MIST 2090 Part A Final Exam (All Quiz Study Guides)

What are some issues with functional systems?

Sales delays, excess inventory, lack of visibility, lack of communication, silo effect (workers complete their tasks in their area without thinking of the other areas consequences)

Triple Constraints

Scope Creep - adding features incrementally / most common scope Scope Leap - drastic change or increase in a project's scope Scope Grope - can't define the scope, not sure what the plan is

What are enterprise systems?

- aka an Enterprise Resource Planning (ERP) system. -Combines business processes from all (or most) areas of the company into ONE INTEGRATED SOFTWARE -System uses a COMMON CENTRAL DATABASE -Data is made available to ALL areas of the company -When data is entered by one process, it is immediately made available to other business processes (think! one school uses all @school.com things to long onto all of the computers/websites/etc and only those with the @school.com accounts can access it )

What are some brainstorm techniques? Why are they important?

- bug list - nominal groups - appreciative inquired (your ideal vision) - force field - decomposition

What are ER Diagrams?

-ER Diagram is an Entity-Relationship Diagram

What are entities? Attributes? Relationships?

-Entity: Objects or concepts that represent important data. Ex: customer, product, professor -Relationships: Used to document the interactions between two entities. Ex: an arrow with 1:N -Attributes: Characteristics of entities that help users better understand the data. Ex: last name, dob, gender

What are the roles of enterprise systems?

-Execute the process -Capture and store process data -Monitor performance (execute, capture, monitor)

Business Process example

1) Procurement - BUY skateboard parts 2) Production - MAKE skateboards 3) Fulfillment - SELL skateboards

What are some of the common business models discussed in class? Can you identify examples of them?

1. brick and mortar - building that has a business 2. bricks and clicks - amazon.com; order online and deliver. location of factory is irrelevant 3. bait and hook - offering a product or service at a VERY low price (bait, and then taking profit on reoccurring sales & refills (hook) (like a printer & ink) 4. freemium - product/service is free of charge, but you're charged for additional features (candy crush) 5. disintermediation - order from the factory with no middle man 6. two sided / multisided market - require network effects bc nobody gets benefits unless both groups are involved

What is a project? Can you identify examples?

A temporary endeavor undertaken to create a unique product, service, or result (i.e. uber -> uber eats)

What are the 3 components of digital business models?

1. content (product info, price, etc) 2. experience (customer experience) 3. platform (how its delivered)

What are the trends driving digital business models?

1. digitalization of business 2. digital natives 3. customers voice

What were the three themes in "Gartner's Top 10 Strategical Technology Trends of 2017"? What are some examples of these?

1. intelligence 2. digital 3. mesh

What are the phases of the software development lifecycle?

1. requirement gathering analysis 2. design 3. implementation or coding 4. testing 5. deployment 6. maintenance

What are the key components of the business model canvas?

1. value proposition - solving a problem or need for customers 2. customer segments - your customers do not exist to buy, you exist for them 3. channels - how does the product get to the customer? 4. customer relationships - how does a company get, keep, and grow customers? 5. revenue streams - how does the company make money from each customer segment? 6. key resources - what assets are required to make the business model work? 7. partners - key partners and suppliers to make the business model work 8. key activities - the most important things a company must do to make the business model work 9. costs - COGS

Examples of big data in practice?

1.) Credit card fraud detecting using real-time consumer purchase data 2.) Using GPS recorded traffic forecasting 3.) Netflix producing original media content based on view data (easy ex to remember)

Four Basic Elements of BPMN

1.) Event - represented by a circle 2.) Task - rounded rectangle 3.) Flow - arrow 4.) Gateway - diamond

How does a Gantt chart help with Project Scheduling? What are some of the things you must have to produce a Project Schedule / Gantt Chart?

A Gantt Chart is a visual to show the timeline of a project. It includes WBS, dates to assignments, milestone events, and deliverables (objects)

What is the primary key?

