LearnSmart Chapter 1
variable
A(n) ... is a data characteristic that stands for a value that changes or varies over time is known as what?
suppliers, customers, competitors, partners, and industries
Business Intelligence (BI) is information collected from multiple sources such as
process
Computer program that processes the data is known as
feedback
Controls to ensure correct processing is known as
input
Data that is entered in a computer is known as
static
Last year's sales report, and last year's salary report are both examples of what kind of classification of report types?
primary value activities
Marketing and Sales, Inbound logistics, and Outbound logistics are all examples of
system
Name a(n) collection of parts that link to achieve a common purpose. Systems are the primary enabler of cross-functional operations.
unstructured data
Social media data and satellite images are two sources of what?
Relational Database and/or Spreadsheet
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?
supplies
Supplier power is the suppliers' ability to influence the prices they charge for
support value activities
Technology development and firm infrastructure are both example of
devices
The key term machine to machine (M2M) refers to devices that connect directly to other
security
The person responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hacker and viruses is the Chief ... Officer?
output
The resulting information from the computer program is known as
Event, Object
Two terms that represent what is confirmed or validated with fact.
Porter's Five Forces Model
What analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry?
technology development
What applies MIS to processes to add value?
knowledge assets
What are the human, structural, and recorded resources available to the organization?
Knowledge Assets and Intellectual Capital
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?
Dynamic Report
What changes automatically during creation?
Threat of Substitute products or services
What chara
Firm infrastructure
What includes the company format or departmental structures, environment, and systems?
Knowledge
What includes the skills, experience, and expertise, couples with information and intelligence, that creates a person's intellectual resources.
Big Data
What is a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools?
business process
What is a standardized set of activities that accomplish a specific task, such as processing a customer's order?
Snapshot
What is a view of data at a particular moment in time?
The Internet of Things (IoT)
What is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention?
feedback
What is information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions?
MIS skills gap
What is the difference between existing MIS workplace knowledge and the knowledge required to fulfill business goals and strategies?
Productivity
What is the rate at which goods and services are produced based upon total output given total inputs?
Analytics
What is the science of fact-based decision making?
business analytics
What is the scientific process of transforming data into insight for making better decisions?
systems thinking
What provides an end-to-end view of how operations work together to create a product or service?
Human resource management
What provides employee training, hiring, and compensation?
Procurement
What purchases inputs such as raw materials, resources, equipment, and supplies
loyalty programs
What rewards customers based on their spending?
Descriptive analytics
What type of analytics is best described with report that includes charts and graphs explaining the data?
predictive analysis
What uses past sales to predict future sales?
Knowledge workers
What workers are individuals valued for their ability to interpret and analyze information?
Chief Automation Officer
Who determines if a person or business process can be replaced by a robot or software?
Chief of Privacy
Who is responsible for ensuring the ethical and legal use of information within a company?
Information
Who is the person responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives is the Chief... Officer?
knowledge
Who is the person responsible for collecting, maintaining, and distributing company knowledge is the Chief ... Officer?
technology
Who is the person responsible for ensuring the speed, accuracy, availability, and reliability of the MIS is the Chief ... Officer?
Chief Intellectual Property Officer
Who manages and defends intellectual property, copyrights, and patents
Chief User Experience Officer
Who will create the optimal relationship between user and technology?
inbound logistics
acquires raw materials and resources and distributes to manufacturing as required
Porter's 3 Generic Strategies
broad cost leadership, broad differentiation, focused strategy are all apart of what?
three generic strategies
chooses business focus
SWOT - Strengths
core competencies, market leaders, cost advantages
outbound logistics
distributes goods and services to customers
MIS
enables business success and innovation
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
information
focuses primarily on internal variables
manipulating variables
how will a business estimate the impact on profits from increases or decreases in costs`
Buyer Power
is the ability of buyers to affect the price they must pay for an item
data entry
is the process of gathering data from business documents and entering it into a computer
SWOT- Weaknesses
lack of strategic direction, obsolete technologies, outdated product line
BI
manipulates multiple variables including both internal and external variables
SWOT- threats
new entrants, substitute products, shrinking markets
marketing and sales
promotes, prices, and sells products to customers
service
provides customer support after the sale of goods and services
Data
raw facts that describe the characteristics of an event or object
Prescriptive analytics
techniques that create models indicating the best decision to make or course of action to take
Descriptive analytics
techniques that describes past performance and history
Predictive analytics
techniques that extract information from data and uses it to predict future trends and identify behavioral patterns.
competitive intelligence
this is the process of gathering information about the competitive environment, including competitor's plans, activities, and products, to improve a company's ability to succeed.
operations
transforms raw materials or inputs into goods and services
Switching costs
what are costs that make customers reluctant to switch to another product or service?
competitive advantage
what is a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors?
First-Mover advantage
what occurs when a company can significantly increase its market share by being first with a new competitive advantage?
Stakeholder
who is a person or group that has an interest or concern in an organization
