BMGT 301 EXAM 1 UMD, BMGT301 Exam 2, BMGT301 Final Exam
Drivers of Cloud Computing
1. Hedge against uncertainty 2. Data Deluge: Law of Mass Digital Storage 3. Market Leaders and the ecosystem: Google, Microsoft, Amazon, IBM, and many others 4. The Economy: Dollars and Sense; core competencies 5. The Feds: Initially led by Vivek Kundra and Howard Schmidt
Text mining
Extracts key elements from large unstructured data sets (ie. stored emails)
VLOOKUP
Looks for a value in the leftmost column of a table, and then returns a value in the same row from a column you specify. By default, the table must be sorted in an ascending order.
Strategic Positioning
Performing different tasks than rivals or the same tasks in a different way.
Operational Effectiveness
Performing the same tasks better than rivals perform them.
Omnichannel
Providing customers with a unified experience across customer channels, which may include online, mobile, catalog, phone, and retail
Cloud Computing Models
Service Models Deployment Models
User-defined functions
Special type of Visual Basic procedure, which returns a resultUse to create custom functions to perform calculations in your macros or to use directly in your workbook
Technology Standards affect on IT infrastructure
Specifications that establish the compatibility of products and the ability to communicate in a network
Database Management System (DBMS)
creates, maintains, and manipulates databases
If you double click inside one cell in the pivot table, it is called
drilling down
Primary Key
field in table used to uniquely identify a table
data mining
finds hidden patterns, relationships in large databases and infers rules to predict future behavior; discovery-driven
data aggregators
firms that collect and resell data
4 advantages to Hadoop
flexibility, scalability, cost effectiveness, fault tolerance
Big Data
general term used to describe the massive amount of data available to today's managers
legacy systems
outdated information systems that were not designed to share data, aren't compatible with newer technologies, and aren't aligned with the firm's current business needs
Feedback:
output used to make changes to input or processing activities
When source data changes...
pivot table does *not* refresh automatically
Horizontal Differentiation
position yourself in "product space" away from your competitors; used to appeal to distinct group of customers
Primary Key vs. Foreign Key
primary - a field in table used to uniquely identify a table (underlined) foreign - primary key used in second table as look-up field to identify records from the original table
Self Regulation
process whereby an organization is asked, or volunteers, to monitor its own adherence to legal, ethical, or safety standards, rather than have an outside, independent agency monitor and enforce those standards
Output:
production of useful information, usually in form of documents and reports
earned media
promotions that are not paid for or owned but rather grow organically from customer efforts or other favorable publicity
Attribute
property or characteristic of an entity or relationship type
canned reports
provide regular summaries of information in a predetermined format
ad hoc reporting tools
put users in control so that they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters
System Variable
quantity or item controlled by the decision maker
paid media
refers to efforts where an organization pays to leverage a channel or promote a message
inbound marketing
refers to leveraging online channels to draw consumers to the firm with compelling content rather than conventional forms of promotion
Data:
streams of raw facts.
online analytic processing (OLAP)
takes data from standard relational databases, calculates and summaries the data, and then stores the data in a special database called a *data* *cube*
Resources:
tangible and intangible assets of a firm
annual inventory ratio
the ratio of a company's annual sales to its inventory
Analytics
the use of math and statistics to derive meanings from data in order to help us make better and informed decisions
Predictive Analytics
use past data to model future outcomes
Entry-relationship diagram (ERD)
used by database designers to document the data model; illustrates relationships between entities
Grid computing
Connects geographically remote computers into a single network to combine processing power and create virtual supercomputer Provides cost savings, speed, agility
Proper
Converts a text string to proper case; the first letter in each word in uppercase, and all other letters to lowercase.
COUNTIF/COUNTIFS
Counts the number of cells within a range that meet the given condition.
=COUNTIF(range, criteria)
Counts the number of cells within a range that meet the given criteria, only one condition
CRUD
Create, Retrieve/Read, Update, Delete
Staying Power
The long-term viability of a product or service
The Five Forces Model
(1) the intensity of rivalry among existing competitors, (2) the threat of new entrants, (3) the threat of substitute goods or services, (4) the bargaining power of buyers, and (5) the bargaining power of suppliers
Components of IT Infrastructure
- Computer hardware - Computer software - Data management technology - Organizes, manages, and processes business data concerned with inventory, customers, and vendors - Networking and telecommunications technology
The Sharing Economy
- Technology allows product and service providers to connect with consumers. - Offers far greater reach and efficiency than traditional markets. - Generation of 'citizen suppliers.' - Product owners become renters. - New class of micro-entrepreneurs providing personal services.
VLOOKUP function
- VLOOKUP is an Excel function to lookup and retrieve data from a specific column in table (v is for vertical)- VLOOKUP supports approximate and exact matching=VLOOKUP (value, table, col_index, [range_lookup])
How to measure competitive advantage
---Accounting profits ---Stock Price
Zara and its use of information technology
---Pure Play: companies that rely solely on the Internet to distribute products and services. ---Builds its brand ---Contract manufacturing: Involves outsourcing production to third-party firms ---Use PDA to: Gather customer input, and Chat up with customers to gain feedback on what they'd like to see more of ---Give incentives for success ---Point-of-sale (POS) system: A transaction process that captures customer purchase information, showing how garments rank by sales ---Vertical Integration: When a single firm owns several layers in its value chain ---Value chain: The set of interdependent activities that bring a product or service to market Reused security tags
Relative vs absolute addressing
---Relative Addressing is when you copy a formula across/down and it increments the letters in the formula. ---Absolute Addressing is when you lock in the cell in a formula so that when you copy across or down the particular cell does not change.
