory control.

Decisional Roles

Henry Mintzberg, a Canadian researcher on management and business, classifies management roles into three categories. Which of the following are the three categories identified by Mintzberg?

Decisional roles Informational roles Interpersonal roles

Business applications that obtain data from sources internal and external sources, to specifically assist senior executives in gaining a broader view of the competitive landscape is referred to as __.

EIS

Which software application system integrates the management of nearly all aspects of an organization?

ERP

Business applications supported and coordinated in this platform typically include finance and accounting systems, human resource systems, production systems, logistics (supply chain management, and inventory) systems, customer resource management systems, sales and marketing systems, and many others depending on the type of organization.

Enterprise Resource Planning software

A variety of Management Information Systems (MIS) and the reports they provide are used to assist in making structured decisions. Which of the following are common reports provided by MIS?

Exception reports Production reports Forecasting reports

A business application that obtains data from sources internal to the firm, as well as external sources, to assist senior corporate executives in gaining a broader view of the competitive landscape are referred to as a(n) ___.

Executive Information Systems (EIS)

There are a number of financial outcomes that are measured. These outcomes include revenue, expenses, return on investment (ROI), net income, cash flow, and return on equity.

Financial

Executives gain visibility of personnel requirements forecasting, recruiting, selection, hiring, evaluation, training, retention (re-assignment, promotion, and grievance management), scheduling, and compensation (payroll and benefits administration) through the ___ elements of executive information system (EIS) applications.

HRM

When investigating solutions, acquaint yourself with what you know and don't know. Consider the information you already have, consider what additional information you need.

Identify what you know and don't know

In their informational capacity, managers are the central location for information provided by the organization.

Informational Roles

These outcomes measure how efficiently a business is operating. It also measures if the customer's needs and wants are being met.

Internal Business Processes

Managers perform as leaders for the organization. They represent their business to stakeholders outside the organization and perform a number of figurative responsibilities.

Interpersonal Roles

Select the true statements about the analytical hierarchy process (AHP) model.

Intricate situations and scenarios are analyzed by deconstructing the problem into a visible hierarchy that can be analyzed through comparison. A multi-criteria programming model that uses an analytical hierarchy process for decision making. Allows for many variables or conditions to be considered and prioritized, resulting in the selection of the best alternatives or projects.

Of the decisions/activities listed, which would be considered structured decisions?

Inventory decisions Payroll and overtime decisions

This investigates the culture of the organization. Measurable outcomes include employee training, retention, satisfaction, gender, and ethnic ratios, and compensation.

Learning and Growth

General Electric Digital's Predix Platform and ABB's Ability are examples of executive information systems applications that focus on ___

MOM

Operations management

Organizational processes and manufacturing

After surveys indicated that many consumers thought Elon Musk's startup, X.com referred to a pornographic site, X.com changed its name to ____.

PayPal

Today's Behavioral scientists have created behavioral models that identify actual management behaviors. Based on their observations, researchers offer a set of five management attributes. Which of the following are contemporary management behaviors?

Perform work at a fast pace Fragmented activities Currency of information

Logistics and inventory aspects of an organization are typically observed through the ___ portion of a firm's executive information system.

SCM

Marketing management

Sales, promotions, and CRM.

Even though it competes in the same environment as PayPal, both Elon Musk and Peter Thiel were early investors in ___, a business software company that develops software known to integrate well with existing apps.

Stripe

Select the true statements about structured management decisions.

Structured decisions are made easier through the creation of defined processes and procedures. Structured decisions are regularly made by individual employees and teams and frequently include operational decisions. Structured decisions involve tasks and choices that are routine.

Executive information system applications typically provide five major categories of software support. These categories include human resources management, marketing, and which 3 of the following 4 elements?

Supply chain management Financial management Operations management

A key attribute of this software is its ability to integrate status reports of multiple logistics reporting software products, providing the manager with increased visibility from a single dashboard.

Supply chain management (SCM) apps

Select the true statements about the balanced scorecard method for decision making.

The balanced scorecard framework was developed by Robert Kaplan and David Norton and is used to structure an organization's strategic plan and goals. In order to get the information they need to create a balanced scorecard, managers rely on output provided from executive support systems (ESS). Measurable outcomes on a balanced scorecard include financial, internal business processes, learning and growth, and customers.

