BEM 251 Exam #1
Disruptive technology: example of threatened newspapers
"fail fast" methodology switch from online to digital NEW YORK TIMES As of 2017... • Stock is up 60% in the last 6 months • Print subscribers have declined 18% year-over-year • Digital subscription revenue increased 40% year-over-year • 2.2 million (out of 3 million) are digital subscribers
Economic feasibility
- Development costs - Annual operating costs - Annual benefits (cost savings and revenues) - Intangible costs and benefits - return of investment - expect break-even
Characteristics of a successful project: performance
- When delivered, the project has all features and functionality that were originally required of it - feature, requirements, or scope - quality of the product and what it can do
Machine learning
- algorithms whose performance improve as they are exposed to more data over time - Machine learning is a discipline of computer science that uses computer algorithms and analytics to build predictive models that can solve business problems. - Machine learning powers a lot of AI solutions, but not all AI leverages machine learning - Machine learning is based on algorithms that can learn from data without relying on rules-based programming.
Project identificaton and initiation: 3 buckets businesses have to undertake
- business (need or issue) - a law madated by congress - you want to be the first in the market
Who identifies a project?
- business people - IT people - better yet: joint effort between business people and IT people me (business person) and prof. parent (IT person) talking about my final project (kwame nkrumah paper)
The workplan...
- is a dynamic schedule that records and keeps track of all tasks to be accomplished over the course of the project - like the general ledger but for tasks - Created after a project manager has a general idea of the project's size and rough schedule - The workplan is usually the main item in a project management software application
Feasibility analysis
- measurability of potential success - Guides the organization in determining whether to proceed with a project - Identifies the project's risks that must be addressed if the project is approved - capture all the risks that can potentially harm the project
Disruptive technology: reasons why young people tend to adopt technology earlier
- more exposed to it - less "set in our ways;" have a lot of life left
Information Technology (IT) (definition)
- the HARDWARE, SOFTWARE, and TELECOMMUNICATIONS EQUIPMENT a business uses to achieve objectives. HST - prof. parent kinda seems like an IT guy
With reference to the characteristics of a successful project: explain how to get project back on track
- tradeoff between cost, schedule, and performance. Can improve any of them, but potentially at te cost of the others - ways to improve a project: add more people, spend more money, people work overtime (cost) // extend date (schedule) // release a product of lower quality
Characteristics of a successful project
1. Cost 2. Schedule 3. Performance
Name each component in the five component framework
1. Hardware 2. software 3. data 4. procedures 5. people
NAME THE 6 STRATEGIC BUSINESS OBJECTIVES
1. Operational Excellence 2. New products, services, and business models 3. Customer and supplier intimacy 4. Improved decision making 5. Competitive advantage 6. Survival ONCICS
What are the necessary data characteristics
1. accurate 2. timely 3. relevant 4. just barely sufficient 5. worth its cost ATRJW - At The RJ Weynolds school (wake forest) wake forest: necessary data for getting a job
Why is MIS important (what 3 tasks can it help us accomplish?)
AEA: assess evaluate and apply. ay-eay-eay (like that one song) Future business professionals need to be able to: ASSESS the current state of business environments (like a doctor assessing symptoms) EVALUATE alternative approaches/solutions to unique problems (once a "diagnosis" is reached, suggest treatment) APPY emerging technologies to gain competitive advantages (give treatment) MIS can help us do all of this.
Elements of a system request: special issues
Anything else that should be considered - capture if ppl have clearance, (ex. the type of credit card for transaction)
Characteristics of a successful project: cost
At project completion, no more money has been spent than was originally allocated - stays within budget
Elements of a system request: business value
Benefits the organization can expect from the project
New Products, services, and business models
Business Model: describes how a company produces, delivers, and sells products or services. Example: The Apple Ecosystem Businesses can implement practices to encourage brand loyalty (more inclined to buy apple products when we already have an apple ID, other apple specific subscriptions, family sharing, etc)
Elements of a system request: business requirements
Business capabilities the system will need to have - what the *business* will *require* from project outcome (system capability) - different from technical requirement. It is about provide search abilities, some warranty info, what inv is left
Survival
Businesses may need to invest in information systems out of necessity, simply the cost of doing business. Two Possible Forces: Competitive & Compliance Industry Level Changes: • Citibank's introduction of the ATM (Competitive) • Federal and/or state government regulations requiring improved record-keeping systems (Ex. Sarbanes-Oxley Act)
How do businesses go about achieving the business objectives?