An attribute or combination of attributes that help identify one instance of an entity. Must be unique to that person or thing. ex: student id, unique email, serial number, phone number

Why BPMN?

BPMN is the most commonly used and is easiest to understand and read

What is BPMN? Examples?

Business Process Modeling Notation i.e. transactions and creating a bill

Basic overview of CRM systems? How can these help companies?

CRM- "customer relationship management" -Customer Sales Data -Broad Market/ Segment Data -Sales, marketing, and customer service processes -Social CRM -CRM + Social networking -Enable interaction with peers -Proactive customer service -Extreme personalization -Transparent** -Encourage advocacy *Helps to keep customers satisfied & engaged*

How do enterprise systems relate to business process innovation?

Cross functional enterprise systems eliminate the middle man thus eliminate the delays caused by ~normal~ functional systems

What's the difference between data mining and business intelligence?

Data mining helps find significant data from a massive set of data by finding unrecognized patterns. There is no value for the data until you convert that into valuable information.

What are some tips to ensure the best project management strategy?

Define ROI (return on investment), manage what's measured, and buy in's

How can the business model canvas be used during project management?

During the initiating phase to help draft big ideas in order to accomplish your project / goals

Why is leadership so important when solving wicked problems?

Finding and committing to a devoted team is harder without proper leadership. Roles of leaders are to enable diverse team members and share insights

Can you identify each of the stages of Tuckman's team development?

Forming - meeting the team, leaders are known Storming - disagreements Norming - getting your shit together, the "we" feeling Performing - getting shit done. working to achieve a common goal Adjourning - ending of a team / termination

What is Framing? How does this relate to wicked problems? To project management?

Framing is the idea that we can see things from different perspectives (i.e. Wicked, the Broadway show compared to The Wizard of Oz) Relates to problems and management because you can solve problems and manage better by putting yourself in other's shoes and evaluating with fresh eyes and new perspectives

What are the steps involved in project management? How does this relate to the SDLC?

Initiate, Plan, Execute, Control, Closing, Succeed

What are joins and when do you need them?

Join -Provide a mechanism to synchronize parallel flow and to create a parallel flow -diamond shape with a plus sign marker -you can go both ways or do both simultaneously

What are some of the things leaders can do to help their teams get to a "performing" phase?

Make sure everyone is on board and showing everyone in the group the "big picture"

What are the issues we discussed with Nike and Wii?

Nike suffered from a lack of cross communication by producing wrong shoes Wii suffered because when they ordered all the parts, they ended up waiting too long for parts and couldn't satisfy demand on Black Friday

How have customer-business relationships changed with technology?

Old way (think! 4 P's) : -Uni-directional marketing message -Products that satisfy/delight -Company generated product & content -Trust in experts -Majority fallacy -Four P's Price Product Place Promotion New way (think! 4 C's) : -Multi-directional conversation -"User generated content" -Trust in friends -Experiences that engage -User product co-creation -Niche markets -Four C's Customer Cost Convenience Communication

What are the pools and what are lanes?

Pools -Independent organizational entities E.g. customer, supplier Lanes -Resource classes in the same organizational space and sharing common systems -E.g. sales department, marketing department

Key business processes

Procurement Production Fulfillment

What is a functional organizational structure?

Purchasing Operations Warehouse Sales and Marketing Research and Development Finance and Accounting Human Resources Information Technology

What are the three main documents produced during the planning phase of project management?

Project Charter Work Breakdown Structure Project Schedule (Gantt Chart)

Can you list some common values of incorporating project management into an organization?

Reducing risks, cutting costs, improving success, clear milestones, etc.

What are business processes?

Sequence of tasks or activities that produce desired outcomes

What is a project charter? How involved are the details written here?

The first important document, not the details but contains everything you need to know about a project (who, what, where, when, why, how)

How does the silo effect relate to business processes?

There's a need for communication and collaboration between functions and people assume people ignore what's going on around them

How does big data relate to data mining and business intelligence?

