MGSC 300 Exam 2

1.Why would companies want to achieve a fully digitized supply chain?

"But traditional approaches are less effective as supply chains become longer and more interconnected, and there are higher stakeholder expectations and more sources of risk. Always-on supply chains are more connected, intelligent, scalable, and agile. "

What are the most common security risks associated with mobile banking?

"Cloning- Duplicating the electronic serial number (ESM) of one phone and using it in second phone, the clone. This allows the perpetrator to have calls and other transactions billed to the original phone. Phishing-Using a fraudulent communication, such as an e-mail, to trick the receiver into divulging critical information such as account numbers, passwords, or other identifying information. Smishing- Similar to phishing, but the fraudulent communication comes in the form of an SMS message. Vishing- Again, similar to phishing, but the fraudulent communication comes in the form of a voice or voicemail message encouraging the victim to divulge secure information. Lost or stolen phone- Lost or stolen cell phones can be used to conduct financial transactions without the owner's permission"

1.Describe six types of enterprise systems.

"Enterprise resource planning ERP Integrates an enterprise's internal applications, supports its external business processes, and links to its external business partners. Integrate business processes, including supply chains, manufacturing, financial, human resources, budgeting, sales, and customer service. Used primarily in the manufacturing industry Supply chain management SCM Supports the steps in the supply chain—procurement, sourcing, manufacturing, storage, inventory control, scheduling, order fulfillment, and distribution. Improves decision-making, forecasting, optimization, and analysis Customer relationship management CRM Helps create a total view of customers to maximize share-of-wallet and profitability. A business strategy to segment and manage customers to optimize customer lifetime value Enterprise knowledge management systems EKMS Help organize company knowledge about business productivity, competitive business models, business intelligence. It is made up of different software modules linked by a central user interface Enterprise content management system ECMS Provides capability for multiple users throughout an organization with different permission levels to manage a website or a section of the content Enterprise social platforms ESPs Enhance social networks, both within the enterprise and across key members of the enterprise's supply and distribution chains. An important method for enhancing communication, coordination, and collaboration for business purposes "

1.What are the benefits of moving HRISs to intranets or the cloud?

"HR applications have shifted many routine tasks to employees who log in to manage their retirement benefits, payroll deductions, direct deposits, health-care benefits, and the like. When employees manage their own HR services, HR professionals can focus on legal and compliance responsibilities, employee development, talent management, hiring, and succession planning."

1.What are two challenges of legacy systems?

"complexity is due to getting new apps or system modules to interface with existing or legacy systems that are several generations older."

1.Describe IT support for HR planning and control.

"computers for self-benefits selection" "automated benefits enrollments. Employees can self-register for specific benefits using the corporate portal or voice technology" "human capital management, facilitated by the Web"

1.How are companies using QR codes to promote products and services to mobile consumers? Why are QR codes not as popular in the United States as they are in Asia and other parts of the world?

"marketers have used them in print advertising and direct mail ads with some success. Charitable organizations use QR codes on the outside of direct mail solicitations. Scanning the code takes the user to a video explaining the mission of the organization and typically makes a more compelling request for a donation than is possible through print media. Additionally, responses to the QR code promotions can be tracked and used to evaluate program effectiveness." "have to prove that they help mobile users find content that is interesting and valuable."

1.Why is it difficult to implement enterprise systems?

"most expensive, difficult, and risky. An advantage is that this option offers a longer-term solution that is agile to respond to changing business needs. Despite that potential pay-off, complete replacement requires a large up-front investment for development, poses difficulties in duplicating behavior of the legacy system, and increases the risk of complete software project failure."

1.Why have e-wallets not been widely adopted and what will makers of e-wallets need to do to make this payment method more attractive to consumers?

"only work on NFC-enabled mobile devices. "

1.What are the two major barriers preventing innovation in the supply chain?

"organization's lack of a clear business case to justify investment, lack of talent to utilize the technology effectively, and a corporate culture that is risk adverse."

1.What are the two basic technologies used for mobile banking and financial services?

"using a mobile device for the online purchase of goods and services (e.g., ordering a book from Amazon.com) and for payment of goods and services in a traditional brick-and-mortar store." apps or sms text message

1.What is the relationship between data quality and the value of analytics?

