Learning Outcomes 1-3 MIS

Describe artificial intelligence and identify main types

1) Expert systems 2) Neural Networks 3) Genetic Algorithm 4) Intelligent Agents 5) Virtual Reality

Compare porter's 3 strategies

1) broad cost leadership 2) broad differentiation 3) focused strategy broad strategies reach a large market segment. Focused strategies target a niche market. Focused strategies concentrate on cost leadership or differentiation

Explain why competitive advantages are temporary

A 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. Competitive advantages provide the same product or service either at a lower price. They are temporary because competitors seek ways to duplicate them

Define CSF's and KPI and explain how managers use the, to measure the success

CSF's are focused on measuring the goals and objectives of a company, and KPI are the actual metrics that a company uses to measure how a company is actually doing.

Explain the importance of decision making for managers at each of the primary organization levels along with the associated decision characteristics

Operational- day to day business transactions, structured Managerial- evaluating business decisions, planning, budgeting, semi-structured Strategic- looks at the overall decision making process, focused on the future and big business decisions, unstructured

Classify operational support systems, managerial support, and explain how managers can use three systems to make decisions and gain competitive advantages

Operations- TPS- Managerial- DSS- information to support managers Strategic- EIS- senior level DSS

Describe the 5 forces model and explain each one of the 5 forces

Porter's five forces analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry Buyer power is the ability of buyers to affect the price Supplier power is the ability of suppliers to affect the price threat of substitute products or services is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose threat of entrants is high when it is easy for new competitors to enter a market and low when there are significant barriers to entering a market Rivalry among existing competitors is high when competition is fierce in a market and low when competition is more complacent

Demonstrate how a company could add value by using porter's value chain analysis

Value chain- identify's processes in which the firm can add value for the customer and create a competitive advantage. There are two categories, primary and support values. primary values acquire raw materials and manufacture deliver, market, sell, provide after-sales services. Support help with hr, technology development, and procurement.

Describe the information age and the differences among data, information, business intelligence, knowledge

We live in the information age, when infinite quantities of facts are widely available to anyone who can use a computer. The core drivers of the information age include data, information, business intelligence and knowledge. Data are raw facts that describe the characteristics of an event or object. Information is data converted into a meaningful and useful context. Business Intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making. Knowledge includes the skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources. As you move from data knowledge you include more and more variables for analysis resulting in better, more precise support for decision making and problem solving.

Explain system thinking and how management information systems enable business communications

a system is a collection of parts that link achieve a common purpose. Systems thinking is 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. Feedback is information that returns to its original transmitter, and modifies the transmitter actions. Feedback helps the system maintain stability. Management information system is a business function, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. MIS operates cross functionally across the board to make the process one continuous part

Identify the different departments in a company and why they must work together to achieve success

companies are typically organized by department or functional area such as accounting, finance, human resources, marketing, operations management, and sales. Although each department has its own forces and own data, none can work independently if the company is to operate as a whole. It is easy to see how a business decision made by one department can affect other departments. Functional areas are anything but independent in a business.

disruptive and sustaining

disruptive-