MIS EXAM #3

Components of IT Infrastructure

1. Computer hardware platforms 2. Operating system platforms 3. Enterprise software applications 4. Data management and storage 5. Networking/telecommunications platforms 6. Internet platforms 7. Consulting system integration services

Machine Learning

A type of artificial intelligence that leverages massive amounts of data so that computers can improve the accuracy of actions and predictions on their own without additional programming. -Facebook ad display -Netflix recommender system

Enterprise System, Enterprise Resource Planning (ERP)

ES is another common acronym to denote enterprise systems. ERP is typically one application that is a set of modules. This software is focused on several back-office functions of a business, like finance processing, manufacturing, and inventory control. It relates to the planning resources for the enterprise.Nov 26, 2018

Excel

Excel uses a large collection of cells formatted to organize and manipulate data and solve mathematical functions. Users can arrange data in the spreadsheet using graphing tools, pivot tables and formulas.

Executive Support Systems (ESS)

Executive support systems (ESS) are computer-based systems that provide top managers with the capability to attain easy access to internal and external information which is relevant to strategic decision making and other executive responsibilities.

A knowledge-intensive computer program that captures the expertise of a human in limited domains of knowledge

Expert system

A set of business processes developed for an organization to create, store, transfer, and apply knowledge

Knowledge management

a distributed database technology that enables firms and organizations to create and verify transactions on a network without a central authority

blockchain

The difference between push- and pull-based models is summarized by which of the following slogans? Select one: A.Sell what we make, not make what we sell. B.Push what we make, not pull what we make. C.Make what we sell, not sell what we make. D.Pull what we make, not push what we sell. E.Make what we push, not push what we sell.

c

Which of the following is an example of a company primarily engaged in B2B e-commerce? Select one: A.Uber B.Walmart C.Elemica D.Yahoo E.eBay Feedback

c

Which of the following is not an example of a BI predefined production report? Select one: A.Workforce demographics B.Order cycle time C.What-if scenario analysis D.Churn rate E.Direct and indirect spending

c

Which of the following statements about natural language processing (NLP) is not true? Select one: A.NLP is used by Google to return more meaningful search engine results based on the user's search language. B.NLP is typically based on machine learning techniques. C.NLP relies on the use of an expert system. D.NLP can infer customers' specific needs when they call help centers. E.NLP often uses neural networks.

c

Cryptocurrency/Currency

is a digital payment platform that eliminates the need to carry physical money.

The cost merchants must pay simply to bring their goods to market

Market entry cost

An enterprise application that manages the flow of products through distribution centers and warehouses to ensure that products are delivered to the right locations in the most efficient manner

Supply chain execution system Taxonomy scm = execution system and downstream to the people

Tacit Knowledge

Tacit knowledge refers to the knowledge, skills, and abilities an individual gains through experience that is often difficult to put into words or otherwise communicate. §Storing documents, reports, presentations, best practices §Unstructured documents (e.g., e-mails) §Developing online expert networks - learning a musical instrument

The role of negotiator falls into which of Mintzberg's managerial classifications? Select one: A.Decisional B.Informational C.Interpersonal D.Symbolic E.Organizational

a

selling the same goods, or nearly the same goods, to different targeted groups at different prices

price discrimination - buying airline tickets from a mac would be charged more

Big Data

•Big data: Massive datasets collected from social media, online and in-store customer data, and so on •Help create real-time, personalized shopping experiences for major online retailers Tracking consumer behavior and shopping habits to deliver hyper-personalized retail product recommendations tailored to individual customers.

Intelligent Agents

•Work without direct human intervention to carry out repetitive, predictable tasks -Deleting junk e-mail -Finding cheapest airfare •Use limited built-in or learned knowledge base -Some are capable of self-adjustment, for example: Siri •Chatbots •Agent-based modeling applications: -Model behavior of consumers, stock markets, and supply chains; used to predict spread of epidemics

Information Systems

A collection of data and information used to support the management of an organization. Also refers to the technical components and human resources that enable the assembly, storage, and processing of data and the delivery of information. This has existed for a lot longer than computers.

Semi- and Unstructured Decisions

A semi-structured decision is one in which most of the factors needed for making the decision are known but human experience and other outside factors may still impact the decision. A good example of a semi-structured decision is the hiring process Unstructured means "decision processes that have not been encountered in quite the same form and for which no predetermined and explicit set of ordered responses exists in the organization".

Transaction Processing Systems (TPS)

Computerized systems that perform and record the daily routine transactions necessary to conduct the business; they serve the organization's operational level. an information processing system for business transactions involving the collection, modification and retrieval of all transaction data. Characteristics of a TPS include performance, reliability and consistency ex hotel reservations system

A technology that makes it possible for a computer to "understand" and "analyze" natural language

Natural language processing (NLP)

Operational CRM vs. Analytical CRM

Operational CRM - supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers ex feedback report Analytical CRM - supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers ex sales data

A business Intelligence approach to analytics, data mining techniques, historical data, and assumptions about future conditions to predict future trends and behavior patterns?