"where speed is valued over accuracy with an emphasis on self-service and augmentation"

1.What are the characteristics of the NextGen SCM?

"will be proactive, predictive, and prescriptive. It will be tightly connected to data sources such as social opinion and IoT outputs and will allow close collaboration with suppliers and customers through cloud-based commerce networks that offer a high level of security."

1.Explain the three types of changes needed when an enterprise system is implemented.

- Changes in how people perform their jobs will change to accommodate the new processes. Enterprise systems require retraining users whose productivity will drop initially as they adjust to a new way of doing their jobs. - Redesign of business processes, Processes need to be simplified and redesigned so that they can be automated, tasks that are no longer necessary are removed from the processes. - Integration of many types of uncoupled legacy systems Integrating legacy systems is necessary so that data can flow seamlessly among departments and business partners. Automated data flows are essential to productivity improvements

1.What are the three benefits of mashup technology to the organization?

- Dramatically reduces time and effort needed to combine disparate data sources. - Users can define their own data mashups by combining fields from different data sources that were not previously modeled. - Users can import external data sources, for example, spreadsheets and competitor data, to create new dashboards - Enables the building of complex queries by nonexperts with a drag-and-drop query building tool.

1.Describe some of the ways that people are using mobile devices to shop for products and services.

- buy and sell goods - order and pay for goods

1.What are the four limitations or challenges that recommendation systems sometimes face?

- cold start or new user - sparsity - limited feature content - overspecialization

Explain why business managers need data mashup technology.

- combine business data and applications from two or more sources - enhance the interactive capabilities of dashboards, allow users to gain new insights, and spot trends within data in businesses of all sizes - quick, cost-effective solution to a range of data analysis issues - filter down the data based on their needs so that only the information needed is provided by the available data services

1.Why would a business want to create a private SNS? What are some of the challenges associated with doing this?

- create a community restricted to members selected by the SNS's owner - allow a greater degree of control over the network -"more time, attention, and resources"

1.How do metadata tags facilitate more accurate search results?

- describe the nature of the file's information, where it came from, or how it is arranged - transforms web of pages into a large database that can be searched analyzed, understood, and repurposed by a variety of applications

1.How has Web 2.0 changed the behavior of Internet users?

- deynamic pages - user controlled content - users create content and communites - customers write reviews, rate products

1.Why do you think dashboards must be in real time and customized for the executive or manager?

- give users a clear view of the current state of KPIs, real-time alerts, and other metrics about operations - need to be able to understand the significance of the dashboard information at a glance and have the capability to drill down to one or more levels of detail

1.What are some ways in which traditional brick-and-mortar retailers can use mobile technology to enhance a customer's in-store shopping experience?

- in-store tracking - QR

1.How are predictive analytics adding value in organizations?

- influence future behavior and predicts at some confidence level the outcome of an event - forecast outcomes to create a statistical model to predict outcomes.

1.How does text mining provide value? Give an example?

- is a specialized form of data mining - interprets words and concepts in context Ex: tracks social media and targets people and tracks consumer behavior and understands consumer intent

1.Before implementing a content-based recommendation engine, what kind of information would website operators need to collect about their products?

- items they have viewed or liked - saving item to wishlist - item similarity

1.Give an example of how geospatial data would be useful to an organization?

- pinpoint which stores are highest performing - see how sales are impacted by location and population - identify relevant demographics - chart locations of complaints and traceability in event of recalls

1.What are some examples of user information required by recommendation engines that use collaborative filtering?

- purchase history - reviews or ratings people similar to you

1.Why are companies increasingly interested in enterprise search tools capable of handling unstructured data?

- unlock value of info within an organization - allow companies to gain competitive advantages by leveraging the value of internal info that would otherwise be hidden - allow employees to extract internal info from databases to make decisions

1.When evaluating new services and/or technologies that might attract shoppers to a store-based retailer, what criteria should managers consider when evaluating innovations? In other words, what areas of performance should innovations be expected to improve in today's competitive retail environment?