Describe how the Internet has changed competitive forces and competitive advantage.
---The Internet has nearly destroyed some industries and severely threatened others. The Internet has also created entirely new markets and formed the basis of thousands of new businesses. ---The Internet has enabled new products and services, new business models, and new industries to rapidly develop. ---Because of the Internet, competitive rivalry has become much more intense. Internet technology is based on universal standards that any company can use, making it easy for rivals to compete on price alone and for new competitors to enter the market. ---Because information is available to everyone, the Internet raises the bargaining power of customers, who can quickly find the lowest-cost provider on the Web.
Knowledge management systems
---enable organizations to better manage processes for capturing and applying knowledge and expertise. These systems collect all relevant knowledge and experience in the firm, and make it available wherever and whenever it is needed to improve business processes and management decisions. They also link the firm to external sources of knowledge.
Activities in Value Chain
---inbound logistics - obtain raw materials ---Operations - transformation of inputs to finished goods ---Outbound logistics - storing products and delivering them ---Marketing/sales - establishing a customer need ---Service activities - after-sale service and maintenance
Middle managers
---need more specific information on the results of specific functional areas and departments of the firm, such as sales contacts by the sales force, production statistics for specific factories or product lines, employment levels and costs, and sales revenues for each month or even each day. ---Knowledge workers, such as engineers, scientists, or architects, design products or services and create new knowledge for the firm. They may need access to external scientific databases or internal databases with organizational knowledge.
Operational managers
---need transaction-level information, such as the number of parts in inventory each day or the number of hours logged on Tuesday by each employee. ---Production or service workers actually produce the product and deliver the service. Production workers need access to information from production machines. Service workers need access to customer records so they can take orders and answer questions from customers.
Relational database
The most common standard for expressing databases, whereby tables are related based on common keys
Collaborative Consumption Examples
-eBay, CraigsList -Zilok, RentTheRunway, Chegg -Etsy, CustomMade -oDesk, eLance, Crowdspring -Angie's List, TaskRabbit -Drizly -Uber, Lyft, ZipCar -LiquidSpace, ShareDesk -HomeAway -LendingClub, KickStarter, GoFundMe
Strategies for competing in markets with network effects
-move early -subsidize product adoption -leverage viral promotion -expand by redefining the market to bring in new categories of users or through convergence -alliances & partnerships -distribution channels
Data Manipulation Language (DML)
-used to add, change, delete, and retrieve data from database -will help you CRUD your data: (create, retrieve/read, update, delete)
Components of a DBMS
1. Database Engine 2. Data Definition 3. Data Manipulation 4. Application Generation 5. Data Administration
Technology can play a key role in creating and reinforcing assets for sustainable advantage.
1. Imitation-Resistant Value Chains, Brand, Scale, Switching Costs and Data, Differentiation, Network Effects, Distribution Channels, Patents.
Fast Follower Exists when:
1. Savvy rivals watch a pioneer's efforts 2. Learn from their successes and missteps 3. Then enter the market quickly with a comparable or superior product at a lower cost 4. Before the first mover can dominate.
How is a PivotTable made?
1. Select the cells you want to create a PivotTable from. 2. Select Insert > PivotTable. 3. Under Choose the data that you want to analyze, select Select a table or range. 4. In Table/Range, verify the cell range. 5. Under Choose where you want the PivotTable report to be placed, select New worksheet to place the PivotTable in a new worksheet or Existing worksheet and then select the location you want the PivotTable to appear. Then select Ok.
For data mining to work, two critical conditions need to be present:
1. the organization must have clean, consistent data 2. the events in that data should reflect current and future trends
Collaborative Filtering Software
A classification of software that monitors trends among customers and uses this data to personalize an individual's customer's experience.
What is conditional formatting?
A conditional format changes the appearance of cells on the basis of conditions that you specify. If the conditions are true, the cell range is formatted; if the conditions are false, the cell range is not formatted. There are many built-in conditions, and you can also create your own (including by using a formula that evaluates to True or False). Accessible under home tab on the toolbar.
sock puppets
A fake online persona created to promote a particular point of view, often in praise of a firm, product, or individual
What is a PivotChart?
