Kitchens - ISOM 210 - Readings

The Three Generic Strategies

Chooses Business Focus

A feature of a product or service that customers have come to expect and entering competitors must also offer is a(n) ______.

Entry Barrier

Human Resources

Maintains policies, plans, and procedures for the effective management of employees.

The person responsible for ensuring the speed, accuracy, availability, and reliability of the MIS is the Chief _______ Officer.

Technology

What is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?

Threat of New Entrants

Inbound Logistics

Acquires raw materials and resources and distributes to manufacturing as required.

Business analytics use ____________ to derive meaning form data by finding patterns to make future predictions.

Algorithms

Business analytics use ____________ to derive meaning form data by finding patterns to make future predictions. Multiple choice question.

Algorithms

What are mathematical formulas placed in software that performs an analysis on a data set?

Algorithms

A(n) SWOT _________ evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

Analysis

What is the science of fact-based decision making?

Analytics

What is the process of identifying rare or unexpected items or events in a data set that do not conform to other items in the data set?

Anomaly Detection

Select the three generic business strategies Porter identified for entering a new market.

Broad Differentiation. Focused Strategy. Broad Cost Leadership.

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

Business

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

Business Intelligence

_______ power is the ability of buyers to affect the price they must pay for an item.

Buyer

Who is responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives? (Please use the acronym)

CIO

What is a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors?

Competitive Advantage

What is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed?

Competitive Intelligence

In business, supplier power is the ability suppliers have to ______.

Control the prices they charge customers

SWOT - Strengths

Core competencies, market leaders, cost advantages. Helpful, internal.

Broad strategies reach a large market segment, while focused strategies target a niche or unique market with either ________ leadership or differentiation.

Cost

Which is used by Amazon to create product differentiation?

Customer Profiling

Which of the following are dynamic reports? (Select two) Last year salary report Daily stock market price report Last year sales report Available inventory report

Daily stock market price report and available inventory report

A big part of business intelligence is an area called predictive analytics, which extracts information from ________ and uses it to predict future trends and identify behavioral patterns.

Data

The Internet of Things (IoT) is a world where interconnected, Internet-enabled devices or "things" can collect and share __________ without human intervention.

Data

What are the raw facts that describe the characteristics of an event or object?

Data

Who 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?

Data Scientist

Finance

Deals with strategic financial issues including money, banking, credit, investments, and assets.

Which two terms can be used interchangeably with business unit?

Department and Functional Area

What type of analytics is best described with a report that includes charts and graphs explaining the data?

Descriptive Analytics

What uses techniques that describe past performance and history?

Descriptive Analytics

Chief Automation Officer

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

The key term machine to machine (M2M) refers to devices that connect directly to other __________.

Devices

Product __________ occurs when a company develops unique differences in its products or services with the intent to influence demand.

Differentiation

What changes automatically during creation?

Dynamic Report

A report is a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information. What are the two common types of reports?

Dynamic Reports and Static Reports

The Five Forces Model

Evaluates Industry Attractiveness

SWOT Analysis

Evaluates Project Position

Value Chain Analysis

Executes Business Strategy

SWOT - Opportunities

Expanded product line, increase in demand, new markets. Helpful, external.

What is the confirmation or validation of an event or object?

Fact

What is information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions?

Feedback

What occurs when a company can significantly increase its market share by being first with a new competitive advantage?

First-mover Advantage.

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

Goods

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

Goods

What function does feedback serve within a system?

Helps Maintain Stability

If buyer power is ______, customers can force a company and its competitors to compete on price, which typically drives prices down.

High

Rivalry among existing competitors is _________ when competition is fierce in a market and low when competitors are more complacent.

High

Buyer Power

High because customers have many airlines to choose from.

Threat of New Entrants

High because new airlines are continuously entering the market.

Threat of Substitute Products or Services

High because of alternatives, such as videoconferencing and virtual meetings.

Rivalry Among Existing Competitors

High because of the existence of websites such as Travelocity.com that force competition based solely on price.

Supplier Power

High because there are limited plane and engine manufacturers to choose from.

Select three ways that companies duplicate competitive advantages.

Hire Key Employees. Aquire New Technology. Copy Business Operations.

What is data that humans, in interaction with computers, generate?

Human-generated Structured Data

Select 3 goals or objectives that a leadership plan might include to achieve a solid business strategy.

Increasing Sales. Decreasing Costs. Attracting New Customers.

Porter's Five Forces Model analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in a(n) _________.

Industry

Select four pressures that Michael Porter identified as potential challenges to the profitability of a company.

Influential suppliers can drive down profits by charging higher prices for supplies. Competition can steal customers. Substitute products can steal customers. New market entrants can steal potential investment capital.

In the _________ age infinite quantities of facts are widely available to anyone who can use a computer.

Information

Management ________ systems 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.

Information

What is data converted into a meaningful and useful context?

Information

What age are we currently living in when infinite quantities of facts are widely available to anyone who can use a computer?

Information Age

The person responsible for collecting, maintaining, and distributing company knowledge is the Chief __________ Officer. Multiple choice question.

Knowledge

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

Knowledge

________ workers are individuals valued for their ability to interpret and analyze information.

Knowledge

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

Knowledge

Knowledge facilitators help harness the wealth of knowledge in the organization. Knowledge facilitators help acquire and catalog the __________ in an organization.

Knowledge Assets

What are the human, structural, and recorded resources available to the organization?

Knowledge Assets

What are the two names for the assets that reside within the minds of members, customers, and colleagues and include physical structures and recorded media?

Knowledge Assets and Intellectual Capital

Who are individuals valued for their ability to interpret and analyze information?

Knowledge Workers

SWOT - Weaknesses

Lack of strategic direction, obsolete technologies, outdated product line. Harmful, internal.

