MIS 311 Chapter 1
knowledge
"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%"
data
"i have one item"
information
"the item I have is a product that has the most sales during the month of December"
business intelligence
"the month of December this year is going to see interest rates rise by 10% and snowstorms are expected to cause numerous problems throughout the East coast"
select 3 goals or objectives that a leadership plan might include to achieve a solid business strategy
-attracting new customers -increasing sales -decreasing costs
three generic business strategies Porter identified for entering a new market
-broad cost leadership -focused strategies -broad differentiation
examples of goods
-cars -clothing -groceries
three things a supplier can do to influence an industry if it has high supplier power
-charging higher prices -limiting quality or service -shifting costs to industry participants
select two terms that represent what is confirmed or validated with a fact
-event -object
threats (SWOT)
-external, negative -new entrants, substitute products, shrinking markets
opportunities (SWOT)
-external, positive -expanded product line, increase in demand, new markets
two support value activities
-firm infrastructure -technology development
select the three departments found in a typical company
-human resources -accounting -sales
four pressures that Michael Porter identified as potential challenges to the profitability of a company
-influential suppliers can drive down profits by charging higher prices for supplies -substitute products can steal customers -new market entrants can steal potential investment capital -competition can steal customers
human-generated structured data is data that humans, in interaction with computers, generate. which two sources of data are human-generated structured data?
-input data -gaming data
weaknesses (SWOT)
-internal, negative -lack of strategic direction, obsolete technologies, outdated product line
strengths (SWOT)
-internal, positive -core competencies, market leaders, cost advantages
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?
-knowledge workers -intellectual capital
static report types
-last year's sales report -last year's salary report
select three primary value activities
-outbound logistics -inbound logistics -marketing and sales
machine-generated data is created by a machine without human intervention. which two sources represent machine-generated data?
-sensor data -point of sale
what are two sources of unstructured data?
-social media data -satellite images
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?
-spreadsheet -relational database
a report is a document used to distribute meaningful information in printed form, on a computer screen, or saved to a file
-static reports -dynamic reports
three examples of services
-teaching -waiting tables -cutting tables
who is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses?
CSO
What analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry
Porter's Five Forces Model
chief privacy officer (CPO)
Responsible for ensuring the ethical and legal use of information within a company
inbound logistics
acquires raw materials and resources and distributes to manufacturing as required
government
adhere to regulations/ laws, increase employment
technology development
applies MIS to processes to add value
the scientific process of transforming data into insight for making better decisions
business analytics
a standardized set of activities that accomplish a specific task, such as processing a customer's order
business process
the ability of buyers to affect the price they must pay for an item
buyer power
the person responsible for collecting, maintaining, and distributing company knowledge is the
chief knowledge officer
who is responsible for ensuring the ethical and legal use of information within a company?
chief privacy officer
the three generic strategies
chooses business focus
process
computer program that processes data
process
computer program that processes the data
feedback
controls to ensure correct processing
chief user experience officer
create the optimal relationship between user and technology
input
data that is entered in a computer
input
data that is entered into the computer system via an input or storage device
finance
deals with strategic financial issues including money, banking, credit, investments, and assets
type of analytics is best described with a report that includes charts and graphs explaining the data
descriptive analytics
chief automation officer
determines if a person or business process can be replaced by a robot or software
the key term machine to machine (M2M) refers to devices that connect directly to other
devices
outbound logistics
distributes goods and services to customers
what changes automatically during creation?
dynamic report
a feature of a product or service that customers have come to expect and entering competitors must also offer a(n)
entry barrier
the five forces model
evaluates industry attractiveness
SWOT analysis
evaluates project position
customers
exceptional customer service, high quality products, ethical dealing
value chain analysis
executes business strategy
exmployees
fair compensation, job security, ethical conduct
information that returns to its original transmitter (input, transform, output) and modifies the transmitter's actions?
feedback
firm infrastructure
includes the company format or departmental structures, environment, and systems
the first-mover advantage occurs when a company can significantly ____ its market share by being first with a new competitive advantage
increase
in the ____ age infinite quantities of facts are widely available to anyone who can use a computer
information
includes the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources
knowledge
these workers are individuals valued for their ability to interpret and analyze information
knowledge
what are the human, structural, and recorded resources available to the organization?
knowledge assets
what rewards customers based on their spending?
loyalty programs
human resources
maintains policies, plans, and procedures for the effective management of employees
chief intellectual property officer
manage and defend intellectual property, copyrights, and patents
operations management
manages the process of converting or transforming resources into goods or services
shareholders/ investors
maximize profits, grow market share, high return on investment
sales
performs the function of selling goods or services
the area of business intelligence, which extracts information from data and uses it to predict future trends and identify behavioral patterns
predictive analytics
three categories of analytics
prescriptive analytics, descriptive analytics, predictive analytics
occurs when a company develops unique differences in its products or services with the intent to influence demand
produce differentiation
the rate at which goods and services are produced based upon total output given total outputs
productivity
marketing and sales
promotes, prices, and sells products to customers
service
provides customer support after the sale of goods and services
human resource management
provides employee training, hiring, and compensation
the impact of information technology on the global business environment is equivalent to the printing press's impact on ____ and electricity's impact of productivity
publishing
procurement
purchases inputs such as raw materials, resources, equipment, and supplies
accounting
records, measures, and reports monetary transactions
partners/ suppliers
reliable contracts, ethical materials handling, responsible production
what is a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information?
report
chief information officer (CIO)
responsible for 1) overseeing all uses of MIS and 2) ensuring that MIS strategically aligns with business goals and objectives
chief knowledge officer (CKO)
responsible for collecting, maintaining, and distributing the organization's knowledge
chief data officer (CDO)
responsible for determining the types of information the enterprise will capture, retain, analyze, and share
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 speed, accuracy, availability, and reliability of the MIS
high when competition is fierce in a market and low when competition is more complacent
rivalry among existing competitors
a(n) ____ is a view of data at a particular moment in time
snapshot
who is a person or group that has an interest or concern in an organization?
stakeholder
what is created once based on data that does not change?
static report
what includes firm infrastructure, human resource management, technology development, and procurement?
support value activities
marketing
supports sales by planning, pricing, and promoting goods or services
what are costs that make customers reluctant to switch to another product or service?
switching costs
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
systems thinking
output
the resulting information from the computer program
what characteristic is high when there are many alternatives to a product or service and low when there are few alternatives
threat of substitute products or services
operations
transforms raw materials or inputs into goods and services
what is not defined and does not follow a specified format and is typically free-form text such as emails, Twitter tweets, and text messages?
unstructured data
what views a firm as a series of business processes that each add value to the product or service?
value chain analysis
a data characteristic that stands for a value that changes or varies over time
variable
which question can be answered using business intelligence?
what was the lowest sales per week compared with the economic interest rate?