Predictive analytics

Predictive Analytics

Predictive analytics software does not so much "predict" as it does estimate a probability that, based on historical data, a certain event will happen. This works quite well when there are very large data sets, the behavior is repetitive and consistent over time, and there are no changes in the environment. For instance, these techniques work well in machines with well defined parts that can be monitored. They do not work well in dynamic environments such as the stock market where the exogenous factor in the environment are constantly changing. ex fraud detection

Absolute/Relative References

Relative reference: A8 Absolute column only: $A8 Absolute row only: A$ Absolute column & row: $A$8 Relative references change when a formula is copied to another cell. Absolute references, on the other hand, remain constant no matter where they are copied.

Supervised vs. Unsupervised Learning

Supervised machine learning relies on labelled input and output training data ex; detecting spam mail, whereas unsupervised learning processes unlabelled or raw data. unsupervised learning finding out which customers made similar product purchases. Suppose a telecom company wants to reduce its customer churn rate by providing personalized call and data plans. The behavior of the customers is studied and the model segments the customers with similar traits.

Data, Information, Knowledge, Wisdom (DIKW)

The process of transforming raw facts and figures into useful information and, by adding experiential information, into knowledge, and informed by context and experience into wisdom. Data is the most basic level; Information adds context; Knowledge adds how to use it; Wisdom adds when and why to use it.

The cost of participating in a market

Transaction costs

Supply Chain Execution Systems vs. Supply Chain Planning Systems

While supply chain planning involves looking into the future to predict and prepare for impending demand, supply chain execution focuses on the day-to-day completion of the supply chain plan.

Compared to traditional goods, digital goods have: Select one: A.a lower marginal cost of production on a per unit basis. B.higher delivery costs. C.lower initial production costs. D.higher inventory costs. E.higher marginal costs.

a

In a ________ strategy, components arrive exactly at the moment they are needed and finished goods are shipped as soon as they leave the assembly line. Select one: A.just-in-time B.frictionless C.bullwhip D.safety-stock E.streamlined

a

The WMS that Haworth Incorporated uses is an example of which of the following? Select one: A.Supply chain execution system B.Supply chain planning system C.Just-in-time strategy D.Continuous replenishment system E.Build-to-order model

a

What is meant by the statement "knowledge is sticky"? Select one: A.Knowledge is hard to move. B.Knowledge is universally applicable. C.Knowledge works only in certain situations. D.Knowledge is intangible. E.Knowledge is enmeshed in a firm's culture.

a

Which of the following is not one of the five classical functions of managers? Select one: A.Creating B.Deciding C.Planning D.Organizing E.Controlling

a

Business Intelligence (BI)

a broad category of applications, technologies, and processes for gathering, storing, accessing, and analyzing data to help business users make better decisions is software that ingests business data and presents it in user-friendly views such as reports, dashboards, charts and graphs.

Dynamic Pricing

a pricing strategy in which the price can easily be adjusted to meet changes in the marketplace Dynamic pricing is a way to reflect the changes and increase profits by keeping tabs on the number of people interested in certain products. For example, Christmas decorations are in high demand in December, so it is a great time to increase their prices and earn more.

A distortion of information about the demand for a product as it passes from one entity to the next across the supply chain is called the ________ effect. Select one: A.network B.bullwhip C.ripple D.whirlpool E.diffraction

b

Information ________ exists when one party in a transaction has more information that is important for the transaction than the other party. Select one: A.transparency B.asymmetry C.complexity D.discrimination E.competition

b

When managers represent their company in the outside world and perform symbolic duties, they are acting in their: Select one: A.decisional role. B.managerial role. C.informational role. D.interpersonal role. E.leadership role. Feedback

d

Which of the following best illustrates the sales revenue model? Select one: A.eBay receives a small fee from a seller if a seller is successful in selling an item. B.Yelp receives a fee after steering a customer to a participating website where he or she makes a purchase. C.Pandora provides basic services for free but charges a premium for advanced services. D.Apple accepts micropayments for single music track downloads. E.Netflix charges customers a monthly fee for access to its library of movies.

d

Operational CRM applications include tools for all of the following except: Select one: A.sales force automation. B.call center support. C.marketing automation. D.customer service support. E.calculating CLTV.

e

Supply chain planning systems perform all of the following functions except: Select one: A.establish inventory levels for raw materials and finished goods. B.identify the transportation mode to use for product delivery. C.determine where to store finished goods. D.determine how much product to manufacture in a given time period. E.track the physical status of goods.