Which of the following are classified as static report types? Daily stock market price report Last year's salary report Last year's sales report Available inventory report

Last year's salary report. Last year's sales report.

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

MIS Skills Gap

What refers to devices that connect directly to other devices?

Machine to Machine (M2M)

What is created by a machine without human intervention?

Machine-generated Data

What is the primary purpose of data democratization?

Make data accessible to all users.

Chief Intellectual Property Officer

Manage and defend intellectual property, copyrights, and patents.

Operations Management

Manages the process of converting or transforming resources into goods or services.

Stakeholders/Investors

Maximize profits, grow market share, high return on investment.

An outlier is a data value that is numerically distant from ________ of the other data points in a set of data?

Most

Which company is using a broad market and high cost strategy?

Neiman Marcus

SWOT - Threats

New entrants, substitute products, shrinking markets. Harmful, external.

Select three primary value activities.

Outbound Logistics. Marketing and Sales. Inbound Logistics.

What is a data value that is numerically distant from most of the other data points in a set of data?

Outlier

Which company is using a narrow market and low cost strategy?

Payless Shoes

Sales

Performs the function of selling goods or services.

What type of analytics would take past purchasing data as inputs into a model and then recommend the best pricing strategy for maximizing revenue?

Prescriptive Analysis

The person responsible for ensuring the ethical and legal use of information within a company is the Chief ______ Officer.

Privacy

A business _________ is a standardized set of activities that accomplish a specific task, such as processing a customer's order.

Process

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

Production

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

Productivity

Accounting

Records, measures, and reports monetary transactions.

Select the three departments found in a typical company.

Sales, Accounting, Human Resources

What are two sources of unstructured data?

Satellite Images and Social Media Data

A data __________ 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.

Scientist

The person responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses is the Chief _________ Officer.

Security

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

Services

Select the three things a supplier can do to influence an industry if it has high supplier power.

Shifting costs to industry participants. Charging higher prices. Limiting quality or services.

Select the factors used to assess buyer power.

Size of orders. Number of customers. Sensitivity to price.

What is a view of data at a particular moment in time?

Snapshot

Companies can reduce buyer power with loyalty programs, which reward customers based on their _______.

Spendings

Structured data has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address. Which two sources typically store structured data?

Spreadsheet and Relational Database

Who is a person or group that has an interest or concern in an organization?

Stakeholder

Government

Stakeholder. Adhere to regulations/laws, increase employment.

Customers

Stakeholder. Exceptional service, high-quality products, ethical dealings.

Employees

Stakeholder. Fair compensation, job security, ethical conduct.

Partners/Supplier

Stakeholder. Reliable contracts, ethical materials handling.

What has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address?

Structured Data

Business intelligence (BI) is information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making. Select the multiple sources.

Suppliers, customers, competitors, partners, and industries

A ______ chain consists of all parties involved, directly or indirectly, in obtaining raw materials or a product.

Supply

Marketing

Supports sales by planning, pricing, and promoting goods or services.

________ costs are costs that make customers reluctant to switch to another product or service.

Switching

A (n) _________ is a collection of parts that link to achieve a common purpose. Systems are the primary enabler of cross-functional operations.

System

What 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?

Systems Thinking

Select two competitive advantage decisions a company can make after completing a value chain analysis.

Target high value-adding activities to further enhance their value. Target low value-adding activities to increase their value.

Competitive advantages are typically ___________.

Temporary

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

The Internet of Things (IoT)

Select the group of items that can be determined using information. The best-selling product by month compared to sports season and city team wins and losses The full list of products on shelves that are about to expire. The best-selling product, best customer, and worst-selling product

The best-selling product, best customer, and worst-selling product

What characteristic is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose?

Threat of substitute products or services.

Which company is using a narrow market and high cost strategy?

Tiffany & Co.

A variable is a data characteristic that stands for a value that changes or varies over __________.

Time

Operations

Transforms raw materials or inputs into goods and services.

True or false: Analytics is the science of fact-based decision making.

True

True or false: Big data is a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools.

True

True or false: The difference between the CIO and CDO is that the CIO is responsible for the information systems through which data is stored and processed, while the CDO is responsible for the data, regardless of the information system.

True

Select all the factors used to appraise supplier power in an industry.

Uniqueness of supplier services. Number of suppliers. Availability of substitute products.

What views a firm as a series of business processes that each add value to the product or service?

Value Chain Analysis

A(n) ________ is a data characteristic that stands for a value that changes or varies over time.

Variable

Which big data term describes different forms of structured and unstructured data?

Variety

Which big data term describes the analysis of streaming data as it travels around the Internet?

Velocity

Select the two substitutes you could choose instead of taking an airplane to attend a meeting in another country.

Virtual meetings. Videoconferencing.

Select two examples of services. Manufacturing automobiles Waiting tables Groceries Cutting hair

Waiting tables and Cutting hair

Which company is using a broad market and low cost strategy?

Walmart

Select the question that can be answered using only raw data. What is the date, amount sold, and customer number for a sale transaction? Which of the perishable items used by a restaurant should be ordered first? What is the lowest sales per week compared with the economic interest rates?

What is the date, amount sold, and customer number for a sale transaction?

Which question can be answered using business intelligence? Is a salesperson on staff underperforming because of his wife's health problems? What was the date of a customer's order and the amount of the order? What was the lowest sales per week compared with the economic interest rate?

What was the lowest sales per week compared with the economic interest rate?

Which question can be answered using business intelligence? What was the date of a customer's order and the amount of the order? Is a salesperson on staff underperforming because of his wife's health problems? What was the lowest sales per week compared with the economic interest rate?

What was the lowest sales per week compared with the economic interest rate?

Chief User Experience Officer

Will create the optimal relationship between user and technology.