-"Collecting and analyzing consumer data to gain insights into customer needs and preferences. At the same time, being sensitive to growing concerns about privacy by consumers and government regulators. Tracking retail industry trends and innovations in the area's localized fulfillment and delivery tactics. Utilizing transparent pricing practices. Looking for consumer opportunities where shoppers are willing to pay a premium for personalized or convenience options. " -technology, innovation, and strategic marketing

1.Why is data mining valuable to organizations?

-Making more informed decision at the time they need to be made. -Discovering unknown insights, patterns or relationships. - Automating and streamlining or digitizing business processes.

1.What are benefits of dashboards?

-combine multiple data visualizations into a single screen to enhance data reporting and facilitate smooth business operations and decisions. -Dashboards improve information integration by collecting multiple, disparate data feeds and sources, extracting features of interest, and manipulating the data, so the information is in a more accessible format.

1.List some ways that travelers and travel-related businesses are using mobile technology.

-developed mobile apps to help travelers manage their arrangements." -google maps - internet access - mobile check in

1.What are the top two strategic priorities of SCM executives?

-help companies meet customer demand as efficiently and cost-effectively as possible -to give them an advantage over their competitors

1.Why are retailers likely to view technology as both a blessing and a curse?

-ongoing investment in new technologies designed to enhance the online shopping experience, increase operational and logistical efficiency, and maintain high levels of customer satisfaction -dissatisfied customers now have numerous forums for complaining about frustrating experiences they might have with a company - difficult meeting customer expectations that seem to grow more and more demanding every day

1.Explain the four critical success factors for CRM.

-people -technology -processes -strategy

1.Why are human expertise and judgment important to data analytics?

-perform data gathering, preparation, analysis, and presentation tasks like descriptive business intelligence (BI) and data science - make sense of data to spot trends and outliers

1.How does data visualization contribute to organizational learning?

-providing users with an easy to understand graphical representation of historical data - gain a comprehensive understanding of trends, market demands and needed process improvements" - present data visually to enhance decision-making

1.Why is Web 2.0 referred to as the social Web?

-rise to websites with features and services that make it easy for people to interact with one another and the companies they choose to buy from

1.Why does it make sense to offer free in-store Wi-Fi connections given the way that people like to shop these days?

-to Aid Shoppers Using Mobile Devices - •Autonomous Shopping Carts •Nike Speed Shop •Increased Use of In-Store Digital Displays Novel Payment Systems

1.List five different practical ways that semantic technology is enhancing the search experience of users.

1. Related searches/queries—The search engine suggests alternative queries (words and phrases) that may produce information related to the original query or may ask, "Did you mean" 2. Reference results—The search engine suggests reference material related to the query, such as a dictionary definition, Wikipedia pages, maps, reviews, or stock quotes 3. Semantically annotated results—Highlighted search terms are returned along with related words or phrases that may not have appeared in the original query. These can be used in future searches simply by clicking on them 4. Full‐text similarity search—Users can submit a block of text or even a full document to find similar content 5. Search on semantic/syntactic annotations—It allows a user to indicate the syntax such as part‐of‐speech (noun, verb, etc.)—or its semantic meaning, whether it's a company name, location, or event

1.What are the two biggest challenges associated with using big data?

1. cultural challenges 2. technology-related challenges

1.What are the top innovative digital technologies impacting SCM?

1. digital connectivity 2. automation 3. advanced analytics 4. artificial intelligence

1.What are the four phases of decision-making?

1. intelligence- Identify the problem or opportunity, collect information, establish a goal and assessment criteria 2. design- various courses of action to solve the problem, analyze feasible alternatives 3. choice- select an alternative course of action 4. review- monitor and control the choice to ensure its proper execution

1.Briefly describe the three phases of the World Wide Web's development.

1. resource description framework (RDF)- language used to represent information about resources on the Internet. describes resources using metadata uniform resource identifiers (URIs) like "title," "author," and "copyright and license information."allows data to be used by multiple applications 2. Web ontology language (OWL)- the W3C language used to categorize and accurately identify the nature of things found on the Internet 3. SPARQL protocol and RDF query language (SPARQL)- query language used to retrieve and manipulate data stored in RDF format

List three online marketing planning recommendations

1.Build the marketing plan around the customer, rather than on products. 2.Monitor progress toward the one-year vision for the business in order to identify when adjustments are needed, and then be agile enough to respond. 3.Identify all key assumptions in the marketing plan. When there is evidence that those assumptions are wrong, identify the new assumptions and adjust the plan. Make data-driven, fact-based decisions and plans

1.Define the five traditional functional business units.

