Foundations of Information Systems CH1

Broad functions of a CIO include:

1. Manager - ensure the delivery of all MIS projects on time and within budget 2. Leader - ensure the strategic vision of MIS is in line with the strategic vision of the organization 3. Communicator - advocate and communicate the MIS strategy by building and maintaining strong executive relationships

Analytics driven companies have the following characteristics:

1.Use management information systems to perform rigorous analysis to a wide range of business functions from marketing to human resources 2. Senior executive teams recognize the importance of analytics and make their development and maintenance a primary focus 3. View fact based decision making as a best practice and part of the company culture 4. Key organizational players have analytical skills 5. Use metrics as a key to monitoring and managing key business processes 6. Collect copious amounts of data from customers and suppliers

The ENIAC (Electronic Numerical Integrator and Computer) was built in _____ was one of the first _____ weighed 30 tons and powered by thousands of vacuum tubes, capacitors, relays, and electrical equipment

1954, digital computers,

structured data accounts for about _______ of the data that surrounds us

20%

unstructured data accounts for about _____ of the data that surrounds us

80%

1 gigabyte

= 1 billion bytes

1 megabyte

= 1 million bytes

1 byte

= 8 bits

1 terabyte

= trillion bytes

Executive levels you might see created over the next decade include:

Chief automation officer (CAO), Chief Intellectual property officer, chief sustainability officer,chief user experience officer

Structured data

Data that has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address.

Three broad categories of analytics include:

Descriptive analytics, Predictive analytics, and Prescriptive analytics

To perform the MIS function effectively, almost all companies, particularly large and medium sized, have an internal ___ often called ______ ,

MIS dept, information technology (IT), information systems (IS), or management information systems (MIS)

Sources of structured data include

Machine-generated data and Human-generated data

Big data

a collection of large, complex datasets, which can't be analyzed using traditional database methods and tools

a byte is big enough to store

a letter, number, space, or symbol

stakeholder

a person or group that has an interest or concern in an organizatin

Internet of Things (IoT)

a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention

All departments need to understand the

accounting and finance departments' information for budgeting

CTOs are similar to CIOs, except that CIOs take on the additional responsibility for effectiveness of ensuring that MIS is

aligned with the organization's strategic initiatives

The goal of data democratization is to

allow all employees the ability to collect and analyze data without requiring outside help

Knowledge assets

also called intellectual capital, are the human, structural, and recorded resources available to the organization

Information gives meaning and context to

analyzed data, making it insightful for humans

Knowledge workers

are individuals valued for their ability to interpret and analyze information

Goods

are material items or products that customers will buy to satisfy a want or need

Services

are tasks performed by people that customers will buy to satisfy a want or need

Information silos exists because management doesn't believe there is enough

benefit from sharing information across business units and because information might not be useful to personnel in other business units

dyamic report

changes automatically during creation.

The CIO often reports directly to the

chief executive officer (CEO)

Marketing needs to analyze production and sales data to

come up with product promotions and advertising strategies

Arming employees with the best facts and evidence for making decisions, big and small is a huge

competitive advantage

Today data is your

competitve advantage

The difference between data and information is that

computers or machines need data and humans need information

Chief User Experience Officer (CUEO)

creates the optimal relationship between user and technology.

The core drivers of the information age include:

data, information, business intelligence, knowledge

Production needs to understand sales forecast to

determine the company's manufacturing needs.

Chief automation officer

determines if a person or business process can be replaced by a robot or software

Machine to Machine (M2M)

devices that connect directly to other devices

Data scientist

extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information

One of the biggest obstacles to data-driven decision making is not technology or even human skills but

gaining access to the data in the first place

Knowledge facilitators

help harness the wealth of knowledge in the organization

Human-generated unstructured data

includes text messages, social media data, and emails

Knowledge

includes the skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources

The difference between the CIO and CDP is the the CIO is responsible for the _______ through which data is stored and processed, whereas the CDO is responsible for the ____

information systems, data

Management information systems (MIS)

is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving

System

is a collection of parts that link to achieve a common purpose

variable

is a data characteristic that stands for a value that changes or varies over time

report

is a document containgin data organized in a table, matrix, or graphical format allowing users to esily comprehend and understand information

business strategy

is a leadership plan that achieves a specific set of goals or objectives such as increasing sales, decreasing costs, entering new makrets, or developing new products or services

