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MMIS
Exam 1
| Question | Answer |
|---|---|
| Information | Data converted into a meaningful and useful context |
| Business intelligence | Information collected from multiple sources such as suppliers, customers, competitors, partners and industries that analyze patterns, trends, and relationships for strategic decision making |
| Knowledge | Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources |
| Productivity | The rate at which goods and services are produced based upon total outputs given total inputs |
| Competitive advantage | A feature of a product or service on which customers place a greater value than on similar offerings from competitors |
| First mover advantage | Advantage that occurs when a company can significantly increase its market share by being first to market with a competitive advantage |
| Porter's Five Forces Model | A model for analyzing the competitive forces withing the environment in which a company operates, to assess the potential for profitability in an industry |
| The five forces (5) | 1) Buyer power 2) Supplier power 3) Threat of substitutes 4) Threat of new entrants 5) Rivalry among competitors |
| Buyer Power | Measures ability of buyers to directly affect the price they are willing to pay for an item |
| Supplier Power | Measures the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services) |
| Threat of Substitute Products/Services | HIGH when there are many alternatives to a product or service and LOW when there are few alternatives from which to choose |
| Threat of New Entrants | HIGH when it is easy for new competitors to enter a market and LOW when there are significant entry barriers to joining a market |
| Rivalry Among Existing Competitors | HIGH when competition is fierce in a market and LOW when competitors are more complacent |
| Three Generic Stategies | 1) Broad Cost Leadership 2) Broad Differentiation 3) Focused Strategy |
| Value Chain Analysis | Views a firm as a series of business processes that each add value to the product or service |
| Primary value activities | Acquire raw materials and manufacture, deliver, market, sell, and provide after-sale services |
| 5 Primary Value Activities | 1) Inbound logistics 2) Operations 3) Outbound logistics 4) Marketing and Sales 5) Service |
| Support Value Activities | Support primary value activities |
| 4 Support Value Acitivities | 1) Firm infrastructure 2) Human Resource Management 3) Technology Development 4( Procurement |
| Competitive intelligence | The process of gathering info about the competitive environment including competitor's plans, activities, and products, to improve a company's ability to succeed |
| The most important and most challenging question confronting managers today is how to lay the foundation for _____________ _________ while competing to win in _________ business environment | Tomorrow's success; today's |
| Three levels of decision making | 1) Operational 2) Managerial 3) Strategic |
| Operational Decision Making | Employees develop, control, and maintain core business activities required to run the day-to-day operations |
| Structured decisions | Operational decisions which arise in situation where established processes offer potential solutions |
| Managerial Decision Making | Employees are continuously evaluating company operations to hone the firm's abilities to identify, adapt to, and leverage change |
| Semistructured Decisions | Occurs in situations in which a few established processes help to evaluate potential solutions but not enough for a definite recommended decision |
| Strategic Level Decision Making | Managers develop overall business strategies, goals, and objectives as part of the company's strategic plan |
| Strategic decisions are highly ________ | unstructured |
| Unstructured decisions | Occurs in situations in which no procedures or rules exist to guide decision makers toward the correct choice |
| Metrics | Measurements that evaluate results to determine whether a project is meeting its goals |
| Two core metrics | 1) Critical Success Factors 2) Key Performance Indicators |
| Critical Success Factors | Crucial steps companies perform to achieve their goals and objectives and implement their strategies |
| Key Performance Indicators | Quantifiable metrics a company uses to evaluate progress toward critical success factors |
| _____ are more specific than _____ | KPIs are more specific |
| _____ measure the progress of _____ with quantifiable measurements | KPI measures progress of CSF |
| One ____ can have several ____ | One CSF can have several KPIs |
| A common KPI is _________ ______ | market share |
| Transactional information | All the info contained within a single business process or unit of work |
| Transactional information's primary purpose | Support the performance of daily operational or structured decisions |
| Online transaction processing (OLTP) | the capture of transaction and even info using technology |
| OLTP Purpose | 1) Process info according to defined business rules 2) Store information 3) Update existing info to reflect on the new info |
| Transaction Processing System (TPS) | Basic business system that serves the operational level (analysts) and assists in making structured decisions |
| Source documents | Original transaction records |
| Analytical Information | Encompasses all organizational info |
| Purpose of Analytical Information | To support the performance of managerial analysis or semistructured decisions |
| Online Analytical Processing (OLAP) | The manipulation of info to create business intelligence in support of strategic decision making |
| Decision Support Systems (DSSs) | Model info using OLAP, which provides assistance in evaluating and choosing among different courses of action |
| What-if analysis | Checks the impact of a change in a variable or assumption on the model |
| Sensitivity analysis | "Special case of what-if analysis"; Study of the impact on other variables when on variable is changed repeatedly. Useful when uncertain about assumptions made in value of key variables |
| Goal-seeking analysis | "Reverse of what-if and sensitivity"; Finds the input necessary to achieve a goal such as a desired level of output. |
| Optimization analysis | Extension of goal-seeking analysis; finds optimum value for a target variable by repeatedly changing other variables, subject to specific constraints |
| Visualization | Produces graphical displays of patterns and complex relationships in large amounts of data |
| Digital Dashboard | Visualization that tracks KPIs and CSFs by compiling info from multiple sources and tailoring it to meet user needs |
| Consolidation | The aggregation of data from simple roll-ups to complex groupings of interrelated information |
| Drill-Down | enables users to view details, and details of details, of information; reverse of consolidation |
| Slice-and-dice | Ability to look at info from different perspectives. One slice of info could display all product sales during a given promotion |
| Intelligent systems | Various commercial applications of AI |
| Expert systems | Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems |
| Neural network | Category of artificial intelligence that attempts to emulate the way the human brain works |
