BCIS 1405 Chapter 1 Lecture Exam Terms

Technology Development

Applies MIS to process and add value

Primary Value Activities

Acquire raw materials and manufacture, deliver, market, sell, and provide after-sales service

Inbound Logisitics

Acquires raw materials and resources and distributes to manufacturing as required

Outbound Logisitics

Distributes goods and services to customers

Operations Management

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

Goods

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

Efficiency MIS Metric

Measures the performance of MIS itself

Chief Security Officer CSO

Responsible for ensuring the security of business systems and developing strategies and safeguards against attack by hackers and viruses

Chief Technology Officer CTO

Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS

Marketing

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

Systems Thinking

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

Variable

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

Competitive Advantage

A feature of a product or service on which customers place a greater value than they do on similar offerings from compettitors

Business Strategy

A leadership plan that achieves a specific set of goals or objectives

Business Process

A standardized set of activities that accomplish a specific task, such as processing a customers order

Porter's Three Generic Strategies

Cost Leadership, Differentiation, Focused Strategy

Information

Data converted int a meaningful and useful context

Finance

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

Support Value Activities

Include firm infrastructure, human resource management, technology development, and procurement

Firm Infrastructure

Includes the company format or departmental structures, environment and systems

Knowledge workers

Individuals valued for their ability to interpret and analyze information

IT

Information Technology - internal MIS department

Business Intelligence

Information collected from multiple sources that analyze patterns, trends, and relationships for strategic decision making. (Sources: suppliers, customers, competitors, partners,and industries)

Feedback

Information that returns to its original transmitter and modifies the transmitter's actions

Human Resources

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

MIS

Management Information Systems - a business function which moves information about people products, and processes across the company to facilitate decision making and problem solving

Effectiveness MIS Metrics

Measure the impact MIS has on business process and activities, including customer satisfaction and customer conversion rates

Metrics

Measurements that evaluate results to determine whether a project is meeting its goals

First-Mover Advantage

Occurs when a company can significantly increase its market share by being the first with a new competitive advantage

Sales

Performs the function of selling goods or services

Decision Making Process

Problem Identification, Data Collection, Solution Generation, Solution Test, Solution Selection, Solution Implementation

Marketing and Sales

Promotes, prices and sells, products to customers

Service

Provides customer support after the sale of goods and services

Human Resource Management

Provides employee training, hiring, and compensation

Procurement

Purchases inputs such as raw materials, resources, equipment and supplies

Data

Raw facts that describe the characteristics of an event or object.

Accounting

Records, measures, and reports monetary transactions

Chief Information Officer CIO

Responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives

Chief Knowledge Officer CKO

Responsible for collecting, maintaining, and distributing company knowledge

Chief Privacy Officer CPO

Responsible for ensuring the ethical and legal use of information within a company

Services

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

Fact

The confirmation or validation of an event or object.

Critical Success Factors CSF

The crucial steps companies perform to achieve their goals and objectives and implement their strategies

Competitive Intelligence

The process of gathering information about the competitive environment, including competitors' plans, activities, and products to improve a companies ability to succeed

Production

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

Key Performance Indicators KPI

The quantifiable metrics a company uses to evaluate progress toward critical success factors

Kowledge

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

Porter's Five Forces

Threat of Substitute Products or Services, Buyer Power, Threat of New Entrants, Supplier Power, Rivalry among Existing Competitors

Operations

Transforms raw materials or inputs into goods and services

Value Chain Analysis

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

Information Age

When infinite quantities of facts are widely available to anyone who can use a computer.