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MIS Chapter 1
Information Systems in Business
| Question | Answer |
|---|---|
| Information Technology | A field concerned with the use of technology in managing and processing information. |
| Management Information Systems | A general name for the business function and academic discipline covering the application of people, technologies, and procedures to solve business problems |
| Data | Raw facts that describe the characteristics of an event |
| Information | Data converted into a meaningful and useful context |
| Business Intelligence | Applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts |
| Chief Information Officer | Responsible for overseeing all uses of information technology and ensuring the strategic alignment of IT with business goals and objectives |
| Chief Technology Officer | Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's information technology |
| Chief Security Officer | Responsible for ensuring the security of IT systems and developing strategies and IT safeguards against attacks from hackers and viruses |
| Chief Privacy Officer | Responsible for ensuring the ethical and legal use of information within an organization |
| Chief Knowledge Officer | Responsible for collecting, maintaining, and distributing the organization's knowledge |
| Key Performance Indicators | The measures that are tied to business drivers |
| Efficiency IT Metrics | Measure the performance |
| Effectiveness IT Metrics | Measure the impact IT has on business processes and activities including customer satisfaction, conversion rates, and sell-through increases |
| Benchmarks | Baseline values the system seeks to attain |
| Benchmarking | A process of continuously measuring system results, comparing those results to optimal system performance, and identifying steps and procedures to improve system performance |
| Competitive Advantage | A product or service that an organization's customers place a greater value on than similar offerings from a competitor |
| First-Mover Advantage | Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage |
| Environmental Scanning | The acquisition and analysis of events and trends in the environment external to an organization |
| Elements of the Five Forces Model | Buyer Power, Supplier Power, Threat of substitute products or services, Threat of new entrants, Rivalry among existing competitors |
| Buyer Power | When buyers have many choices of whom to buy from and low when choices are few. |
| Loyalty Programs | Reward customers based on the amount of business they do with a particular organization |
| Supplier Power | High when buyers have few choices of whom to buy from and low when their choices are many |
| Supply Chain | Consists of all parties involved, directly or indirectly, in the procurement of a product or raw material |
| Business-to-Business (B2B) Marketplace | Internet-based service that brings together many buyers and sellers |
| Private Exchange | when a single buyer posts its needs and then opens the bidding to any supplier who would care to bid |
| Reverse Auction | An auction format in which increasingly lower bids are solicited from organizations willing to supply the desired product or service at an increasingly lower price |
| Threat of Substitute Products or Services | High when there are many alternatives to a product or service and low when there are few alternatives from which to choose |
| Switching Costs | The costs that can make customers reluctant to switch to another product or service |
| 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 entering a market |
| Rivalry Among Existing Competitors | High when competition is fierce in a market and low when competition is more complacent |
| Business Process | A standardized set of activities that accomplish a specific task, such as processing a customer's order |
| Value Chain | Views an organization as a series of processes, each of which adds value to the product or service for each customer |
Created by:
cromew