MIS 303 - Ch 1

dynamic report

A ___ ___ changes automatically during creation. ___ ___s can include updating daily stock market prices or the calculation of available inventory

static report

A ___ ___ is created once based on data that does not change. ___ ___s can include a sales report from last year or salary report from 5 years ago.

Supply Chain

A ___ ___consists of all parties involved, directly or indirectly, in obtaining raw materials or a product. In a typical ___ ___, a company will be both a supplier (to customers) and a customer (of other suppliers).

System

A ___ is a collection of parts that link to achieve a common purpose. A car is a good example of a ___, since removing a part, such as the steering wheel or accelerator, causes the entire ___ to stop working.

variable

A ___ is a data characteristic that stands for a value that changes or varies over time. Changing ___s allows managers to create hypothetical scenarios to study future possibilities.

report

A ___ is a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information. ___s can cover a wide range of subjects or a specific subject for a certain time period or event.

Snapshot

A ___ is a view of data at a particular moment in time.

Fact

A ___ is the confirmation or validation of an event or object.

Management information systems (MIS)

A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving

Business Strategy

A leadership plan that achieves a specific set of goals or objectives such as increasing sales, decreasing costs, entering new markets, or developing new products or services.

Stakeholder

A person or group that has an interest or concern in an organization. ___s drive business strategies, and depending on the stakeholder's perspective, the business strategy can change.

Internet of Things (IoT)

A world where interconnected Internet-enabled devices or "things" have the ability to collect and share data without human intervention.

entry barrier

An ___ ___ is a feature of a product or service that customers have come to expect and entering competitors must offer the same for survival.

Porter's Five Forces Model

Analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry. Its purpose is to combat these competitive forces by identifying opportunities, competitive advantages, and competitive intelligence. - Buyer Power - Supplier Power - Threat of substitute products or services - Threat of new entrants - Rivalry among existing competitors

focused

Broad strategies reach a large market segment, whereas ___ strategies target a niche or unique market with either cost leadership or differentiation. Trying to be all things to all people is a recipe for disaster because doing so makes projecting a consistent image to the entire marketplace difficult. For this reason, Porter suggests adopting only one of the three generic strategies illustrated.

department

Companies are typically organized by ___ or functional area such as: accounting, finance, human resources, marketing, operations management, sales.

Competitive Advantage

Is a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors. ___ ___s provide the same product or service either at a lower price or with additional value that can fetch premium prices.

Competitive Intelligence

Is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed. It means understanding and learning as much as possible as soon as possible about what is occurring outside the company to remain competitive.

First-mover advantage

Occurs when a company can significantly increase its market share by being first with a new competitive advantage.

Rivalry among Existing Competitors

Porter's Five Forces Model: ... is high when competition is fierce in a market and low when competitors are more complacent.

Threat of New Entrants

Porter's Five Forces Model: ... is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market.

Threat of Substitute Products / Services

Porter's Five Forces Model: ... is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.

Buyer Power

Porter's Five Forces Model: Is the ability of buyers to affect the price they must pay for an item. Factors used to assess buyer power include number of customers, their sensitivity to price, size of orders, differences between competitors, and availability of substitute products. If ___ ___ is high, customers can force a company and its competitors to compete on price, which typically drives prices down.

Supplier Power

Porter's Five Forces Model: Is the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services). Factors used to appraise supplier power include number of suppliers, size of suppliers, uniqueness of services, and availability of substitute products. If ___ ___ is high, the supplier can influence the industry by: - Charging higher prices - Limiting quality or services - Shifting costs to industry participants

Service

Primary Value Activities: 1. Inbound Logistics: acquires raw materials and resources and distributes to manufacturing as required. 2. Operations: transforms raw materials or inputs into goods and services. 3. Outbound logistics: distributes goods and services to customers. 4. Marketing & Sales: promotes, prices, and sells products to customers 5. ___: provides customer support after the sale of goods and services.

Marketing & Sales

Primary Value Activities: 1. Inbound Logistics: acquires raw materials and resources and distributes to manufacturing as required. 2. Operations: transforms raw materials or inputs into goods and services. 3. Outbound logistics: distributes goods and services to customers. 4. ___ & ___: promotes, prices, and sells products to customers 5. Service: provides customer support after the sale of goods and services.

Outbound Logistics

Primary Value Activities: 1. Inbound Logistics: acquires raw materials and resources and distributes to manufacturing as required. 2. Operations: transforms raw materials or inputs into goods and services. 3. ___ ___: distributes goods and services to customers. 4. Marketing & Sales: promotes, prices, and sells products to customers 5. Service: provides customer support after the sale of goods and services.

Operations

Primary Value Activities: 1. Inbound Logistics: acquires raw materials and resources and distributes to manufacturing as required. 2. ___: transforms raw materials or inputs into goods and services. 3. Outbound logistics: distributes goods and services to customers. 4. Marketing & Sales: promotes, prices, and sells products to customers 5. Service: provides customer support after the sale of goods and services.

