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DAC1
WGU
| Term | Definition |
|---|---|
| Management information system (MIS | are the information systems that are used to manage the business processes within a company or department. These systems involve decision making and managing data, people, and projects. |
| Information technology (IT) | is the technology component that enables an information system—computers, printers, networks, and so on. The field of IT can cover everything from hardware installation to programming and troubleshooting. |
| Porter's Five Forces Model | *Buyer Power, *Supplier Power, *Threat of Substitution, *Threat of New Rivalry, *Competitive Rivalry |
| Buyer Power | Buyer power is the ability for someone purchasing a product to buy that product from many different suppliers |
| Supplier Power | Supplier power is when power rests in the hands of the vendor, rather than the buyer |
| Threat of Substitution | When there are many suppliers of a service that can potentially replace one another in providing that service, the threat of substitution is high |
| Threat of New Entrants | Depending on the market that a business owner wants to enter, she might find the threat of new entrants to be high. For example, a print designer who wishes to enter the web development business will find that the threat of new entrants is high |
| Competitive Rivalry | The competitive rivalry within the marketplace, as you might expect, depends on how many suppliers there are in the business and how heavily they compete with one another in terms of price, products, or additional services |
| Porter's Three Strategies for Success | cost leadership, differentiation, and focus |
| Cost-leadership | The ability to offer a product or service below the price of competitors |
| Differentiation | Adding unique features to a product or service to distinguish it from the competition. |
| Focus | attempts to target a specific customer segment or type of product |
| Components of Information Systems | hardware, software, data, network, people, information |
| Hardware | Hardware includes all of the computational equipment used to process information—computers, monitors, printers, and storage devices. |
| Software | Software, of course, is required to drive the various systems. The software required by an information system can take on many forms—from a database to a spreadsheet to a custom payroll application |
| Networks | Networks are made up of the communication hardware and standards that are required by the hardware and software systems |
| People | System specialists are required for the design, implementation, and maintenance of information systems, whereas end users handle day-to-day operations, such as data entry and report generation. |
| Data | Data is made up of raw values, such as the number of people who ride in each train in a transit system and the numbers of individuals entering and exiting at each stop. There can be value in this data |
| Information | Information, on the other hand, is the processed form of data. Information puts data in a format and context that we, as mere humans, can understand. Frequently, this is in the form of a report, graph, or analysis. |
| Management Information Systems | deals with the planning for, development, management, and use of information technology tools to help people perform all tasks related to information processing and management. |
| Stated another (and perhaps more simple) way, people use information technology to work with information | |
Created by:
lhurley
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