Business unit

is a segment of a company (such as accounting, production, marketing etc) representing a specific business function

Snapshot

is a view of data at a particular moment in time

system thinking

is a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part

Machine generated data

is created by a machine without human intervention.

static report

is created once based on data that doesn't change

Information

is data converted into meaningful and useful context

Human-generated data

is data that humans, in interaction with computers, generate

Business intelligence (BI)

is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making

Feedback

is information that returns to its original transmitter(input, transform, output) and modifies the transmitters actions

Unstructured data

is not defined and doesn't follow a specified format and is typically free-form text such as emails, twitte tweets, and text messages

chief information officer (CIO)

is responsible for (1) overseeing all uses of MIS (2) ensuring the strategic alignment of MIS with business goals and objectives

chief knowledge officer (CKO)

is responsible for collecting, maintaining, and distributing the organization's knowledge

Chief data officer (CDO)

is responsible for determining the types of information the enterprise will capture, retain, analyze, and share

Chief privacy officer (CPO)

is responsible for ensuring the ethical and legal use of information within an organization

Chief security officer (CSO)

is responsible for ensuring the security of MIS systems and developing strategies and MIS safeguards against attacks from hackers and viruses

Chief Technology Officer (CTO)

is responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's MIS

Data democratization

is the ability for data to be collected, analyzed, and accessible to all users

production

is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services

productivity

is the rate at which goods and services are produced based upon total output given total inputs

Analytics

is the science of fact-based decision making

Business analytics

is the scientific process of transforming data into insight for making better decisions

bit (binary digit)

is the smallest unit of storage on a computer

Many CPOs are _______ by training, enabling them to understand the often complex legal issues surounding the use of information

lawyers

Sources of unstructured data include:

machine-generated unstructured data and human-generated unstructured data

Feedback helps the system

maintain stability

Data allows you to

make evidence based decisions to help you run your operations along with analyzing past data to make future predictions

Chief intellectual property officer

manages and defends intellectual property, copyrights, and patents

Knowledge assets reside within the

minds of members, customers, and colleagues, and include physical structures and recorded media

CPOs are the ____ senior executive position in MIS

newest

Data is a raw building block that has

not been shaped, processed, or analzyed and frequently appears disorganized and unfriendly

Information silo

occurs when one business unit is unable to freely communicate with other business units, making it difficult or impossible for organizations to work cross functionally

Chief sustainability officer

oversees the corporation's "environmental" programs, such as helping adapt to climate change and reductin carbon emissions

Companies can now analyze _________ for data patterns, trends, and anomalies, gaining insights into data in new and exciting ways

petabytes

The CKO designs _______ that make it easy for people to reuse knowledge

programs and sysems

Data

raw facts that describe the characteristics of an event or object

Machine-generated unstructured data

satellite images, scientific atmosphere data, and radar data

Changing variables allows managers to create

scenarious to study future possibilities

The move to big data combines business with

science, research, and government activities and includes petabyes of data

Big data includes both

structured and unstructured data

Ensuring the input, process, and output of goods and services work across all of the departments of a company is where

systems add tremendous value to overall business productivity

Management Information systems (MIS) incorporates _______ to help companies operate cross-functionally

systems thinking

fact

the confirmation or validation of an event or object

MIS skills gap

the difference between existing MIS workplace knowledge and the knowledge required to fulfill the business goals and strategies

information age

the present time, during which infinite quantities of facts are widely available to anyone who can use a computer

_____ ensures all particpants are heading in the right direction and completing their goals and objectives

top manager/leader

Structured data is typically stored in a

traditional system such as a relational database or spreadsheet

Sales needs to rely on informatin from operations to

understand inventory, place orders, and forecast consumer demands

Prescriptive analytics

uses techniques that create models indicating the best decision to make or course of action to take

Descriptive analytics

uses techniques that describe past performance and history

Predictive analytics

uses techniques that extract information from data to predict future trends and identify behavioral patterns

Four common characteristics of big data:

volume, velocity, variety, and veracity