The Importance of MIS

Moore's Law

"The speed of a computer doubles every 18 months," which is incorrect but captures the essence of his principle. The cost of data processing, communications, and storage is essentially zero.

Non-Routine Skills

1.) Abstract Thinking 2.) Systems Thinking 3.) Collaboration 4.) Ability to Experiment

Primary Activities

1.) Inbound Logistics 2.) Operations/Manufacturing 3.) Outbound Logistics 4.) Sales and Marketing 5.) Customer Service

Support Activities

1.) Procurement 2.) Technology 3.) Human Resources 4.) Firm Infastructure

Michael Porter's Five Forces

1.) Threat of Substitutes (Competitive) 2.) Threat of New Entrants (Competitive) 3.) Existing Rivals (Competitive) 4.) Bargaining Power of Suppliers (Bargaining Power) 5.) Bargaining Power of Customers (Bargaining Power)

How can I obtain job security?

21st century skills. Shifts in the nature of organizations...favor strong nonroutine cognitive skills.

Information System

A collection of components, including but not limited to a computer, that stores and retrieves information.

Information

A meaningful insight that helps employees do their jobs.

Value Chain

A network of value-creating activities. The generic chain consists of five primary activites and four support activities.

Process

A way of doing something.

Value

Amount of money a customer is willing to pay for a resource.

Margin

Difference between the value the activity generates and the cost of the activity.

Business Processes

Driven by competitive strategy.

Competitive Strategy

Four of them. An organization can be the cost leader across the industry by providing products at the lowest cost, or it focus on adding value to its products to differentiate them from those of the competition.Further, the organization can employ the cost or differentiation strategy across an industry or it can focus on one segment within an industry.

Why is MIS/IT important?

Future business professionals need to be able to assess, evaluate, and apply emerging information technology to business.

Linkages

Interactions across value activities.

What is MIS?

Management Information Systems. Key Elements: 1.) Processes, information systems, and information. 2.) Management and use. 3.) Acheive strategies.

Substitute

Performs the same or similar function as an industry's product by another means.

Acheive Strategies

Processes, information systems, and information need to be created for the purpose of achieving the organization's strategy. Must meet a business "need."

Information Systems

Support business processes.

Use

Tasks and responsibilties.

Abstract Reasoning

The ability to make and manipulate models. E.g. Construct a new model or representation.

Systems Thinking

The ability to model the components of the system and to connect the inputs and outputs with those components into a sensible whole, one that explains the phenomenon observed. E.g. Model system components and show how components' inputs and outputs relate to one another.

Management (of MIS)

The creation, monitoring, and adapting of processes, informations systems, and information.