Inbound logistics

Primary Value Activities: 1. ___ ___: acquires raw materials and resources and distributes to manufacturing as required. 2. Operations: transforms raw materials or inputs into goods and services. 3. Outbound logistics: distributes goods and services to customers. 4. Marketing & Sales: promotes, prices, and sells products to customers 5. Service: provides customer support after the sale of goods and services.

Machine-to-machine (M2M)

Refers to devices that connect directly to other devices.

Chief Knowledge Officer (CKO)

Responsible for collecting, maintaining, and distributing company knowledge.

Chief Data Officer (CDO)

Responsible for determining the types of information the enterprise will capture, retain, analyze, and share. The difference between ___ and CIO is that the CIO is responsible for the info systems through which data is stored & processed, while the ___ is responsible for the data, regardless of the info system.

Chief Privacy Officers (CPO)

Responsible for ensuring the ethical and legal use of information within a company.

Chief Security Officer (CSO)

Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses.

Chief Technology Officer (CTO)

Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's IT. ___ are similar to CIOs, except that CIOs take on the additional responsibility for effectiveness of ensuring that MIS is aligned with the organization's strategic initiatives.

Procurement

Support Value Activities: - Firm infrastructure: includes the company format or departmental structures, environment, and systems. - Human Resource Management: provides employee training, hiring, and compensation. - Technology Development: applies MIS to processes to add value. - ___: purchases inputs such as raw materials, resources, equipment, and supplies.

Technology Development

Support Value Activities: - Firm infrastructure: includes the company format or departmental structures, environment, and systems. - Human Resource Management: provides employee training, hiring, and compensation. - ___ ___: applies MIS to processes to add value. - Procurement: purchases inputs such as raw materials, resources, equipment, and supplies.

Human Resource Management

Support Value Activities: - Firm infrastructure: includes the company format or departmental structures, environment, and systems. - ___ ___ ___: provides employee training, hiring, and compensation. - Technology Development: applies MIS to processes to add value. - Procurement: purchases inputs such as raw materials, resources, equipment, and supplies.

Firm Infrastructure

Support Value Activities: - ___ ___: includes the company format or departmental structures, environment, and systems. - Human Resource Management: provides employee training, hiring, and compensation. - Technology Development: applies MIS to processes to add value. - Procurement: purchases inputs such as raw materials, resources, equipment, and supplies.

value chain

The ___ ___ groups a firm's activities into two categories, primary value activities and support value activities.

data, information

The simple difference between ___ and ___ is that computers/machines need data and humans need information.

unstructured data

The sources of ___ ___ include: - Machine-generated ___ ___, including satellite images, scientific atmosphere data, and radar data. - Human-generated ___ ___, including text messages, social media data, and emails.

structured

The sources of ___ data include: - Machine-generated data - Human-generated data

Value Chain Analysis

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

Information age

We live in the ___ ___, when infinite quantities of facts are widely available to anyone who can use a computer. The impact of information technology on the global business environment is equivalent to the printing press's impact on publishing and electricity's impact on productivity.

Knowledge

What is this? "Given the unexpected financial issues caused by the storms and the interest rate hike we will offer a discount on purchase in November and December to ensure sales levels increase by 10 percent."

Data

What is this? "I have one item."

Information

What is this? "The item I have is a product that has the most sales during the month of December."

Business Intelligence

What is this? "The month of December this year is going to see interest rates raise by 10 percent and snow storms are expected to cause numerous problems throughout the East Coast."

Business Intelligence (BI)

___ ___ (__) is information collected from multiple sources (such as suppliers, customers, competitors, partners, and industries) that analyzes patterns, trends, and relationships for strategic decision making. It manipulates multiple variables and in some cases even hundreds of variables, including such items as interest rates, weather conditions, and even gas prices. Examples: Lowest sales per week compared with the economic interest rates, best-selling product by month compared to sports season and city team wins and losses

Knowledge workers

___ ___ are individuals valued for their ability to interpret and analyze information. Today's workers are commonly referred to as ___ ___, and they use BI along with personal experience to make decisions based on both information and intuition, a valuable resource for any company.

Structured data

___ ___ has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address. ___ ___ is typically stored in a traditional system such as a relational database or spreadsheet and accounts for about 20 percent of the data that surrounds us.

Knowledge facilitators

___ ___ help harness the wealth of knowledge in the organization. ___ ___ help acquire and catalog the knowledge assets in an organization.

Big data

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

Unstructured data

___ ___ is not defined and does not follow a specific format and is typically free-form text such as emails, Twitter tweets, and text messages. ___ ___ accounts for about 80% of the data that surrounds us.

Business Analytics

___ ___ is the scientific process of transforming data into insight for making better decisions.

Product Differentiation

___ ___ occurs when a company develops unique differences in its products or services with the intent to influence demand. Companies can use ___ to reduce rivalry.

