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DAC1 Comp 1a
WGU DAC1 Information Systems Management Competency 1a
| Term | Definition |
|---|---|
| fact | confirmation or validation of an event or object |
| data | raw facts that describe the characteristics of an event or object |
| information | data converted into a meaningful and useful context |
| variable | a data characteristic that stands for a value that changes or varies over time |
| Business Intelligence (BI) | information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes 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 |
| knowledge workers | individuals valued for their ability to interpret and analyze information |
| system | a collection of parts that link to achieve a common purpose |
| goods | material items or products that customers will buy to satisfy a want or need |
| services | tasks performed by people that customers will buy to satisfy a want or need |
| production | the process where a business takes raw material and processes them or converts them into finished product for its goods or services |
| productivity | the rate at which goods and services are produced based upon total output given total input |
| systems thinking | 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 |
| feedback | information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions |
| management information systems (MIS) | a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving |
| business strategy | a leadership plan that achieves a specific set of goals or objectives |
| competitive advantage | 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 | the significant advantage that can come when an organization is first to the market |
| competitive intelligence | the process of gathering information about the competitive environment, including competitors' plans, activities, and products |
| Porter's Five Forces Model (definition) | analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry |
| Buyer power, supplier power, threat of substitute, threat of new entrant, rivalry among existing competitors | Porter's Five Forces Model (forces) |
| buyer power | the ability of buyer to affect the price they must pay for an item; Porter's Five Forces Model |
| switching costs | the costs that can make customers reluctant to switch to another product or service |
| loyalty programs | reward customers based on their spending |
| supply chain | all the parties involved, directly or indirectly, in obtaining raw materials or a product |
| supplier power | the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services); Porter's Five Forces Model |
| threat of substitute products or services | a threat that is high when there are many alternatives to a product or service and low when there are few alternatives to choose from; Porter's Five Forces Model |
| threat of new entrants | a threat that is high when it is easy for new companies to enter a market and low when there are significant entry barriers to joining a market; Porter's Five Forces Model |
| entry barrier | a feature of a product or service that customers have come to expect and entering competitors must offer the same for survival |
| rivalry among existing competitors | a threat that is high when competition is fierce in a market and low when competitors are more complacent; Porter's Five Forces Model |
| product differentiation | an advantage that occurs when a company develops unique differences in its products with the intent to influence demand |
| business process | a standardized set of activities that accomplish a specific task, such as processing a customer's order |
| value chain analysis | views a firm as a series of business processes that each add value to the product or service |
| primary value activities | found at the bottom of the value chain; inbound logistics, operations, outbound logistics, marketing and sales, services |
| inbound logistics | acquires raw materials and resources and distributes to manufacturing as required; primary value activity |
| operations | transforms raw materials or inputs into goods and services; primary value activity |
| outbound logistics | distributes goods and services to customers; primary value activity |
| marketing and sales | promotes, prices, and sells products to customers; primary value activity |
| services | provides customer support after the sale of goods and services; primary value activity |
| support value activities | found along the top of the value chain; firm infrastructure, Human Resources Management, Technology Development, Procurement |
| firm infrastructure | includes the company format or department structures, environment, and systems; Support Value Activities |
| human resource management | provides employees training, hiring, and compensation; Support Value Activities |
| technology development | applies MIS to processes to add value; Support Value Activities |
| procurement | purchases inputs such as raw materials, resources, equipment, and supplies; Support Value Activities |
| information granularity | the extent of detail within the information (fine and detailed or "coarse" and abstract) |
| transactional information | encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support daily operational tasks |
| analytical information | encompasses all organizational information, and its primary purpose it so support the performing of managerial analysis tasks |
| real-time information | immediate, up-to-date information |
| real-time systems | provides real-time information in response to requests |
| information inconsistency | occurs when the same data element has different values |
| information integrity issues | occur when a system produces incorrect, inconsistent, or duplicate data |
| data governance | the overall management of the availability, usability, integrity, and security of company data |
| Porter's three generic strategies (definition) | the options available for companies when choosing business strategies |
| broad cost leadership, broad differentiation, focused strategy | Porter's three generic strategies (list) |
| broad cost leadership | low-cost, broad market; Porter's three generic strategies |
| broad differentiation | high-cost, broad market; Porter's three generic strategies |
| focused strategy | narrow market, high or low cost; Porter's three generic strategies |
| Accurate, Complete, Consistent, Timely, Unique | Characteristics of High-Quality Information |
Created by:
csmi384
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