| Intelligent agent | Special-purpose knowledge-based info system that accomplishes specific tasks on behalf of its users |
| Shopping Bot | Software that will search several retailer websites and provide a comparison of each retailer's offerings including price and availability |
| Customer-facing processes | "Front-office processes"; Result in product or service received by an organization's external customer |
| Business-facing processes | "Back-office processes"; Invisible to the external customer but essential to the effective management of the business |
| Business Process Modeling | "Mapping"; the activity of creating a detailed flowchart or process map of a work process that shows its inputs, tasks, and activities in a structured sequence |
| Business process model | Graphic description of a process, showing the sequence of process tasks, which is developed for a specific purpose and from a selected viewpoint |
| As-Is process models | Represent the current state of the operation that has been mapped, without any specific improvements or changes to existing processes |
| To-Be process models | Show the results of applying change improvement opportunities to the current (As-Is) process model |
| Three conditions indicate the time is right to initiate a business process change: | 1) Pronounced shift in the market 2) Company is markedly below industry benchmarks on its core processes 3) To regain competitive advantage, company must leapfrog competition on key dimensions |
| Business Process Improvement | Attempts to understand and measure the current process and make performance improvements accordingly |
| Streamlining | Simplifies or eliminates unnecessary steps |
| Bottlenecks | Occur when resources reach full capacity and cannot handle any additional demands; limit throughput and impede operation |
| Redundancy | Occurs when a task or activity is unnecessarily repeated |
| Business process reengineering (BPR) | the analysis and redesign of workflow within and between enterprises |
| Mass customization | Ability of an organization to tailor its products or services to the customers' specifications |
| Personalization | Company knows enough about a customer's likes and dislikes that it can fashion offers more likely to appeal to that person |
| Long tail | The tail of a typical sales curve. Shows how niche products can have viable and profitable business models when selling via ebusiness |
| Disintermediation | occurs when a business sells directly to the consumer online and cuts out the intermediary |
| Reintermediation | Steps are added to the value chain as new players find ways to add value to the business process. |
| B2B (Business to business) represent ____ percent of all online business | 80% |
| B2B business example | SAP |
| B2C business example | Carfax, Gap |
| C2B business example | Priceline.com |
| C2C business example | Craigslist |
| Search Engine | Website software that finds other pages based on keyword matching similar to Google |
| Search Engine Ranking | evaluates variables that search engines use to determine where a URL appears on the list of search results |
| Search Engine Optimization (SEO) | combines art along with science to determine how to make URLs more attractive to search engines resulting in higher search engine ranking |
| Search Engine Placement | Where a website's links is place on the search engine's results |
| Crowd-sourcing | Most common form of collective intelligence and refers to the wisdom of the crowd |
| Blog | Web log; Online journal that allows users to post their own comments, graphics, and video |
| Real Simple Syndication (RSS) | Web format used to publish frequently updated works, such as blogs, news headlines, audio, and video, and a standardized format |
| Mobile business (MBusiness) | Ability to purchase goods through a wireless Internet-enabled device |
| Intellectual property | Intangible creative work that is embodied in physical form and includes copyrights, trademarks, and patents |
| Privacy | The right to be left alone when you want to be, to have control over your personal possessions, and not to be observed without your consent |
| Confidentiality | The assurance that messages and information remain available only to those authorized to view them |
| Digital Rights Management | A technological solution that allows publishers to control their digital media to discourage, limit, or prevent illegal copying and distribution |
| Cybervandalism | Electronic defacing of an existing website |
| Typosquatting | a problem that occurs when someone registers purposely misspelled variations of well-known domain names |
| Key logger/Key trapper software | A program that records every keystroke and mouse click |
| Hardware key logger | A hardware device that captures keystrokes on their journey from the keyboard to the motherboard |
| Cookie | Small file deposited on a hard drive by a website containing info about customer. Allow websites to record the comings/goings of customers |
| Adware | Software that generates ads that install themselves on a computer when a person downloads some other program from the Internet |
| Spyware | Software that comes hidden in free downloadable software and tracks online movements, mines info stored on computer, uses computer CPU/storage for some task user knows nothing about |
| Web log | Consists of one line of information for every visitor to a website and is usually stored on a web server |
| Clickstream | Records info about a customer during a web surfing session such as what websites were visited, how long the visit was, what ads were viewed, and what was purchased |
| Downtime | A period of time when a system is unavailable |
| Insiders | Legitimate users who purposely or accidentally misuse their access to the environment and cause some kind of business-affecting incident |
| Social engineering | Hackers use their social skills to trick people into revealing access credentials or other valuable information |
| Dumpster diving | Looking through people's trash |
| Phishing | Technique to gain personal information for the purpose of identity theft, usually by means of fraudulent emails that look as though they came from legitimate businesses |
| Spear phishing | Phishing expedition in which the emails are carefully designed to target a particular person or organization |
| Vishing | "Voice phishing"; phone scam that attempts to defraud people by asking them to call a bogus telephone number to "confirm" their account information |
| Authentication | Method for confirming users' identities. |
| Authorization | Process of providing a user with permission including access levels and abilities such as file access |
| Content filtering | When organizations use software that filers content, such as emails to prevent the accidental or malicious transmission of unauthorized information |
| Encryption | Scrambles information in an alternative form that requires a key or password to decrypt |
| Public key encryption (PKE) | Uses two keys: Public key that everyone can have and a private key for only the recipient |
| Firewall | Hardware and/or software that guard a private network by analyzing incoming and outgoing information for the correct markings |
| Anitvirus software | scans and searches hard drives to prevent, detect, and remove known viruses, adward, and spyware |
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