Businesses/ firms invest heavily in information systems to achieve the six strategic business objectives. Businesses, however, cannot be experts in ALL of the 6 objectives, they would be stretched too thin. It's good to be experts at one of two
Necessary data characteristics: accurate
CORRECT AND COMPLETE DATA. Managers must be able to rely on the results of their information systems. Be wary of source accuracy Example: Wikipedia - be skeptical We have to be skeptical about the accuracy of data because people record it and people are prone to error "agression test"
Information vs data
Data is a stream of raw facts (a single point in time). Information is data shaped into a meaningful, useful form (trends/relationships between data, what can actually inform decisions)
Technical feasibility
Familiarity with application - Less familiarity generates more risk - can we build it? if not we might be in trouble Familiarity with technology - Less familiarity generates more risk (again) - can we build it? if not we might be in trouble (again) Project size - Large projects have more risk Compatibility - the most difficult one to build. You have to think about if you need to integrate the project with the other system - Difficult integration increases the risk
Competitive vs compliance
Forces businesses to invest in new MIS, so they can survive Competitive: investing in new MIS to compete with other businesses. Example: CitiBank creates the ATM Compliance: new law/mandate passed that requires new MIS; business must comply to "survive" (Stay in business) Example: healthcare must be accessible online
IS equation
IS = IT + procedures + people
IT equation
IT = hardware + software + data
Describe the "digital firm"
In the digital firm any piece of information required to support key business decisions are available at anytime and anywhere in the firm. Core business processes are accomplished through digital networks. tradeoff between digital accessibility and security
Machine learning process
Input raw data >> Model processing (learning algorithm) >> Output (prediction)
LLMs
Large Language Models type of generative AI that uses deep learning techniques and massively large data sets to understand, summarize, GENERATE AND PREDICT new content.
Competitive advantage
Often results from achieving previous business objectives - Delivering better performance - Charging less for superior (or comparable) products - Responding to customers and suppliers in real time - Example Best Buy vs. Circuit City
Operational Excellence
Operational Excellence Information Systems and technology applications enable organizations to achieve GREATER EFFICIENCY AND PRODUCTIVITY in operations RESULTING IN HIGHER PROFITS.
Elements of a system request: project sponsor
Primary point of contact for the project
Cost schedule performance trade offs
Project management involves balancing trade-offs among the three key project parameters Project is behind schedule: - Cost: increase budget - Schedule: push deadline back - Performance: meet deadline, but sacrifice product quality
Intangible business value
Qualitative business value Results from an intuitive belief that the system provides important, but hard-to-measure, benefits to the organization Example: improved customer service Goodwill (cause lord knows that's hard to measure)
Elements of a system request: business need
Reason prompting the project - reason why the *business* *needs* to do the project **MUST BE IN PARAGRAPH FORMAT**
Scope creep
Scope creep happens when new requirements are added to the project after the original project scope was defined and "frozen." - original scope of project is expanded, more difficult - Provide an example of why scope creep might happen? - How can a project manager attempt to minimize scope creep?
Customer and supplier intimacy
Serving customers well leads to customers returning, which raises revenues and profits - Intimacy with suppliers allows them to provide vital inputs, which lowers costs. - when people feel familiar with/attached to a business, they are more likely to come back (like me and chick fil a) - customers that are familiar with a business can provide valuable feedback
Information Systems (IS) (definition)
Set of interrelated components that manage information to: - Support decision making, coordination, and control - Help with data analysis, visualization, and product creation.
Organizational feasibility
Stakeholders - Project champion(s) - Senior management - Users - Others Is the project strategically aligned with the business? If we build it, will they come? Are people feasibly gonna support/be interested in/benefit form this
supervised vs unsupervised machine learning
Supervised (predictive) learning methods: build a predictive model from examples of data with KNOWN outcomes ◦ Use model to predict unknown future examples ◦ Example: Spotify can't make a "recommend" playlist until it knows what kind of music I like Unsupervised (descriptive) learning methods: discover structures in data for which outcomes are NOT KNOWN.