A graphical representation of the data in a PivotTable. Pivot charts and pivot tables are connected with each other. Can be a number of different types such as bar, pie, line, etc.
dashboards
A heads-up display of critical indicators that allow managers to get a graphical glance at key performance metrics
Structured Query Language (SQL)
A language used to create and manipulate databases; nonprocedural and declarative language
Cloud Computing
A model of computing in which firms and individuals obtain computing resources over the Internet - Cloud infrastructure as a service - Cloud software as a service - The fastest growing (Estimated revenue of close $ 500 billion by 2021)
What you see is what you get (WYSIWYG)
A phrase used to describe graphical editing tools, such as those found in a wiki, page layout program, or other design tool
data warehouse
A set of databases designed to support decision making in an organization; consolidates and standardizes information for use across enterprise, but data cannot be altered
Computer-based information system (CBIS)
A single set of hardware, software, databases, telecommunications, people, and procedures that are configured to collect, manipulate, store, and process data into information
Database
A single table or a collection of related tables of data
data cube
A special database used to store data in OLAP reporting
expert systems
AI systems that leverage rules or examples to perform a task in a way that mimics applied human expertise
Sum
Adds all the numbers in a range of cells.
SUMIF/SUMIFS
Adds the cells specified by a given condition or criteria.
Advantages and Disadvantages of Cloud Computing
Advantages: - Cost efficiency: - High speed - Excellent accessibility - Back-up and restore data - Manageability - Sporadic batch processing - Strategic edge Disadvantages:
neural networks
An AI system that examines data and hunts down and exposes patterns, in order to build models to exploit findings
blue ocean strategy
An approach where firms seek to create and compete in uncontested "blue ocean" market spaces, rather than competing in spaces and ways that have attracted many, similar rivals
neutral point of view (NPOV)
An editorial style that is free of bias and opinion. Wikipedia norms dictate that all articles must be written in this way
embassy
An established online presence where customers can reach and interact with the firm; when this approach is used effectively, a firm will have a consistent name in all its social media properties
Declining Communication costs affect on IT infrastructure
An estimated 4.2 billion people worldwide have Internet access (as of June of 2018). As communication costs fall toward a very small number, utilization of communication and computing facilities explodes
What two contexual tabs appear when you create a pivot table?
Analyze and Design
Apartment/House Renting and Ride Sharing/ Car Sharing
Apartment/house sharing platforms, such as Airbnb, VRBO, and Couchsurfing, connect homeowners with people who need a place to stay when they're traveling. •offer some of the benefits of car ownership, without having to rely on public transit. •Examples Uber, Lyft, BlaBlaCar, Car2Go, ZipCar.
Data Dictionary
Automated or manual file storing definitions of data elements and their characteristic
Evolving mobile platform
Based on new handheld hardware like cell phones and tablet computers. - Nanotechnology: Creating computer chips and other devices thousands of times smaller through manipulating individual atoms, molecules
over-engineer
Build a model with so many variables that the solution arrived at might only work on the subset of data you've used to create it
COUNTIF function
COUNTIF is a function to count cells that meet a single criteria=COUNTIF (range, criteria)
PMT
Calculates the payment for a loan based on constant payments and a constant interest rate.
IF
Checks whether a condition is met, and returns one value if TRUE, and another value if FALSE.
AND
Checks whether all arguments are TRUE, and returns TRUE if all arguments are TRUE.
OR
Checks whether any of the arguments are TRUE, and returns TRUE or FALSE. Returns FALSE only if all arguments are FALSE.
DELTA model
D- data that is unique, accessible, and available to you E- enterprise-wide focus where data and analytics are available to the whole firm L- leaders at all levels that promote data analytics culture T- targets dealing with identifying business areas that benefit from this approach A- analysts to execute the strategy
Capabilities of DBMS
DDL Data Dictionary DML
What do Companies Need to do to Succeed?
DELTA model Data Enterprise-Wide focus Leaders Targets Analysts
DDL
Data Definition Language ◦ Specifies structure of database content, used to create tables and define characteristics of fields
DML
Data Manipulation Language ◦ Used to add, change, delete, retrieve data from database - Structured Query Language (SQL) - Microsoft Access uses tools for generation SQL
DBMS
Database Management System - sometimes referred to as database software, software for creating, maintaining, and manipulating data. - Interfaces between applications and physical data files - Separates logical and physical views of data - Solves problems of traditional file environment - Controls redundancy - Eliminates inconsistency - Uncouples programs and data - Enables organization to centrally manage data and data security
Computer Crimes
Denial-of-service attacks (DoS) • Flooding server with thousands of false requests to crash the network Distributed denial-of-service attacks (DDoS) • Use of numerous computers to launch a DoS Identity theft • Theft of personal information (social security id, driver's license, or credit card numbers) to impersonate someone else Phishing • Setting up fake Web sites or sending e-mail messages that look like legitimate businesses to ask users for confidential personal data
Categories of Analytics
Descriptive - they tell you summarize events of the past and tell what happened but not why it happened and what might change i.e., dashboards Predictive - more useful; they use past data to model future outcomes; example predicting how customers will respond to a promotion event or advertising campaign Prescriptive - chooses techniques such as optimization to help employees and managers do a better job i.e., solver
Benefit of Autonomic Computing
Development of systems that can configure themselves, heal themselves; e.g., self-updating antivirus software
astroturfing
Engineering the posting of positive comments and reviews of a firm's product and services (or negative ones of a firm's competitors)
STDEV
Estimates standard deviation based on a sample (ignores logical values and text in the sample).
Var
Estimates variance based on a sample
Sustainable Competitive Advantage
Financial performance that consistently outperforms industry averages
AVERAGEIF/AVERAGEIFS
Finds average(arithmetic mean) for the cells specified by a given condition or criteria.
