MIS 311 Chapter 1

knowledge

"given the unexpected financial issues caused by the storms and the interest rate hike we will offer a discount on purchase in November and December to ensure sales levels increase by 10%"

data

"i have one item"

information

"the item I have is a product that has the most sales during the month of December"

business intelligence

"the month of December this year is going to see interest rates rise by 10% and snowstorms are expected to cause numerous problems throughout the East coast"

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

-attracting new customers -increasing sales -decreasing costs

three generic business strategies Porter identified for entering a new market

-broad cost leadership -focused strategies -broad differentiation

examples of goods

-cars -clothing -groceries

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

-charging higher prices -limiting quality or service -shifting costs to industry participants

select two terms that represent what is confirmed or validated with a fact

-event -object

threats (SWOT)

-external, negative -new entrants, substitute products, shrinking markets

opportunities (SWOT)

-external, positive -expanded product line, increase in demand, new markets

two support value activities

-firm infrastructure -technology development

select the three departments found in a typical company

-human resources -accounting -sales

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 -substitute products can steal customers -new market entrants can steal potential investment capital -competition can steal customers

human-generated structured data is data that humans, in interaction with computers, generate. which two sources of data are human-generated structured data?

-input data -gaming data

weaknesses (SWOT)

-internal, negative -lack of strategic direction, obsolete technologies, outdated product line

strengths (SWOT)

-internal, positive -core competencies, market leaders, cost advantages

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 workers -intellectual capital

static report types

-last year's sales report -last year's salary report

select three primary value activities

-outbound logistics -inbound logistics -marketing and sales

machine-generated data is created by a machine without human intervention. which two sources represent machine-generated data?

-sensor data -point of sale

what are two sources of unstructured data?

-social media data -satellite images

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 -relational database

a report is a document used to distribute meaningful information in printed form, on a computer screen, or saved to a file

-static reports -dynamic reports

three examples of services

-teaching -waiting tables -cutting tables

who is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses?

CSO

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

Porter's Five Forces Model

chief privacy officer (CPO)

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

inbound logistics

acquires raw materials and resources and distributes to manufacturing as required

government

adhere to regulations/ laws, increase employment

technology development

applies MIS to processes to add value

the scientific process of transforming data into insight for making better decisions

business analytics

a standardized set of activities that accomplish a specific task, such as processing a customer's order

business process

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

buyer power

the person responsible for collecting, maintaining, and distributing company knowledge is the

chief knowledge officer

who is responsible for ensuring the ethical and legal use of information within a company?

chief privacy officer

the three generic strategies

chooses business focus

process

computer program that processes data

process

computer program that processes the data

feedback

controls to ensure correct processing

chief user experience officer

create the optimal relationship between user and technology

input

data that is entered in a computer

input

data that is entered into the computer system via an input or storage device

finance

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

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

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

outbound logistics

distributes goods and services to customers

what changes automatically during creation?

dynamic report

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

entry barrier

the five forces model

evaluates industry attractiveness

SWOT analysis

evaluates project position

customers

exceptional customer service, high quality products, ethical dealing

value chain analysis

executes business strategy

exmployees

fair compensation, job security, ethical conduct

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

feedback

firm infrastructure

includes the company format or departmental structures, environment, and systems

the first-mover advantage occurs when a company can significantly ____ its market share by being first with a new competitive advantage

increase

in the ____ age infinite quantities of facts are widely available to anyone who can use a computer

information

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

knowledge

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

knowledge

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

knowledge assets

what rewards customers based on their spending?

loyalty programs

human resources

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

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

shareholders/ investors

maximize profits, grow market share, high return on investment

sales

performs the function of selling goods or services

the area of business intelligence, which extracts information from data and uses it to predict future trends and identify behavioral patterns

predictive analytics

three categories of analytics

prescriptive analytics, descriptive analytics, predictive analytics

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

produce differentiation

the rate at which goods and services are produced based upon total output given total outputs

productivity

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

the impact of information technology on the global business environment is equivalent to the printing press's impact on ____ and electricity's impact of productivity

publishing

procurement

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

accounting

records, measures, and reports monetary transactions

partners/ suppliers

reliable contracts, ethical materials handling, responsible production

what is a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information?

report

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 the organization's knowledge

chief data officer (CDO)

responsible for determining the types of information the enterprise will capture, retain, analyze, and share

chief security officer (CSO)

responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses

chief technology officer (CTO)

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

high when competition is fierce in a market and low when competition is more complacent

rivalry among existing competitors

a(n) ____ is a view of data at a particular moment in time

snapshot

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

stakeholder

what is created once based on data that does not change?

static report

what includes firm infrastructure, human resource management, technology development, and procurement?

support value activities

marketing

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

what are costs that make customers reluctant to switch to another product or service?

switching costs

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

output

the resulting information from the computer program

what characteristic is high when there are many alternatives to a product or service and low when there are few alternatives

threat of substitute products or services

operations

transforms raw materials or inputs into goods and services

what is not defined and does not follow a specified format and is typically free-form text such as emails, Twitter tweets, and text messages?

unstructured data

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

value chain analysis

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

variable

which question can be answered using business intelligence?

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