CIS 3380 exam #1
information
Data converted into a meaningful and useful context
Big Data: the 5th "V"
-Volume -transactions -Velocity -processes -Variety -(un)structured -Veracity -authenticity -**Value -hypothetical, statistical
knowledge
Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources
database
stores info for a single application *warehouse stores info from multiple databases/applications & external info such as industry info
association analysis
market analysis is used to discover which products tend to be purchased together
Effectiveness MIS metrics
measure the impact MIS has on business processes and activities, including customer satisfaction, conversion rates, and sell-through increases
The World is Flat
•Thomas Friedman •technology is leveling global competition making the world "flat" -whatever can be done will be done, the question is will it be done by you or to you? -communication, distributed tools of innovation
foreign key
A primary key of one table that appears as an attribute in another table and acts to provide a logical relationship between the two tables
BPI vs BPR
BPI: Low risk / low cost Incremental change Bottom-up approach Takes less time Quantifiable results All employees trained in BPI CONTINUOUS BPR: High risk / high cost Radical redesign Top-down approach Time consuming Impacts can be overwhelming High failure rate not taken lightly!
BPM
Business Process Management: integrates all of an organization's business process to make individual processes more efficient (monitor/adjust)
BPR
Business Process Reengineering: Analysis and redesign of workflow within and between enterprises (total rethink)
BPI
Business process improvement: creating new, re-designed processes to improve teh workflows, and/or utilizing new technologies enabling new process structures. ** has the most potential** (continuous)
applications of BI
CRM - target marketing, churn analysis, fraud detection, credit scoring Finance - pricing of corporate bonds, risk assessment Ecommerce & internet - from clicks to customers, shopping cart abandonment Education - at-risk students/student traits (EMC/RGV), MH Connect Statistics
CSF's vs. KPI's
CSF: *what should be done in order to be successful *specify requirements for the success *qualitative *standalone *use business insights KPI: *are we successful? *indicate what we are doing *quantitative *depend on benchmarks *generate insights
internal sources
Corporate databases, company documents
attribute
(field, column) data elements associated with an entity
use KPI library to:
*discover key performance indicators based on industry and interests *ask advice & read expert articles on how to measure business performance *benchmark your business performance against industry peers
Monitoring Process Performance
- IS evaluates information to determine how well a process is being executed - Evaluations occur at two levels *Process level (delays, KPIs) *Instance level (metrics about EACH one) -Monitoring identifies problems for process improvement
Difficulties in Managing Data
-Data QUALITY -Data increases exponentially with time -Multiple sources of data -Data rot, or data degradation -Data security, quality, and integrity -Government Regulation
3 generic strategies
1. broad cost leadership -low cost 2. broad differentiation -high cost 3. focused strategy
prevention & resistance tech. tools
1. content filtering 2. encryption 3. firewalls
Thomas Friedman's 10 flatteners
1. fall of berlin wall 2. netscape goes public 3. development of workflow software 4. uploading 5. outsourcing 6. offshoring 7. supply chaining 8. insourcing 9. informing 10. computing - IM & file sharing, voice over internet protocol
4 categories of BI benefits
1. quantifiable - time savings, faster info 2. indirectly quantifiable - improved systems = sales increases 3. unpredictable - discoveries & the OMG factor 4. intangible - improved communications, knowledge sharing, employee empowerment
entity
A person, place, thing, transaction, or event about which information is stored -rows in a table contain entities (record data)
data quality
A comprehensive approach to ensuring the accuracy, validity, and timeliness of data. -business decisions are only as good as the quality of the info used to make the decisions
Nonrepudiation
A contractual stipulation to ensure that ebusiness participants do not deny their online actions (Blockchain)
primary key
A field (or group of fields) that uniquely identifies a given entity in a table
data warehouse
A logical collection of information - gathered from many different operational databases - that supports business analysis activities and decision-making tasks
integration
Allows separate systems to communicate directly with each other, eliminating the need for manual entry into multiple systems
Phishing
An attack that sends an email or displays a Web announcement that falsely claims to be from a legitimate enterprise in an attempt to trick the user into surrendering private information
Pharming
An online scam that attacks the browser's address bar. Users type in what they think is a valid website address and are unknowingly redirected to an illegitimate site that steals their personal information.