Disruptive Technologies
First, they come to market with a set of performance attributes that existing customers don't value. Second, over time the performance attributes improve to the point where they invade established markets
What is Goal Seek?
Goal Seek is Excel's built-in What-If Analysis tool that shows how one value in a formula impacts another. More precisely, it determines what value you should enter in an input cell to get the desired result in a formula cell. Goal Seek is accessible via What-If Analysis which is found in the forecast group under the data tab Goal Seek will provide a dialogue box with 3 options for inputs: 1. Set cell - the reference to the cell containing the formula 2. To value - the formula result you are trying to achieve 3. By changing cell - the reference for the input cell that you want to adjust
Benefit of Green Computing
Green computing is about reducing the environmental footprint of computers or of ICT in general reduced environmental impact (less GHG emissions, less e-waste, fewer virgin resources needed for manufacturing new devices) lower energy costs longer lasting computing devices reduced health risk for computer workers and recyclers
Scale
Growth in size
Problems with IT Systems
Hardware problems - Breakdowns, configuration errors, damage from improper use or crime, loss of devices Software problems - Programming errors, installation errors, unauthorized changes Disasters - Power failures, flood, fires, and so on Use of networks and computers outside of firm's control - E.g., with domestic or offshore outsourcing vendors
Operational excellence
Improvement of efficiency to attain higher profitability
Video Notes
Individual 1. Advertising 2. Asset ownership 3. Credit-based Collaborative 1. Community 2. Shared access 3. Reputation -based Corporation-> Platforms How big is this phenomenon? - Sociological changes will affect economic numbers Why now? 1. Comfort with technology (used to the idea that someone on the other side of the internet has something we want) 2. Trust infrastructure (digital and upon we can layer a bunch of platforms) 3. Consumerization Reengineering of Consumption - We now have power network devices in our pockets and platforms we can access Concerns 1. Regulatory 2. Data Darwinism Split society into people with good reputations and lots of good reputations (more transparent than splitting based on credit score)
Executive Support Systems (ESS)
Information Inputs: Aggregate data; external, internal Information Outputs: Projections; responses to queries Users: Senior managers
Decision Support Systems (DSS)
Information Inputs: Optimized for data analysis, analytic models and data analysis tools. Information Outputs: Interactive; simulations; analysis Users: Professionals, staff managers
Management Information Systems (MIS)
Information Inputs: Summary transaction data; high-volume data; simple models Information Outputs: Summary and exception reports Users: Middle managers
griefers
Internet vandal and mischief maker; also sometimes referred to as a troll
Value
It is all well and good having access to big data but unless we can turn it into value it is useless
Database Administrator (DBA)
Job title focused on directing, performing, or overseeing activities associated with a database or set of databases
CONCATENATE
Joins several text strings into one text string.
machine learning
Leverages massive amounts of data so that computers can act and improve on their own without additional programming
Malicious Software
Malware Virus - Harmful software program that attaches itself to other software programs or data files in order to be executed Worm - Independent computer programs that copy themselves from one computer to other computers over a network Spyware - Small programs install themselves on computers to monitor user Web surfing activity and serve up advertising Key loggers - Record every keystroke on computer to steal serial numbers, passwords, launch Internet attacks
Current trends in computer hardware platforms
Mobile digital platform Grid Computing Virtualization Cloud Computing Autonomic Computing
Technology drivers of IT infrastructure
Moore's Law and Micropressing power Law of Mass Digital Storage (LMDS) Metcalfe's Law and network economics Declining communication costs and the Internet Standards and network effects
Moore's Law
Moore's perception that the number of transistors on a microchip doubles every two years, though the cost of computers is halved. Computing power doubles every 18 months Nanotechnology: - Shrinks size of transistors to size comparable to size of a virus
Will the drill down table ever refresh?
NO
Improved decision making
Need accurate Information
What are Netflix sources of competitive advantage? What are the benefits of these advantages?
Netflix's main sources of competitive advantage are their use of user data, a massive scale which allows Netflix to have more capital, and its user tendencies allow for niche content to be distributed well. These advantages allow Netflix to hold onto the top spot in online streaming.
Cardinality of Relationships
One-to-One ◦ Each instance in the relationship will have exactly one related instance One-to-Many ◦ An instance on one side of the relationship can have many related instances, but an instance on the other side will have a maximum of one related instance Many-to-Many ◦ Instances on both sides of the relationship can have many related instances on the other side
Current Trends in Software Platforms
Open Source Software Cloud Computing
Operational effectiveness vs Strategic Positioning
Operational effectiveness: performing the same tasks better than rivals perform them, the danger is "sameness." When offerings are roughly the same, they are more commodity that differentiated. Strategic positioning: performing different tasks than rivals, or the same tasks in a different way.