Through big data businesses uses data mining and business intelligence to find significant information, and to make it make sense/make it helpful for a business Easier to make predictions, personalize ad feeds, etc

What are the two common SDLC methods we discussed? What are their differences?

Waterfall (linear method; one cannot begin until the last one ends) and Agile (flexible, no defined order)

What is the silo effect?

When workers complete their tasks in their functional silos without regard to the consequences for the other components of the process there is a need for communication and collaboration between functions

What is a wicked problem? What do we mean by "wicked"? Can you identify some requirements / some examples?

Wicked problems are problems with no clear solution. i.e. poverty, hunger, healthcare, global warming

What's the difference in XOR gateways and gateways?

XOR gateways: -are diamonds that can either have an X in it -Exclusive decision/merge -Indicates locations within a business process where the sequence flow can take one or more alternate paths -Only one path can be taken -DIAMONDS WITH A PLUS IN IT (aka joins) =you can do both things at the same time

Can you use crow's foot notation to correctly denote relationships?

Yes there are different arrows and symbols that describe relationships like one to many, many to one, one to one etc.

Can you create an ER with 2-3 entities?

Yes, you can have the customer, the company, etc' refer to our in class activity

What were the takeaways from "How Google Works"?

combining technology, business expertise, and creativity. it transfers power to the customers

How can big companies keep up with current trends?

by changing and adapting business strategies

What were the key pieces to a computer- how do they work together?

case - helps with heat motherboard - contains basic circuitry and components CPU - the brain of the computer, computes info to be displayed RAM - stores what you are working on temporarily hard drive - stores all your information permanently video card / GPU - processes video and graphics keyboard - inputs commands and letters mouse - controls your cursor screen - shows your output from the video card / GPU network component - connects the computer to a network of other computers and screens (can be done wirelessly or w a cable) operating system - supports the computers basic functions (scheduling, controlling, executing) applications / programs - executable software that runs on a computer, compiled of code

What are ways to optimize your digital business model canvas? (color, pictures, etc.)

color coordinate customer relations or costs, pictures for partners

What is the role of a consultant?

consultants can be external or internal;

BONUS- the "Packets, Routers and Reliability" video posted on Piazza and eLC

https://www.khanacademy.org/computing/computer-science/internet-intro/internet-works-intro/v/the-internet-packet-routers-and-reliability

What role does data play in the new age? How do information systems support business now compared to before?

information systems support organization, increase efficiency and streamline the process. now data helps create opportunities.

What is innovation? What is invention? Identify examples of each

innovation: something new in an organized setting (making a post-it note) invention: the creation of something (the glue on a post-it note)

What are IP addresses? How is information sent through the internet?

internet protocol addresses; information is sent through a wire, wrapped in a packed, and exchanged at each destination. but packets don't stack.

What is business intelligence?

it takes raw data of an organization and transforms it into useful information for the company. Businesses will know what is/isn't working, predicting the future, and improving the business.

What is MIS?

management information systems; "smart creatives"

What are the key takeaways from "The Problem with Legacy Ecosystems"?

new age is data driven

What is a lean start-up approach and how does it differ from the old design?

the approach of minimal investment in the invention based on customer feedback

What is data mining?

the process of finding anomalies, patterns and correlations within large data sets to predict outcomes. Using a broad range of techniques, you can use this information to increase revenues, cut costs, improve customer relationships, reduce risks and more. "big data"

What is big data? What are its characteristics?

what is big data= 3 V's! big data is ( what u think it is tbh) extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. 3 V's 1.)Volume: amount of data is greater than the firm's ability to process it, and it's growing 2.) Variety: messy bc there's just so many types and doesn't fit neatly into a database 3.) Velocity: data "arrives" rapidly and continuously

Where does big data come from?

where does big data come from= 3 I's: 1.) Instrumental: sensors that generate data for storage and analysis 2.) Interconnected: devices are connected and share data 3.) Intelligent: new computer models handle the data, turn it into intelligence that can be translated into business strategy