Systems help to make the sales process itself more efficient are referred to as which of the following?

Transaction processing systems

Select the 3 major elements associated with executive information system (EIS) applications, sometimes referred to as an executive support system (ESS).

User interface Supporting software (modelling) infrastructure Communications element

The belief ___ outcome (BAO) framework is a method for structuring research questions that are interconnected with information systems within an organization. These questions often surround sustainability and online sustainability reports.

action

Refers to how the psychic states translate into action by the organization.

action formation

Which of the following performance areas are commonly observed by middle managers and operational managers?

adherence to organizational guidelines employee performance sales

Includes information on the way various psychic states including beliefs, desires, and opportunities about the operating environment are formed.

belief formation

Business computer applications that provide the software needed to ensure the efficient flow of goods and services from the extraction of raw materials to customer distribution and receipt of payment are referred to as supply ____ management systems.

chain

Providing visibility means that the user interface of any SCM remains a critical component. Typically, a user interface comes in the form of a ____ that calls attention to deviations from an established norm.

dashboard

Since any value that comes from the significant investment in an ERP is only visible through this tool, the ___ is a critical element of any ERP.

dashboard

Modern business applications technology have made it quicker and easier for retailers to process credit cards, making this device nearly obsolete.

imprinter

Fund reversals, such as when an item purchased with a credit card is returned, or if a customer disputes the validity of a credit card charge, result in lost processing fees and interest on the part of the acquiring bank. For these reasons, smaller merchants must use ___ to process credit cards.

merchant service

A component of a decision support system (DSS) is a methodology for making decisions. This is called the ___ of the DSS.

model

Applications for EIS that focus on the processes involved in producing goods are referred to as manufacturing ____ management systems software.

operations

In the case of a manufacturing firm, the applications that provide executives with visibility over the processes involved in transitioning raw materials or intermediate products into sale-ready goods, are part of the ___ system.

operations management

Explains the methods used to measure and monitor the belief and action steps of the BAO framework.

outcome terminology

Quantifiable values that validate how effectively an organization is accomplishing significant business objectives are called key ____ indicators (KPIs). For example, a KPI for an e-commerce business might measure how well they meeting customer expectations. A KPI can be established that tracks the frequency that the customers are receiving the exact products they ordered.

performance

First developed by Thomas Saaty, the analytical hierarchy _ (AHP) is a multi-criteria programming model that uses an analytical hierarchy process for decision making in multifaceted operational environments.

process

Improved methods of accepting payments are referred to as transaction _____ systems.

processing

Computer application systems that seek to manage a firm's interactions with customers using analytics and data analysis to identify the most valuable customers and target future customers is the customer ____ management system.

relationship

Highlighting points where actual personnel numbers vary from expected norms, and allowing the executive to drill down into areas of interest is a key element of the human ____ management element of executive information systems applications.

resource

To support small businesses, merchant _____ aggregators (or merchant account aggregators), allow small businesses to share merchant accounts.

service

Decision making involves the examination of well-defined _ alternatives designed to overcome a problem.

solution

Management decisions that involved tasks and choices that encompass prescribed and definite procedures for how they should be handled are referred to as _ decisions.

structured

The element of a supply chain management application that may include the product development, manufacturing, and inventory processes is referred to as the ____ relationship management element.

supply

Providing managers with increased visibility of the entire logistics process so that they can improve the efficiency of the entire system is the primary function of any ___ system.

supply chain management

Today, nearly all businesses use some sort of decision ____ system (DSS) today, from areas such as advertising to hiring and training, as well as inventory and production management.

support

The three major components in any decision support system include the data warehouse, the decision support model, and the ____ interface.

user

Because it determines which decisions are actually implemented, the ___ of the DSS is arguable its most important component.

user interface

Decision making that is executed by computers through algorithms and software that can process data at a face pace is referred to as high-____ decision making. Software designed for this type of decision making is created by humans and is designed to identify issues, find solutions to these issues, and implement the programs needed to overcome these issues with an emphasis on transactional speed.

velocity