Collaborative Consumption
Participants share access to products and services, rather than having ownership
Bandwidth caps:
Places a ceiling on a customer's total monthly consumption
Foreign Key
Primary key used in second table as look-up field to identify records from original table
Deployment Models of Cloud Computing
Private Cloud - The cloud infrastructure is operated solely for an organization. It may be managed by the organization or a third party and may exist on premise or off premise. Public Cloud - The cloud infrastructure is made available to the general public or a large industry group and is owned by an organization selling cloud services. Hybrid Cloud - The cloud infrastructure is a composition of two or more clouds (private, community, or public) that remain unique entities but are bound together by standardized or proprietary technology Community/VerticalCloud - cloud infrastructure is shared by several organizations and supports a specific community that has shared concerns - may be managed by the organizations or a third party and may exist on premise or off premise
platforms
Products and services that allow for the development and integration of software products and other complementary goods
Application Programming Interface (API)
Programming hooks, or guidelines, published by firms that tell other programs how to get a service to perform a task such as send or receive data. For example, Amazon.com provides these to let developers write their own applications and Web sites that can send the firm orders
Max
Provides maximum of data set
Min
Provides minimum of data set
IT infrastructure
Provides platform for supporting all information systems in the business
Security Policy
Ranks information risks, identifies acceptable security goals, and identifies mechanisms for achieving these goals One in three Fortune 500 companies lacks a written information security policy (WISP) Drives other policies • Acceptable use policy (AUP) - Defines acceptable uses of firm's information resources and computing equipment • Authorization policies - Determines differing levels of user access to information assets
Paid Media
Refers to efforts where an organization pays to leverage a channel or promote a message. Paid media efforts include things such as advertisement and sponsorships.
Trim
Removes all spaces from a text string except for single spaces between words.
Average
Returns the average (arithmetic mean) of its arguments, which can be numbers or names, arrays, or references that contain numbers.
Large
Returns the k-th largest value in a data set. For example, the fifth largest number.
=LARGE(array,k)
Returns the largest value in a range, based on the "k" argument, example: =LARGE(L:L,3)
SUMPRODUCT
Returns the sum of the products of corresponding ranges or arrays.
Competitive Forces Model
Rivalry among existing competitors Power of Buyers Power of Suppliers Threat of Substitutes Potential New Entrants
Internal Threats
Security threats often originate inside an organization. • Inside knowledge • Sloppy security procedures - User lack of knowledge - Shoulder Surfers • Social engineering: - Tricking employees into revealing their passwords by pretending to be legitimate members of the company in need of information
Social Networks
Sites used to connect people with other similar people.
Service Models of Cloud Computing
Software as a Service (SaaS): - third party service provider, go in, use, go out, can't change anything Provider as a Service (PaaS): - provider makes systems, and languages for you to use and make your own applications, restricted to software provider brings to you etc, similar to bed and breakfast Infrastructure as a Service (IaaS): - provider gives access to platform and you bring software, language, etc, similar renting empty apartment
Open Source Software
Software that is free and where anyone can look at and potentially modify the code. Poses a direct challenge to the assets and advantages cultivated by market leaders
data mart
Summarized or highly focused portion of firm's data for use by specific population of users; usually focused on addressing the concerns of a specific problem or business unit; subset of a data warehouse
How is data represented in a relational DBMS?
Table: grid of columns and rows ◦ Rows (tuples): Records for different entities ◦ Fields (columns): Represents attribute for entity ◦ Primary key: Field in table used to uniquely identify a table ◦ Foreign key: Primary key used in second table as look-up field to identify records from original table
AND function
The Excel AND function is a logical function used to require more than one condition at the same time- AND returns either TRUE or FALSE.- To test if a number in A1 is greater than zero and less than 10, use =AND(A1>0,A1<10)- The AND function can be used as the logical test inside the IF function to avoid extra nested IFs, and can be combined with the OR function=AND (logical1, [logical2], ...)
AVERAGEIF function
The Excel AVERAGEIF function computes the average of the numbers in a range that meet the supplied criteria=AVERAGEIF(range, citeria, [average_range])
AVERAGEIFS function
The Excel AVERAGEIFS function calculates the average of numbers in a range that meet one or more supplied criteria.=AVERAGEIFS (avg_rng, range1, criteria1, [range2], [criteria2], ...)
CONCATENATE function
The Excel CONCATENATE function concatenates (joins) join up to 30 text items (cells with text) together and returns the result as text.
COUNTIFS function
The Excel COUNTIFS function returns the count of cells that meet one or more criteria=COUNTIFS (range1, criteria1, [range2], [criteria2], ...)
PMT function
The Excel PMT function is a financial function that returns the periodic payment for a loan=PMT (rate, nper, pv, [fv], [type])
TEXT function
The Excel TEXT function returns a number in a specified number format, as text. You can use the TEXT function to embed formatted numbers inside text.=TEXT(B6,"yyyymm")
IF function
The IF function can perform a logical test and return one value for a TRUE result, and another for a FALSE result- For example, to "pass" scores above 70: =IF(A1>70,"Pass","Fail")- More than one condition can be tested by nesting IF functions- The IF function can be combined with logical functions like AND and OR=IF (logical_test, [value_if_true], [value_if_false])
OR function
The OR function is a logical function to test multiple conditions at the same time- OR returns either TRUE or FALSE- OR function can be used as the logical test inside the IF function to avoid extra nested IFs, and can be combined with the AND function=OR (logical1, [logical2], ...)
