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Ch 1 IS Definitions
| Term | Definition |
|---|---|
| fact | the confirmation or validation of an event or object |
| Information Age | The present time, during which infinite quantities of facts are widely available to anyone who can use a computer. |
| IoT | (Internet of Things) A world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention |
| M2M | (Machine to Machine) Devices that connect directly to other devices |
| Data | Raw facts that describe the characteristics of an event or object |
| Structured Data | Data that has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address |
| Machine-generated Data | Data created by a machine without human intervention |
| Human-generated Data | Data that humans, in interaction with computers, generate. |
| Unstructured Data | Data that is not defined and does not follow a specified format and is typically free-form text such as emails, twitter tweets, and text messages |
| Big Data | A collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools. |
| Snapshot | A view of data at a particular moment in time. |
| Information | Data converted into a meaningful and useful context |
| Report | A document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information. |
| Static Report | A report created once based on data that does not change. |
| Dynamic Report | A report that changes automatically during creation. |
| Variable | A data characteristic that stands for a value that changes or varies over time. |
| BI | (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. |
| Analytics | The science of fact-based decision making. |
| Predictive Analytics | Extracts information from data and uses it to predict future trends and identify behavioral patterns |
| Behavioral Analytics | Uses data about people's behaviors to understand intent and predict future actions |
| Knowledge | Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources. |
| Knowledge Worker | Individuals valued for their ability to interpret and analyze information. |
| Accounting | Records, measures, and reports monetary transactions |
| Finance | Deals with strategic financial issues including money, banking, credit, investments, and assets |
| Human Resources | Maintains policies, plans, and procedures for the effective management of employees |
| Marketing | Supports sales by planning, pricing, and promoting goods or services. |
| Operations Management | Manages the process of converting or transforming of resources into goods or services |
| Sales | Performs the function of selling goods or services |
| 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. (Clothing, groceries, cell phones, cars) |
| Service | Tasks that customers will buy to satisfy a want or need. |
| Productivity | The rate at which goods/services are produced based upon total output given total inputs. |
| Production | The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services. |
| 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. |
| MIS | (Management Information Systems) 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. |
| CIO | (Chief Information Officer) Responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals/objectives. |
| CDO | (Chief Data Officer) Responsible for determining the types of information the enterprise will capture, retain, analyze, and share. |
| CTO | (Chief Technology Officer) Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's information technology (IT). |
| CSO | (Chief Security Officer) Responsible for ensuring the security of MIS systems and developing strategies and MIS safeguards against attacks from hackers/viruses. |
| CPO | (Chief Privacy Officer) Responsible for ensuring the ethical and legal use of information within a company. |
| CKO | (Chief Knowledge Officer) Responsible for collecting, maintaining, and distributing company knowledge. |
| CIPO | (Chief Intellectual Property Officer) Manage and defend intellectual property, copyrights, and patents. |
| CAO | (Chief Automation Officer) Determines if a person or business process can be replaced by a robot or software. |
| CUEO | (Chief User Experience Officer) Create the optimal relationship b/t user and technology. |
| MIS Skills Gap | The difference b/t existing MIS workplace knowledge and the knowledge required to fulfill the business goals and strategies. |
| Business Strategy | A leadership plan that achieves a specific set of goals or objectives such as increasing sales, decreasing costs, entering new markets, or developing new products or services. |
| Stakeholder | A person or group that has an interest or concern in an organization. |
| 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 | An advantage that occurs when a company can significantly increase its market share by being first to market with a competitive advantage. |
| Competitive Intelligence | The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed. |
| SWOT Analysis | Evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies. |
| Porter's Five Forces Model | A model for analyzing the competitive forces win the environment in which a company operates, to assess the potential for profitability in an industry. |
| Buyer Power | The ability of buyers to affect the price they must pay for an item. |
| Switching Costs | Costs that make customers reluctant to switch to another product or service |
| Loyalty Program | A program to reward customers based on spending |
| Supply Chain | All parties involved, directly or indirectly, in obtaining raw materials or product |
| Supplier Power | One of Porter's five forces; measures the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services) |
| Threat of Substitute Products or Services | One of Porter's five forces, 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 | One of Porter's five forces, high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market |
| 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 | One of Porters five forces; high when competition is fierce in a market and low when competitors are more complacent |
| Product Differentitation | An advantage that occurs when a company develops unique differences in its products with the intent to influence demand |
| Porter's Three Generic Strategies | Generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service |
| Business Process | Standardized set of activities that accomplish a specific task. |
| 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, these include business processes that acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services. |
| Support Value Activities | Found along the top of the value chain and includes business processes, such as firm infrastructure, human resource management, technology development, and procurement, that support the primary value activities. |
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