e

Which of the following is an example of a private industrial network? Select one: A.Exostar B.Go2Paper C.Elemica D.Expedia E.VW Group Supply

e

Which of the following type of system would be used to present senior marketing executives with high-level information about customer retention, satisfaction, and quality performance? Select one: A.High velocity automated decision-making system B.MIS C.DSS D.TPS E.ESS

e

________ knowledge exists in formal documents, as well as in formal rules that organizations derive by observing experts and their decision-making behaviors. Select one: A.Unstructured B.Tacit C.Management D.Explicit E.Structured

e

Knowledge Management Systems (KMS)

enable organizations to better manage processes for capturing and applying knowledge and expertise is a cloud-based platform that stores and organizes information with the goal to improve collaboration, understanding, and alignment. Companies use knowledge management systems to consolidate information in one central source.

Decision-Support Systems (DSS)

focus on problems that are unique and rapidly changing, for which the procedure for arriving at a solution may not be fully predefined in advance is a computer program application used to improve a company's decision-making capabilities.

an AI system that is based on the theory of natural selection and mutation

genetic algorithm

a business intelligence system providing tools to help decision makers visualize problems that benefit from mapping

geographical information systems (GIS)

software programs that work without direct human intervention to carry out specific tasks for individual users, business prorcesses, or software applications

intelligent agents

Total Cost of Ownership

is an estimation of the expenses associated with purchasing, deploying, using and retiring a product or piece of equipment. TCO, or actual cost, quantifies the cost of the purchase across the product's entire lifecycle.

Supply Chain Management Systems (SCM)

is management of the flow of goods, data, and finances related to a product or service, from the procurement of raw materials to the delivery of the product at its final destination.

Neural Networks/Deep Learning

major type of AI -More complex, with many layers of transformations of input data to produce target output -Used almost exclusively for pattern detection on unlabeled data (unsupervised learning) -Some believe these come closest to "grand vision" of AI

Bullwhip Effect

occurs when distorted product-demand information ripples from one partner to the next throughout the supply chain Anticipating a high demand, Apple placed large orders with their component suppliers, causing a sudden surge in demand upstream. This is a perfect Bullwhip Effect example where demand forecasting led to over-ordering.

EDI can be used as a system for continuous replenishment. Select one: True False

t

method of classifying things according to a predetermined system

taxonomy

E-Business

the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs through the facilities available on the internet amazon

Natural Language Processing (NLP)

was developed so users could communicate with computers in human language Natural language processing (NLP) is a branch of artificial intelligence (AI) that enables computers to comprehend, generate, and manipulate human language. Natural language processing has the ability to interrogate the data with natural language text or voice.

Block Chain

Method of capturing transitions in a multisite database for movement and progress through a process without a traditional ledger. Each party in the transaction chain gets a complete history of the transactions making it difficult to violate or penetrate through system hacking. A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

Key Performance Indicators (KPIs)

a quantifiable measure of performance over time for a specific objective. KPIs provide targets for teams to shoot for, milestones to gauge progress, and insights that help people across the organization make better decisions. "new customer per quarter)

Sensitivity Analysis

a special case of what-if analysis, is the study of the impact on other variables when one variable is changed repeatedly

Expert System

a type of computer program that uses artificial intelligence to imitate a human's ability to think google search

Deep learning networks: Select one: A.rely on humans to help it identify patterns. B.use multiple layers of neural networks to detect patterns in input data. C.rely on experts to tell the system what patterns to expect in the data. D.require labeled data as input. E.require explicit programming by humans to identify patterns in unlabeled data.

b

Some commentators believe which of the following comes closest to the "Grand Vision" of AI? Select one: A.Expert systems B.Deep learning networks C.Genetic algorithms D.Intelligent agents E.Robotics

b

The total time it takes to complete a business process, from start to finish, is called its ________ time. Select one: A.development B.cycle C.fulfillment D.service E.actualization Feedback

b

Transaction brokers: Select one: A.generate revenue from advertising or from directing buyers to sellers. B.save users money and time by processing transactions normally handled in person, by phone, or by mail online. C.provide a digital environment where buyers and sellers can meet, display products, search for products, and establish prices. D.sell physical products directly to consumers or individual businesses. E.provide online meeting places where people with similar interests can communicate.

b

A drawback to high-velocity, automated decision-making systems is that: Select one: A.they are unable to handle high volumes of decisions. B.they are unable to handle structured decisions. C.they only can be applied to semi-structured decisions. D.great care needs to be taken to ensure the proper operation of the systems, since they are making decisions faster than managers can monitor or control. E.they are only useful in the financial services industries. Feedback

d

Supply chain software can be classified as either supply chain ________ systems or supply chain ________ systems. Select one: A.push; pull B.demand; continual C.upstream; downstream D.planning; execution E.maintenance; development

d

visual tools for presenting performance data in a business intelligence system

dashbored

Structured Decisions

decisions that are repetitive, routine, and have a definite procedure for handling them Repetitive and routine; involve definite procedure for handling so they do not have to be treated each time as new