1.Production and operations: materials purchasing, quality control, scheduling, shipping, receiving, manufacturing resource planning, manufacturing execution. 2.Sales and marketing: pricing, social media promotions, market research, demand forecasts, sales campaign management, order tracking, online and mobile order processing and sales, customer relationship management, salesforce automation. 3. Accounting and finance: order processing, accounts receivable, accounts payable, general ledger, budgeting, inventory control, payroll, cash management, asset management, credit management, investment management, capital budgeting, financial forecasting, financial statement reporting to comply with federal and industry-specific regulations and government agencies. 4. Human resources: payroll, recruitment and hiring, succession planning, employee benefits, training, compensation, performance appraisal, compliance with federal and state employment regulations."

1.What is the purpose of an API? Provide an example of how a business might make use of an API.

Application programming interfaces- connection between computers or between computer programs. It is a type of software interface, offering a service to other pieces of software.

1.What is BI and why is it important in an organization?

Business intelligence (BI)- is a set of best practices, software, infrastructure and tools to acquire and transform raw highly structured data into actionable insights -helps managers at all levels of the organization make informed business decisions.

1.Explain the differences between the various types of e-commerce marketplaces.

B2C e-commerce- takes place when a retail business sells products or services online to end users, (just the web is pure play) •Business-to-business (B2B) Markets oThe buyers, sellers, and transactions involve only organizations •Direct e-commerce model: the buyer organization is expected to come to a single seller's site to view catalogs and place an order. •Marketplace e-commerce: the products of multiple companies are offered for purchase by one marketplace operator. Direct-to-consumer (D2C) marketplace: composed of businesses that ship their products directly to consumers without using wholesalers, distributors, or other middlemen •Peer-to-peer (P2P) marketplace: exchanges that occur between two individuals. Ex: eBay and Craigslist

1.Besides e-commerce websites that sell products, what are some other ways that recommendation engines are being used on the Web today?

Content‐based filtering- recommends products based on the product features of items the customer has interacted with in the past Collaborative filtering- makes recommendations based on a user's similarity to other people Knowledge-based systems- use information about a user's needs to recommend products Demographic systems- base recommendations on demographic factors

Name the three data properties that an IS must have

Data security- refers to the protection of data from malicious or unintentional corruption, unauthorized modification, theft, or natural causes such as floods. The purpose of data security is to maintain data integrity. Data validity- Data validation involves tests and evaluations used to detect and correct errors, for instance, mistakes that might occur during data entry in fields such as customer name and address. Data integrity- Data integrity refers to the maintenance of data accuracy and validity over its life cycle including the prevention of unintended modification or corruption."

1.Describe three different real-time search tools.

Google Trends- help identify current and historical interest in the topic by reporting the volume of search activity over time. Google Trends allows you to view the information for different time periods and geographic regions. Google Alerts- create automated searches for monitoring new Web content, news stories, videos, and blog posts about some topic. Users set up alerts by specifying a search term, how often they want to receive notices, and an e‐mail address where the alerts are to be sent. Twitter Search- find information as well as gauge sentiment on a wide range of topics and issues in real time.

1.How can companies reduce the cost of recruiting qualified employees?

using websited liked linkedin and search tools

1.Describe some of the new technologies being used by e-commerce retailers to improve service, convenience, and user experience.

Personalization- involves a variety of strategies for making customized advertisements, product recommendations, pricing, and delivery options based on information about a consumer's preferences, context, browsing, and shopping behaviors Artificial intelligence applications- specifically machine learning, can be used to sort and analyze big data and guide strategic decision-making on product offerings, pricing, promotion, and personalization efforts recommendation systems •A/B Testing of Product, Price, and Promotional Tactics •Consumer Use of DVAs for Search, Research, and Ordering

1.What are the four Vs of big data?