Prescriptive Analytics

___ ___ use techniques that create models indicating the best decision to make or course of action to take. Example: Airline using past purchasing data as inputs into a model that recommends the best pricing strategy across all flights allowing the company to maximize revenue.

Descriptive Analytics

___ ___ use techniques that describe past performance and history. Example: Creating a report that includes charts and graphs that explains the data.

Predictive Analytics

___ ___ use techniques that extract information from data and use it to predict future trends and identify behavioral patterns. Example: Using past sales data to predict future sales.

Knowledge assets

___ ___, also called intellectual capital, are the human, structural, and recorded resources available to the organization. ___ ___ reside within the minds of members, customers, and colleagues and include physical structures and recorded media.

Human Resources

___ ___: Maintains policies, plans, and procedures for the effective management of employees. Examples: employee data, promotion data, vacation data

Operations management

___ ___: Manages the process of converting or transforming resources into goods or services. Examples: Manufacturing data, distribution data, production data

Goods

___ are material items or products that customers will buy to satisfy a want or need. Clothing, groceries, cell phones, and cars are all examples of ___ that people buy to fulfill their needs.

Data

___ are raw facts that describe the characteristics of an event or object. Examples: order date, amount sold, customer number, quantity ordered

Services

___ are tasks people perform that customers will buy to satisfy a want or need. Waiting tables, teaching, and cutting hair are all examples of ___ that people pay for to fulfill their needs.

Knowledge

___ includes the skills, experience, and expertise, coupled with information and intelligence, that create a person's intellectual resources. Examples: choosing not to fire a sales representative who is underperforming, knowing that person is experiencing family problems; listing products that are about to expire first on the menu or creating them as a daily special to move the product

Information

___ is data converted into a meaningful and useful context. Examples: best-selling product, best customer, worst-selling product, worst customer

Production

___ is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services. (Inputs ---> Process ---> Output)

Productivity

___ is the rate at which goods and services are produced based on total output given total inputs.

Analytics

___ is the science of fact-based decision making. Is thought of as a broader category than business analytics, encompassing the use of analytical techniques in the sciences and engineering fields as well as business. ___ is used for data-driven or fact-based decision making, helping managers ensure they make successful decisions. ___ can range from simple reports to advanced optimization models.

Broad, high

___ market and ___ cost: Neiman Marcus competes by offering a ___ range of differentiated products at ___ prices. Its business strategy is to offer a variety of specialty and upscale products to affluent consumers.

Narrow, low

___ market and ___ cost: Payless competes by offering a specific product, shoes, at ___ prices. Its business strategy is to be the ___-cost provider of shoes. Payless competes with Walmart, which also sells ___-cost shoes, by offering a far bigger selection of sizes and styles.

Narrow, high

___ market and ___ cost: Tiffany & Co. competes by offering a differentiated product, jewelry, at ___ prices. Its business strategy allows it to be a ___-cost provider of premier designer jewelry to affluent consumers.

Broad, low

___ market and ___ cost: Walmart competes by offering a ___ range of products at ___ prices. Its business strategy is to be the low-cost provider of goods for the cost-conscious consumer.

Broad

___ strategies reach a large market segment, whereas focused strategies target a niche or unique market with either cost leadership or differentiation. Trying to be all things to all people is a recipe for disaster because doing so makes projecting a consistent image to the entire marketplace difficult. For this reason, Porter suggests adopting only one of the three generic strategies illustrated.

Machine-generated data

___-___ ___ is created by a machine without human intervention. ___-___ structured ___ includes sensor data, point-of-sale data, and web log data.

Human-generated data

___-___ ___ is data that humans, in interactions with computers, generate. ___-___ structured ___ includes input data, click-stream data, or gaming data.

Finance

___: Deals with strategic financial issues, including money, banking, credit, investments, and assets. Examples: investment data, monetary data, reporting data

Sales

___: Performs the function of selling goods or services. Examples: Potential customer data, sales report data, commission data, customer support data

Accounting

___: Records, measures, and reports monetary transactions. Examples: transactional data, purchasing data, payroll data, tax data

Marketing

___: Supports sales by planning, pricing, and promoting goods or services. Examples: promotion data, sales data, advertising data

Business process

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

Systems thinking

a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part

Primary value activities

acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services

Chief automation officer

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

SWOT Analysis

evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies; strengths and weaknesses are internal, opportunities and threats external

Porter's Three Generic Strategies

generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service - broad cost leadership - broad differentiation - focused strategy

Support Value Activities

include firm infrastructure, human resource management, technology development, and procurement

Feedback

information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions; helps the system maintain stability

Chief Information Officer (CIO)

responsible for 1) overseeing all uses of IT and 2) ensuring that MIS strategically aligns with business goals and objectives

MIS skills gap

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

Chief user experience officer

will create the optimal relationship between user and technology

Chief intellectual property officer

will manage and defend intellectual property, copyrights, and patents