Tangible business value
Tangible business value: quantitative business value - you can put some of the monetary value to it - Can be quantified and measured easily - Example: 2 percent reduction in operating costs
Major components of feasibility analysis
Technical feasibility Economic feasibility Organizational feasibility schedule feasibility TOES
With regards to the five component framework: which is harder to change between the computer side and the human side?
The human side (people and procedures). Humans are the hardest to change
Difference between deep learning and other machine learning
The major difference between deep learning vs other machine learning is the way data is presented to the machine. Machine learning algorithms usually require structured data, whereas deep learning networks work on multiple layers of artificial neural networks
Characteristics of a successful project: schedule
The project is delivered no later than the original delivery date - completed on time
Role of the project sponsor in project identification and initiation
The project sponsor believes in the system and wants to see it succeed - Normally this is a business person - Should have the authority to move it forward I am the project sponsor to my clothing company idea. I believe in it and have the capacity to see it happen
Operational excellence: example
WAL MART RETAIL LINK SYSTEM (go to walmart and buy a zelda game retail) Example: Wal-Mart's Retail Link system links suppliers directly to stores to create superior inventory replenishment system • Suppliers have complete access to inventory information and in turn are held accountable for key performance indicators (KPIs) • Vender Managed Inventory System • Wal-Mart is one of the most efficient retailers in the industry and exemplifies operational excellence.
Improved decision making
Without accurate information, managers must rely on basic forecasts, best guesses, luck.Results in: - Overproduction, underproduction of goods and services - Misallocation of resources, poor response times Poor outcomes raise costs, lose customers - Real-time data improves ability of managers to make more informed decisions.
Artificial intelligence
a program that can sense, reason, act, and adapt - navigation apps
What is a Management Information System?
a system or process that provides the information necessary to manage an organization in an efficient and effective manner.
Primary purposes of management info systems
aid in the process of decision making and solving complex business problems; i.e. business intelligence and analytics Enable organizations to achieve their goals and objectives. Facilitate in both strategic and operational activities. Quizlet is the Management information system that I (the organization) am using to achieve my goal/objective of doing well on this test tomorrow "what we use to get things done"
Disruptive technology (definition)
an emerging technology that enables innovative companies to create new business models that alter their industry.
Necessary data characteristics: worth its cost
appropriate relationship between cost of information and its value.
Necessary data characteristics: relevant
both to the context and to the subject
Projects are driven by: _____________________
business needs
Which component of the five component framework is the "bridge?"
data
Metadata
data about data. Input mask about how we're gonna frame/present data
Necessary data characteristics: just barely sufficient
for the purpose which it is generated. Avoid information overload. - Provide the necessary info - but only the necessary info and nothing more ~ I got everything I need and nothin' that I don't ~
Which of the components in the five component framework are "actors?" (operational)
hardware and people (the components on either end)
Which components of the five component framework are on the computer side?
hardware and software
schedule feasibility
if the project can be finished on time
Which components of the five component framework are on the human side?
procedures and people
Necessary data characteristics: timely
produced in time for its intended use. • Canvas Grades
Elements of a system request
project sponsor business need business requirements business value special issues **system request should be about a page PS // BN // BR // BV // SI P.S: bane bear brave ssri (LOL)
Business processes (definition)
set of logically related tasks and behaviors that organizations develop overtime to produce specific business results and the unique way these activities are organized and coordinated. How businesses keep customers; find and fix inefficiencies
Which components of the five component framework are "instructions" (instructional)?
software and procedures. the 2nd and 4th. the instructional components advise/instruct the operational components (hardware and people).
Deep learning
subset of machine learning in which multilayered neural networks learn from vast amounts of data Deep learning is a subset of machine learning that deals with algorithms inspired by the structure and function of the human brain.
Generative AI
type of artificial intelligence technology that can produce various types of content, including text, imagery, audio and synthetic data. Definitionally, it doesn't necessarily use deep learning. But practically, most of the generative AI that we're excited about use deep learning models. Remember the theme of prediction when thinking about Generative AI...