Volume: To handle the sheer volume of "big data" and provide comprehensive analytics capabilities in the big data platform Variety: has expanded from pulling most structured data from a single enterprise data warehouse to include a variety of semi-structured and unstructured sources such as social medial posts, tweets, videos, images, sensor data, and customer service calls. Velocity: The speed with which data is stored, analyzed and reports generated. Veracity: Data that are incomplete, missing or duplicated need to be repaired.

1.Explain why the mobile gaming market represents such a lucrative market opportunity for advertisers.

apps for everything run by ads increased viewership and reaches more people

1.What is the primary difference between a Web directory and a crawler-based search engine?

crawler search engine: rely on sophisticated computer programs called spiders, crawlers, or bots that surf the Internet, locating webpages, links, and other content that are then stored in the search engine's page repository (google) web directory: list webpages organized into hierarchical categories, "general" directories that cover a wide range of topical categories, or "niche" directories that focus on a narrow range of topics

1.Describe challenges associated with pricing products and services.

economic recessions make it hard

1.How do some online businesses determine the prices they will charge to individual customers?

flash sales, display prices customized to entice person to make a purchase

1.What is a recommendation engine called that combines different methodologies to create recommendations? What are three ways these systems combine methodologies?

hybrid recommendation engines: - weighted hybrid: Results from different recommenders are assigned a weight and combined numerically to determine a final set of recommendations - mixed hybrid: Results from different recommenders are presented alongside of each other - cascade hybrid: Recommenders are assigned a rank or priority - compound hybrid: This approach combines results from two recommender systems from the same technique category (e.g., two collaborative filters), but uses different algorithms or calculation procedures

1.How does Salesforce Chatter enable workers to solve problems?

is an ESP

1.What is prescriptive analytics?

is dedicated to finding the best course of action among various choices given the known parameters, 3rd and most powerful level, advise on how to react best way

1.Why is KM important in an organization?

is the process of creating, sharing, using and managing knowledge and information in an organization to make the best use of the knowledge.

What is predictive analytics?

is the process of using data analytics methods and techniques to model and make predictions about unknown events from data, anticipate what happens next

1.List two sales and distribution channels.

market intelligence systems target marketing systems sales systems customer support systems delivery systems dealer systems

1.Discuss how CRM impacts customer acquisition and retention.

oCRM technologies help marketing managers run effective campaigns, promotions, commercials, and advertisements to attract new customers, or to increase sales to existing customers, or to do both. oNewly acquired customers are unprofitable until they have purchased enough products or services to exceed the cost to acquire and service them. oSome customers can be unprofitable so it's important to determine each customer lifetime value (CLV). oRetaining customers that generate revenues in excess of the costs is critical.

1.What are the five major reasons organizations migrate to enterprise systems?

oHigh maintenance costs oInflexibility oIntegration obstacles (Hardwired, predefined, process flows) oLack of staff (qualified/trained professionals) oCloud-based enterprise systems are lower in cost

1.What opportunities and challenges does Web 2.0 present for business organizations?

opportunities: 1.Listening 2.Talking 3.Energizing 4.Supporting 5.Embracing Challenges: Keeping up with the change by constantly monitoring technological evolution and potential competitors that may be more agile and tech savvy.

1.How are the methods and techniques used in predictive and prescriptive data analytics different from those used in descriptive data analytics?

predictive and prescriptive" •Text mining •Spatial data mining •Regression •Optimization and rules-based decision-making •Machine learning Descriptive: data mining data visulation digital dashboards mashups

1.Describe the three factors that are most likely to influence consumer shopping behavior.

price, product selection, convenience

1.How is a recommendation engine different from a search engine?

recommendation engine: proactively identify products that have a high probability of being something the consumer might want to buy

1.What concerns have deterred companies from implementing SaaS HR?

remaining compliant is an ongoing and difficult task with new laws always being updated

1.Define what an SOP is and give an example.

standard operating procedures (SOPs)- is a set of written instructions on how to perform a function or activity. SOPs provide the framework for complex processes to be managed more effectively." Ex: instructions on how to handle customer complaints

1.Out of the three most important factors that influence where people shop, why is convenience probably the one that retailers should focus on the most (instead of product and price)?

technology and innovation focuses and improves on convenience. mobile technology is all about convenience

1.How can an organization justify implementing a CRM system?