Digital Dashboard

displays on a single screen graphs and charts of key performance indicators for managing a company

All of the following are typical components or capabilities of an ECM system except: Select one: A.knowledge portals. B.distribution tools. C.tagging tools. D.interfacing with corporate databases. E.artificial intelligence tools.

e

knowledge that exists in formal documents as well as in formal rules that organizations derive by observing experts and their decision-making behaviors

explicit knowledge

An expert system cannot consider multiple rules at the same time. Select one: True False

f

Cross-selling is the marketing of products to different customers. Select one: True False

f

Expert systems use real-time data to guide their decisions. Select one: True False

f

Information asymmetry exists when there is more information about one product than there is about a similar product. Select one: True False

f

One apt slogan of the knowledge management field is "Effective knowledge management is 80 percent technological and 20 percent managerial and organizational." Select one: True False

f

Social marketing enables firms to tightly control their brands. Select one: True False

f

The impacts of knowledge-based investments are easy to measure. Select one: True False

f

The term switching costs refers to a merchant's costs of changing prices. Select one: True False

f

To reap the maximum benefits from enterprise software, companies should customize it to conform to their existing business processes. Select one: True False

f

Enterprise Content Management Systems (ECM)

help organizations manage both types of information. Have capabilities for knowledge capture, storage, retrieval, distribution, and preservation to help firms improve their business processes and decisions. When a client contacts or sends a ticket, the support team must resolve the issue as fast as possible, especially because companies that excel at customer experience beat their competitors by an average of 80%

an enterprise system that includes customer-facing applications such as tools for salesforce automation, call center and customer service support, and marketing automation

operational customer relationship management software

Information Asymmetry

situation in which one party is more informed than another because of the possession of private information is a term that refers to when one party in a transaction is in possession of more information than the other. In certain transactions, sellers can take advantage of buyers because asymmetric information exists whereby the seller has more knowledge of the good being sold than the buyer.

Customer Relationship Management Systems (CRM)

software that organizes information about customers in a manner that facilitates efficient and personalized service a technology that allows businesses both large and small to organise, automate, and synchronise every facet of customer interaction. CRM system examples include marketing, sales, customer service, and support.

An enterprise application that enables a firm to model its existing supply chain, generate demand forecasts for products and develop optimal sourcing and manufacturing plans

supply chain planning systems

Enterprise Applications

systems that span functional areas, focus on executing business processes across the business firm, and include all levels of management a large software system platform typically designed to operate in a corporate environment such as business or government. Enterprise application software integrates computer systems that run all phases of a company's operations.

A structured decision is repetitive and routine. Select one: True False

t

An unstructured decision is novel and important and requires the decision maker to provide judgment, evaluation, and insight. Select one: True False

t

KPIs are used both in the balanced scorecard framework and BPM. Select one: True False

t

The choice phase of Simon's decision-making model includes choosing among solution alternatives. Select one: True False

t

Prescriptive Analytics

techniques that create models indicating the best decision to make or course of action to take is a form of data analytics that uses past performance and trends to determine what needs to be done to achieve future goals. do the actual action to see how it will be different in the future

Price Discrimination

the action of selling the same product at different prices to different buyers, in order to maximize sales and profits.

Management Information Systems (MIS)

the management and use of information systems that help organizations achieve their strategies is the study of how people use technology to manage information. It includes both the hardware and software used to store, process, and retrieve information.

Descriptive Analytics

the use of data to understand past and current business performance and make informed decisions

Pivot Table

The tool used by most spreadsheet programs to create a summary table. In this pivot table, we are able to examine where an online training company's customers come from in terms of region and advertising source. This graphic shows the same Microsoft Excel spreadsheet with a PivotTable with two dimensions—it shows where customers come from in terms of region and advertising source. Alt Text Long description: A screenshot of an Excel sheet shows a sample pivot table. The sample pivot table lists the details pertaining to the customer ID, region, payment, source, amount, product, and time of day in cells A to G in the excel sheet. A dialog box superimposed on the sheet and the above-mentioned data displays the field list of the pivot table. The dialog box is labeled, pivot table field list and is divided into two panels. In the top panel, a drop- down to choose from is provided in the dialog box. It reads: Choose fields to add to report. Checkboxes for the following are given: Customer ID, region, payment, source, amount, product, and time of day. The fields of customer ID, region, and source are selected in the screenshot.