virtualization
Creation of a virtual version of computing resources, such as an operating system, a server, a storage device, or network resource
Porter's 5 Forces
Evaluating industry attractiveness 1. Threat of substitute products/services 2. Threat of new entrants 3. Supplier Power 4. Buyer Power 5. Rivalry among existing competitors
ETL
Extract - extracts info from internal & external databases Transform - transforms the info using a common set of enterprise definitions Load - loads the info into a data warehouse
Business Intelligence
Improving the quality of business decisions has a direct impact on costs and revenue enables business users to receive data for analysis that is: *reliable *consistent *understandable *easily manipulated
knowledge worker
Individual valued for their ability to interpret and analyze information
data visualization
Infographics Data artist Analysis paralysis Data visualization Business intelligence dashboards
ECM
Information System's vital role in 3 areas of business processing 1. Executing the process 2. Capturing and storing process data 3. Monitoring process performance
Information Does Not Have Ethics, People Do
Information does not care how it is used, it will not stop itself from sending spam, viruses, or highly-sensitive information
McAfee Mess
McAfee pushes daily updates to its corporate customers -- the update was meant to detect & destroy a relatively minor threat. Instead it went rogue, wrongly fingered a critical file as malware, and then quarantined it by removing it from its normal location. In some cases, the update actually deleted the file.
Efficiency MIS metrics
Measure the performance of MIS itself, such as throughput, transaction speed, and system availability
personal sources
Personal thoughts, opinions, experiences
latency
The DELAY between the transmission of a signal and its receipt.
Supply Chain Management (SCM)
The management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and profitability
Key performance indicators (KPIs)
The quantifiable metrics a company uses to evaluate progress toward critical success factors
value chain analysis
Views a firm as a series of business processes that each add value to the product or service
Metrics for Strategic Initiatives
Website metrics Supply chain management (SCM) metrics Customer relationship management (CRM) metrics Business process reengineering (BPR) metrics Enterprise resource planning (ERP) metrics
Internet of Things (IoT)
a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention
data-driven websites
an interactive website kept constantly updated and relevant to the needs of its customers using a database
benchmarks
baseline values the system seeks to attain
Social Engineering
being tricked to disclose info
external sources
commercial databases, government reports, and corporate web sites
Assorted security threats
compromised/stolen data lost/stolen data data loss (leakage) hacked network social engineering unauthorized access
data mart
contains a subset of data warehouse information for use by a specific department, business unit, or application
Critical Success Factors
crucial steps companies perform to achieve their goals and objectives and implement their strategies [client, process, technology, people]
SWOT analysis
evaluates an organizations's strengths, weaknesses, opportunities, threats to identify significant influences that work for or against business strategies
Data Warehousing
extend the transformation of data into info provided the ability to support decision-making w/o disrupting the day-to-day operations *access data quickly & easily *conduct extensive analysis *consolidated view
workflow
includes the tasks, activities, and responsibilities required to execute each step in a business process
IPO
inputs (data, materials, conditions); process (steps of action); outputs (results or decisions)
Enterprise Resource Planning (ERP)
integrates all departments and functions throughout an organization into a single IT system so that employees can make decisions by viewing enterprise-wide information on all business operations
Customer Relationship Management (CRM)
involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability
retail apocalypse
key problem: how these companies invest in 1. customer intelligence - gathering, organizing & analyzing info to learn about you customers; used to make strategic decisions 2. business technology - differentiation is key, better shopping experience = success 3. employee wages and training - pay well, train well, hire remotely
managerial control in decision making
operational control - executing specific tasks efficiently & effectively management control - decisions concerning acquiring & using resources efficiently in accomplishing organizational goals strategic planning - decisions concerning the long range goals & policies for growth & resource allocation
5 Supply Chain Activities
plan, source, make, deliver, return
data
raw facts that describe the characteristics of an event or object
integration
sharing; departments working interdependently
confidentiality
the assurance that messages and information are available only to those who are authorized to view them
fact
the confirmation or validation of an event or object
Biometrics
the identification of a user based on a physical characteristic, such as a fingerprint, iris, face, voice, or handwriting (best & most effective/costly & intrusive)
data mining
the process of analyzing data to extract information not offered by the raw data alone [optimization, forecasting, regression] -tools use a variety of techniques to find patterns & relationships in large volumes of info
clustering analysis
the process of grouping observations into clusters so that the degree of similarity is strong between members of the same cluster and weak between members of different clusters
privacy
the right to be left alone when you want to be, to have control over your own personal possessions, and not to be observed without your consent
spam
unsolicited commercial email
Association rules
useful rule - with high quality & actionable info trivial rule - already known by managers/business professionals inexplicable rule - seems to have no explanation & does not suggest a course of action