SUMIF function
The SUMIF function is a worksheet function that adds all numbers in a range of cells based on one criteria (for example, is equal to 2000)=SUMIF(range, criteria, [sum_range])
SUMIFS function
The SUMIFS function, one of the math and trig functions, adds all of its arguments that meet multiple criteria=SUMIF(sum_range, criteria_range1, criteria1, criteria_range2, criteria2,...)
SUMPRODUCT function
The SUMPRODUCT function multiplies ranges or arrays together and returns the sum of products (this was used to calculate total revenue in project 2)=SUMPRODUCT (array1, [array2], ...)
roll back
The ability to revert a wiki page to a prior version
Law of Mass Digital Storage
The amount of data being stored each year doubles. The world produces as much as 5 exabytes (10 raised to power 18)of unique information per year
e-discovery
The process of identifying and retrieving relevant electronic information to support litigation efforts
online reputation management
The process of tracking and responding to online mentions of a product, organization, or individual
SMART
The social media awareness and response team. A group tasked with creating policies and providing support, training, guidance, and development expertise for and monitoring of a firm's social media efforts
Software Development Kit (SDK)
Tools that allow the creation of products or add-ons for a specific operating system or other computing platforms
Conditional formatting
Tools to quickly highlight important information in a spreadsheet.
Resource-based Theory of sustainable advantage:
Valuable Rare Difficult to imitate For which there are no substitutes.
Network Economics affect on IT infrastructure
Value or power of a network grows upward as a function of the number of network members As network members increase, more people want to use it (demand for network access increases)
Dimensions of Big Data
Volume Variety Velocity Leading to ..... Complexity
What-If Analysis
What-If Analysis tool that allows you to explore different scenarios without changing the values in your spreadsheet. This function is particularly useful for economics and management majors as well as business owners because you can see how different values affect models, formulas, and projected profits.
Straddling
When a firm attempts to match the benefits of a success position while maintaining its existing position.
The Osborne Effect
When a firm preannounces a forthcoming product or service and experiences a sharp and detrimental drop in sales of current offerings as users wait for the new item
What is an Excel Table?
You can use the Table command to convert a list of data into a formatted Excel Table. Tables have many features, such as sorting and filtering, that will help you organize and view your data. You can format a list of data via the Format as Table option under the home tab. An Excel Table makes an excellent source for a pivot table, so you should use this feature if you plan to create a Pivot Table from the data.
Table (File)
a list of data
a microblogging service that allows users to post 280 character messages (tweets) via the Web, SMS, or a variety of third-party desktop and smartphone applications default setting allows for asymmetrical following, unlike facebook
Entity
a person, place, object, event or concept for which data has to be collected
adaptor
a product that allows a firm to tap into the complementary products, data, or user base of another product/service
Capabilities:
a subset of resources that enable a irm totake full advantage of other resources
Business Intelligence (BI)
a term combining aspects of reporting, data exploration, and ad hoc queries and sophisticated modeling/analysis
Input:
activity of gathering and capturing raw data
=SUMIFS(sum_range, criteria_range 1, criteria 1, criteria_range 2, criteria 2, ...)
adds all numbers in a range of cells based on multiple criteria both criteria have to be satisifed
=SUMIF(range, criteria, [sum_range])
adds all numbers in a range of cells based on one criteria
=AND
all must be true to return back TRUE
Information Security
all of the processes and policies designed to protect an organization's information and information systems (IS) from unauthorized access, use, disclosure, disruption, modification, or destruction.
Charts
allow you to illustrate your workbook data graphically
Social Network
an online community that allows users to establish a personal profile and communicate with others include facebook, linkedin, and google's orkut
Threat (to an information resource)
any danger to which a system may be exposed
Data Dictionary (DD)
automated or manual file storing definitions of data elements and their characteristics
Processing:
converting or transforming data into useful outputs
=LOWER(text)
converts a block of text to all lower-case characters
same-side exchange benefits
benefits derived by interaction among members of a single class of participant
Data Hierarchy
bit, byte, field, record, file, database
Vertical Differentiation
build a better product; products difer in quality
=PROPER
converts a text string to proper case; the first letter in each word to uppercase, and all other letters to lowercase
Information:
data shaped into meaningful, useful form.
one-sided market
derives most of its value from a single class of users (ie. instant messaging)
=IFS(logical test 1, value if true1, logical test 2, value if true2, ...)
checks whether one or more conditions are met and returns a value corresponding to the first TRUE condition
Prescriptive Analytics
chooses techniques such as optimization to help employees and managers do a better job; tells you exactly what to do to achieve an objective; ex: Excel Solver
=CONCATENATE(text1,[text2])
combines blocks of text
owned media
communication channels that an organization controls
Social Media
content that is created, shared, and commented on by a broader community of users
Business model:
describes how company produces, delivers, and sells product or service to create wealth
3 categories of analytics
descriptive, predictive, and prescriptive
Problems with Traditional File Environment
data redundancy, data inconsistency, poor security, lack of data sharing and availability
Built-in Functions in Excel
excel provides many built-in functions that you do not have to implement and that you can use as part of your own computations/ algorithmsex) SUM, AVERAGE etcfunctions are organized into categories (text, logical, math, etc.) and are accessible via the toolbar
=SUMPRODUCT
excel will multiply each pair together and then will sum them ONLY RULE: all the arrays inside have to be the same size
3 sources of network effects
exchange, staying power, and complementary benefits
Price discrimination
exists when sales of identical goods or services are transacted at diferent prices from the same provider.