•5% increase in customer retention can improve profits by as much as 20%

1.Identify five activities that are central to financial planning and budgeting.

•Budgeting •Forecasting •Financial ratio analysis •Profitability analysis •Cost control

1.Why does CRM matter?

•Effective CRM can provide managers with a 360-degree view of the customer relationship, enable real-time responses, and improve sales productivity and predictability. -Customer relationship management (CRM) is the process of choosing the most suitable and efficient approach to making and maintaining interactions with customer and clients.

What are the basic functions of an ESP?

•Enterprise social platform is a private, company-owned social media software app that promotes social connectivity and collaboration with an organization and enhances productivity and employee satisfaction. networks, knowledge management, collaboration, employee productivity, employee pressure

1.Name three features that assist organizations in gaining an insight into the health of the company and speed up cycle times.

•Financial Ratio Analysis: used by external parties when they decide whether to invest in an organization, extend credit, or buy it. •Profitability Analysis: understanding the profitability of individual products or services, product lines, or the financial health of the entire organization. •Cost Control: financial management of assets, through proper estimation, to assure financial health and cash flow.

1.Why does the SEC mandate data disclosure, whereby data items are tagged to make them easily searchable?

•Generate cleaner data, including written explanations and supporting notes. •Produce more accurate data with fewer errors that require follow-up by regulators. •Transmit data more quickly to regulators and meet deadlines. •Increase the number of cases and amount of information that staffers can handle. - improve how investors find and use info

1.How do heat maps and tag clouds convey information?

•Heat maps are the most-used tool for representing complex statistical data and use a warm-to-cool color spectrum to show differences in classes of data.

1.Give an example of how a business might use a mashup application on its website.

•Integration of map data from google with information like store names, locations, phone numbers, and consumer reviews from other websites.

1.What are the capabilities of SharePoint?

•Intranet and extranet •Documents: SharePoint provides a shared space to store documents •Collaboration and BI •links employees' computers and mobile devices to make it easy to communicate and to synchronize their efforts.

1.List and describe the three main flows being managed in a supply chain.

•Material or product flow: the movement of materials and goods from a supplier to its consumer. Products that are returned make up what is called the reverse supply chain because goods are moving in the reverse direction •Information flow: the movement of detailed data among members of the supply chain, for example, order information, customer information, order fulfillment, delivery status, and proof-of-delivery confirmation. •Financial flow: the transfer of payments and financial arrangements via electronic funds transfer (EFT).

1.Describe profitability analysis.

•Profit contribution or profit margin of certain products and services derived from the cost accounting system.

1.What is a supply chain?

•Starts with the acquisition of raw materials or the procurement (purchase) of products and proceeds through manufacture, transport, and delivery—and the disposal of recycling products.

1.Explain the purpose of an enterprise system.

•are large scale application software packages that supports business processes, information flows, reporting, and data analytics in complex organizations.

List some examples of things that retailers (online or in-store) do to increase convenience for their customers

•being able to find just the right product without spending a long time searching •being able to pick up or return a product with little or no hassle. •being able to checkout or purchase products easily - same day delivery, buy online pick-up in store, and curbside delivery

1.In what ways can enterprises realize value from Yammer or other enterprise social?

•helps employees, partners, and customers communicate, exchange information, and collaborate across departments, locations, and business apps.

1.What is machine learning and why do organizations use it?

•is scientific algorithms that identify patterns in big data to learn from the data and create insights based on the data. use it to: - categorize people or things - predict likely outcomes or actions based on identified patterns - identify previously unknown patterns and relationships -detecting unexpected behaviors

Explain why omnichannel retailing provides a better shopping experience for consumers

•retailing is a business strategy that provides customers with a seamless and integrated experience across multiple retail channels such as in-store, online, mobile and other sales and product distribution channels.

1.What are the key HR functions?

•support various facets of the employment process including recruitment; employee development; HR planning, control, and management; and HR compliance. -planning -recruiting -developing human resources -deploying -retaining -assessing