CIS Unit 1 Module 2

Supply Chain

consists of all parties involved, directly or indirectly, in obtaining raw materials or a product

Big Data

A collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools.

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 competitors. Provide the same product or service either at a lower price or with additional value that can fetch premium prices

Business Strategy

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

Internet of Things (IoT)

A world where interconnected Internet-enabled devices or "things" have the ability to collect and share data without human intervention

Five Forces Model

Analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry

Switching Costs

Costs that make customers reluctant to switch to another product or service (includes financial as well as intangible values)

Information

Data converted into a meaningful and useful context

Unstructured Data

Data that is not defined and does not follow a specified format and is typically free-form text such as emails, twitter tweets, and text messages.

Structured Data

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

Business Intelligence (BI)

Information collected from multiple sources that analyzes patterns, trends and relationships for strategic decision making

Binary Numbers

Number system with a base of 2. They are preferred for computers for precision and economy. An electronic circuit that can detect the difference between two states (on-ff,0-1) is easier and more inexpensive to build than one that could detect differences among ten states (0-9).

Substitute Products

Products whose uses are similar enough that one can replace the other

Data

Raw facts that describe the characteristics of an event or object

Knowledge

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

Buyer Power

The ability of buyers to affect the price they must pay for an item

Fact

The confirmation or validation of an event or object

Supplier Power

The supplier's ability to influence the prices they charge for supplies (including materials, labor, and services)

Data Driven Decision Making

a process of making choices based on appropriate analysis of relevant information; it is sometimes referred to as DDDM or D3M.

Snapshot

A view of data at a particular moment in time

Positional Notation

determining a digit value based on the digit position, used in converting from one numbering system to another

New Entrants

the threat of new competitors entering the market