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DAC1 Comp 1b
WGU DAC1 Information Systems Management Competency 1B
| Term | Definition |
|---|---|
| workflow | includes the tasks, activities, and responsibilities required to execute each step in a business process |
| business process reengineering (BPR) | the analysis and redesign of workflow within and between enterprises |
| customer-facing processes | process that results in a product or service received by an organization's external customer |
| business-facing processes | processes that are invisible to the external customer but essential to the effective management of the business |
| supply chain management (SCM) | the management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and corporate profitability |
| 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 |
| CRM reporting technologies | help organizations identify their customers across other applications |
| CRM analysis technologies | help organizations segment their customers into categories such as best and worst customers |
| CRM predicting technologies | help organizations predict customer behavior, such as which customers are at risk of leaving |
| enterprise resource planning (ERP) | integrates all departments and functions throughout an organization into a single IT system (or integrated set of IT systems) so that employees can make decisions by viewing enterprise-wide information on all business operations |
| IT Infrastructure | the hardware, software, and telecommunications equipment that, when combined, provide the underlying foundation to support the organization's goals |
| IT infrastructure, security, ebusiness, integration | four primary IT focus areas |
| accounting department | provides quantitative information about the finances of the business including recording, measuring, and describing financial information |
| bookkeeping | actual recording of the business's transactions |
| accounting | analyzes the transactional information of the business so the owners and investors can make sound economic decisions |
| financial accounting | involves preparing financial reports that provide information about the business's performance to external parties such as investors, creditors, and tax authorities |
| managerial accounting | involves analyzing business operations for internal decision making and does not have to follow any rules issued by standard-setting bodies |
| transaction | an exchange or transfer of goods |
| financial statements | the written records of the financial status of the business that allow interested parties to evaluate the profitability and solvency of the business |
| solvency | the ability of the business to pay its bills and service its debt |
| balance sheet, income statement, statement of cash flows, statement of owner's equity | four primary financial statements |
| balance sheet | an accounting picture of property owned by a company and of claims against the property on a specific date |
| asset | anything owned that has value or earning power |
| liability | an obligation to make financial payments |
| owner's equity | the portion of a company belonging to the owners |
| income statement / earning report / operating statement / profit-and-loss (P&L) statement | reports operating results (revenues minus expenses) for a given time period ending at a specified date |
| revenue | the amount earned resulting from the delivery of manufacture of a product or from the rendering of a service |
| expenses | the costs incurred in operating and maintaining a business |
| net income | the amount of money remaining after paying taxes |
| statement of owner's equity / statement of retained earnings / equity statement | tracks and communicates changes in the shareholder's earnings |
| dividends | a distribution of earnings to shareholders |
| statement of cash flows | summarizes sources and uses of cash, indicating whether enough cash is available to carry on routine operations, and offers an analysis of all business transactions, reporting where the firm obtained its cash and how it chose to allocate the cash |
| financial quarter | a three-month period |
| finance | deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsbilities |
| internal rate of return | the rate at which the net present value of an investment equals zero |
| return on investment | indicates the earning power of a project and is measured by dividing the benefits of a project by the investment |
| cash flow analysis | a means to conduct a periodic check on the company's financial health |
| break-even analysis | a way to determine the volume of business required to make a profit at the current prices charged for the products or services |
| break-even point | the point at which revenues equal costs |
| human resources | the policies, plans, and procedures for the effective management of employees |
| sales | the function of selling a good or service and focuses on increasing customer sales, which increases company revenues |
| marketing | the process associated with promoting the sale of goods or services |
| marketing communications | seek to build product or service awareness and to educate potential consumers on the product or service |
| marketing mix | the variable that marketing managers can control in order to best satisfy customers in the target market |
| product, price, place, promotion | marketing mix variables |
| market segmentation | the division of a market into similar groups of customers |
| includes the four phases a product progresses through during its life cycle, including introduction, growth, maturity, and decline | product life cycle |
| operations/production management | the management of systems or processes that convert or transform resources (including human resources) into goods and services |
| turnaround situation | fast project speed, broad project scope |
| transformation situation | slow project speed, broad project scope |
| reengineering situations | fast project speed, narrow project scope |
| continuous improvement situation | slow project speed, narrow project scope |
Created by:
csmi384
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