The Value Chain Analysis Model
highlights the primary or support activities that add a margin of value to a firm's products or services where information systems can best be applied to achieve a competitive advantage
=OR
if at least one criteria is met, will return TRUE
=IF
if logical expression is true, will return 2nd argument. if logical expression is false, will return 3rd argument
Viral
information or applications that spread rapidly between users
Enterprise systems
integrate the key business processes of an organization into a single central data repository.
Strategy
is a set of decisions made to achieve competitive advantage
Hadoop
open-source project created to analyze massive amounts of raw information better than traditional, highly structured databases
genetic algorthims
model building techniques where computers examine many potential solutions to a problem, iteratively modifying various mathematical models, and comparing the mutated models to search for a best alternative
Senior managers
need summary information that quickly informs them about the overall performance of the firm, such as gross sales revenues, sales by product group and region, and overall profitability.
two-sided market
network market comprised of two distinct categories of participant, both of which that are needed to deliver value for the network to work
Fresh Direct
oWorker shifts are HIGHLY EFFICIENT oHIGHER INVENTORY TURNS oArtificial intelligence software, ->verifying orders with 99.9 PERCENT ACCURACY. oSince it lacks the money-sucking open-air refrigerators of the competition, the firm even SAVES BIG ON ENERGY (instead, staff bundle up for shifts in climate-controlled cold rooms tailored to the specific needs of dairy, deli, and produce). oThe firm also uses RECYCLED BIODIESEL FUEL to cut down on delivery costs. oFreshDirect buys directly from suppliers, ELIMINATING MIDDLEMEN wherever possible. oOffering to carry a greater selection of supplier products whileELIMINATING THE "SLOTTING FEES" (payments by suppliers for prime shelf space) common in traditional retail oPAYING PARTNERS IN DAYS rather than weeks oSHARING DATA to help improve supplier sales and operations
Customer Relationship Management (CRM)
often used to empower employees to track and record data at nearly every point of customer contact
social networks
online communities that allow users to establish a personal profile and communicate with others
=TRIM(text)
removes all spaces from a text string except for single spaces between words
data inconsistency
same attribute has different values
Goal Seek
set cell - which cell you want to achieve goal in to value - goal value by changing cell - variable absolute reference the two cells
=NPER(rate,pmt,-pv)
solve for number of periods
=RATE(nper,pmt,-pv)
solve for periodic interest rate
=PV(rate,nper,pmt)
solve for present value
Transaction
some kind of business exchange
Descriptive Analytics
summarize events and tells what happened but not why it happened and what might change
backward compatibility
the ability to take advantage of complementary products developed for a prior generation of technology
Security
the degree of protection against criminal activity, danger, damage, and/or loss.
Business analytics
the extensive use of data, statistical, and quantitative analysis, explanatory, and predictive models, and fact-based management to drive decisions/actions
Information technology:
the hardware and software a business uses to achieve objectives.
Exposure
the harm, loss, or damage that can result if a threat compromises an information resource.
Wisdom of The Crowd
the idea that a group of individuals, often consisting of untrained amateurs, will collectively have more insight than a single or small group of trained professionals
Veracity
the messiness or trustworthiness of the data
Feed
the most powerful feature of most social networks
Distribution Channels
the path through which products or services get to customers, can be critical to a firm's success
social proof
the positive influence created when someone finds out that others are doing something
Vulnerability (of an information resource)
the possibility that the system will be harmed by a threat.
Search Engine Optimization (SEO)
the process of improving a page's organic page rankings (rank in search results)
Data Analytics
the process of using data and analytical systems to arrive at optimal decisions, including statistical analyses of data
Complexity
this means that different standards, rules, and even storage formats can exist with each asset type
System parameter
value or quantity that cannot be controlled
Mashup
website that takes different content from a number of other websites and mixes them together to create a new kind of content
cross-side exchange benefit
when an increase in the number of users on one side of the market, creates a rise on the other side
congestion effects
when increasing numbers of users lower the value of a product/service
envelopment
when one market attempts to conquer a new market by making it a subset of its primary product offering
collaborative consumption
when participants share access to products/services rather than having ownership
convergence
when two or more markets, once considered distinctly separate, begin to offer similar features and capabilites
Peer Production
when users collaboratively work to create content, products, and services
peer production
when users collaboratively work to create content, products, and services; includes social media sites, open source software, and peer-produced services
prediction market
where a diverse crowd is polled and opinions aggregated to form a forecast of an eventual outcome
=LEFT
will go to the left of the cell, count however many digits you specify, and return this value
Netflix and its use of information technology
—Collaborative Filtering: A classification of software that monitors trends among customers and uses this data to personalize an individual's customer's experience. Netflix uses Cinematch. —Long Tail: Refers to an extremely large selection of content or products. This is a phenomenon where firms can make money by offering near limitless selection. —Crowdsourcing: This is the act of taking a job traditionally performed by a designated agent (usually an employee) and outsourcing it to an undefined generally large group of people in the form of an open call. Netflix released their data to see who could improve their software —Atoms to bits: Physical goods to digital goods —Large data asset —Building competitive advantage through Brand and Scale
Peer-to-Peer Lending
•A lending platforms allow individuals to lend and borrow money without going through a traditional bank. Based on the borrower's credit history, the interest rate is typically set by the platform, which acts as the intermediary between the two parties. However, the individual who lends the money bears the risk. •Most common type of peer-to-peer loan is an unsecured personal loan, offered on such platforms as Lending Club and Prosper
Crowdfunding
•Connects people who need money with those willing to provide it. On platforms such as Kickstarter and Indiegogo •However, unlike peer-to-peer lending, the recipients aren't always expected to repay the funds.
