LearnSmart Chapter 1

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variable

A(n) ... is a data characteristic that stands for a value that changes or varies over time is known as what?

suppliers, customers, competitors, partners, and industries

Business Intelligence (BI) is information collected from multiple sources such as

process

Computer program that processes the data is known as

feedback

Controls to ensure correct processing is known as

input

Data that is entered in a computer is known as

static

Last year's sales report, and last year's salary report are both examples of what kind of classification of report types?

primary value activities

Marketing and Sales, Inbound logistics, and Outbound logistics are all examples of

system

Name a(n) collection of parts that link to achieve a common purpose. Systems are the primary enabler of cross-functional operations.

unstructured data

Social media data and satellite images are two sources of what?

Relational Database and/or Spreadsheet

Structured data has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address. Which two sources typically store structured data?

supplies

Supplier power is the suppliers' ability to influence the prices they charge for

support value activities

Technology development and firm infrastructure are both example of

devices

The key term machine to machine (M2M) refers to devices that connect directly to other

security

The person responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hacker and viruses is the Chief ... Officer?

output

The resulting information from the computer program is known as

Event, Object

Two terms that represent what is confirmed or validated with fact.

Porter's Five Forces Model

What analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry?

technology development

What applies MIS to processes to add value?

knowledge assets

What are the human, structural, and recorded resources available to the organization?

Knowledge Assets and Intellectual Capital

What are the two names for the assets that reside within the minds of members, customers, and colleagues and include physical structures and recorded media?

Dynamic Report

What changes automatically during creation?

Threat of Substitute products or services

What chara

Firm infrastructure

What includes the company format or departmental structures, environment, and systems?

Knowledge

What includes the skills, experience, and expertise, couples with information and intelligence, that creates a person's intellectual resources.

Big Data

What is a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools?

business process

What is a standardized set of activities that accomplish a specific task, such as processing a customer's order?

Snapshot

What is a view of data at a particular moment in time?

The Internet of Things (IoT)

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

feedback

What is information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions?

MIS skills gap

What is the difference between existing MIS workplace knowledge and the knowledge required to fulfill business goals and strategies?

Productivity

What is the rate at which goods and services are produced based upon total output given total inputs?

Analytics

What is the science of fact-based decision making?

business analytics

What is the scientific process of transforming data into insight for making better decisions?

systems thinking

What provides an end-to-end view of how operations work together to create a product or service?

Human resource management

What provides employee training, hiring, and compensation?

Procurement

What purchases inputs such as raw materials, resources, equipment, and supplies

loyalty programs

What rewards customers based on their spending?

Descriptive analytics

What type of analytics is best described with report that includes charts and graphs explaining the data?

predictive analysis

What uses past sales to predict future sales?

Knowledge workers

What workers are individuals valued for their ability to interpret and analyze information?

Chief Automation Officer

Who determines if a person or business process can be replaced by a robot or software?

Chief of Privacy

Who is responsible for ensuring the ethical and legal use of information within a company?

Information

Who is the person responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives is the Chief... Officer?

knowledge

Who is the person responsible for collecting, maintaining, and distributing company knowledge is the Chief ... Officer?

technology

Who is the person responsible for ensuring the speed, accuracy, availability, and reliability of the MIS is the Chief ... Officer?

Chief Intellectual Property Officer

Who manages and defends intellectual property, copyrights, and patents

Chief User Experience Officer

Who will create the optimal relationship between user and technology?

inbound logistics

acquires raw materials and resources and distributes to manufacturing as required

Porter's 3 Generic Strategies

broad cost leadership, broad differentiation, focused strategy are all apart of what?

three generic strategies

chooses business focus

SWOT - Strengths

core competencies, market leaders, cost advantages

outbound logistics

distributes goods and services to customers

MIS

enables business success and innovation

the five forces model

evaluates industry attractiveness

SWOT analysis

evaluates project position

value chain analysis

executes business strategy

SWOT- Opportunities

expanded product line, increase in demand, new markets

information

focuses primarily on internal variables

manipulating variables

how will a business estimate the impact on profits from increases or decreases in costs`

Buyer Power

is the ability of buyers to affect the price they must pay for an item

data entry

is the process of gathering data from business documents and entering it into a computer

SWOT- Weaknesses

lack of strategic direction, obsolete technologies, outdated product line

BI

manipulates multiple variables including both internal and external variables

SWOT- threats

new entrants, substitute products, shrinking markets

marketing and sales

promotes, prices, and sells products to customers

service

provides customer support after the sale of goods and services

Data

raw facts that describe the characteristics of an event or object

Prescriptive analytics

techniques that create models indicating the best decision to make or course of action to take

Descriptive analytics

techniques that describes past performance and history

Predictive analytics

techniques that extract information from data and uses it to predict future trends and identify behavioral patterns.

competitive intelligence

this is the process of gathering information about the competitive environment, including competitor's plans, activities, and products, to improve a company's ability to succeed.

operations

transforms raw materials or inputs into goods and services

Switching costs

what are costs that make customers reluctant to switch to another product or service?

competitive advantage

what is a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors?

First-Mover advantage

what occurs when a company can significantly increase its market share by being first with a new competitive advantage?

Stakeholder

who is a person or group that has an interest or concern in an organization


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