Competitive advantage
•Delivering better performance •Charging less for superior products •Responding to customers and suppliers in real time
How information systems are transforming business
•Emerging mobile digital platform •Growing business use of "big data" •Growth in cloud computing
Large Firm Involvement in Collaborative Consumption
•Google: Substantial investor in UberLink ($750 Million) •Conde Nast: Invested in Rent the Runway •Walgreens: Task Rabbit partnership (TaskRabbit is an online and mobile marketplace that allows users to outsource small jobs and tasks to others in their neighborhood) •IBM: Delivery deal with Deliv (same day delivery for retail customers) •Avis: Acquired ZipCar
AirBnB
•Multi-billion dollar hospitality industry empire. •Over 11 million guests have stayed with Airbnb during its first five years with listings in 34,000 cities and 192 countries. •Listings include: -Castles -Yurts -Caves -Water towers -Private islands -Igloos -Glass houses Tree houses
The Rise of Collaborative Consumption
•Prolonged worldwide economic recession and stagnant wages boost consumer interest in low-cost alternatives and encourage people to offer services for hire. •Technology allows for peer-to-peer supply without need for inventory. •Word of mouth through social media accelerates the growth of the sharing economy. •Some concerns include trust and safety issues, insurance, taxes and regulatory fees.
Information system:
•Support decision making and control. •Help with analysis, visualization, and product creation.
AirBnB Challenges
•Trust is essential for the sharing economy to work. -Negative incidents involving theft and unwanted visitors have attracted plenty of unwanted press. -The firm offers a $1 million guarantee for hosts, secure payment guarantees, and 24/7 support phone service. •Airbnb monitors transactions and communication at a deep level: -Reservations -Host/Guess communication -Subsequent reviewers -Technology hunts for scams •Competition looms, including HomeAway.
CoWorking
•lets you share the cost of office rent, utilities, storage, mail, and office supplies with other professionals. It's particularly useful for freelancers, sole proprietors, and very small businesses that don't have huge inventories requiring lots of storage space.
Stages of IT infrastructure
◦ General-purpose mainframe and minicomputer era: 1959 to present - 1958: IBM first mainframes introduced - 1965: less expensive DEC minicomputers introduced ◦ Personal computer era: 1981 to present - 1981: Introduction of IBM PC - Proliferation in 80s, 90s resulted in growth of personal software ◦ Client/server era: 1983 to present - Desktop clients networked to servers, with processing work split between clients and servers ◦ Enterprise computing era: 1992 to present - Move toward integrating disparate networks, applications using Internet standards and enterprise applications ◦ Cloud and mobile computing: 2000 to present - Cloud computing: computing power and software applications supplied over the Internet or other network - Fastest growing form of computing
Data Mining
◦ More discovery driven ◦ Finds hidden patterns, relationships in large databases and infers rules to predict future behavior E.g., Finding patterns in customer data for one-to-one marketing campaigns or to identify profitable customers
Relational DBMS
◦ Represent data as two-dimensional tables called relations or files ◦ Each table contains data on entity and attributes
Data Warehouses
◦ Stores current and historical data from many core operational transaction systems ◦ Consolidates and standardizes information for use across enterprise, but data cannot be altered ◦ Data warehouse system will provide query, analysis, and reporting tools
Data Marts
◦ Subset of data warehouse ◦ Summarized or highly focused portion of firm's data for use by specific population of users ◦ Typically focuses on single subject or line of business
Five Factors Contributing to Vulnerability
◦ Today's interconnected, interdependent, wirelessly networked business environment (IoTs, RFID) ◦ Smaller, faster, cheaper computers & storage devices ◦ Decreasing skills necessary to be a computer hacker ◦ International organized crime taking over cybercrime (Dark Web) ◦ Lack of management support
Entity Relationship Diagrams
◦ Used by database designers to document the data model ◦ Illustrates relationships between entities Entities: ◦ An entity is a person, place, object, event or concept for which data has to be collected ◦ Entity instance-person, place, object, event, concept (often corresponds to a row in a table) Relationships: ◦ Relationship instance-link between entities (corresponds to primary key-foreign key equivalencies in related tables) ◦ Relationship type-category of relationship...link between entity types
Tactical Moves in Pursuing a Strategy
◦Internal innovation - generate new knowledge ◦Internal growth - economies of scale ◦Mergers & acquisitions ◦Strategic alliances - partnerships with other companies