MIS Exam 1

Bell's Law

Highly successful businesses could quickly go bankrupt due to rapid changes in technology.

Moore's Law

The number of transistors per square inch on an integrated chip doubles approximately every 18 months.

Metcalfe's Law

The value of a network is proportional to the square of the number of users connected.

Nielsen's Law

Network connection speeds for high-end users increase by 50% per year.

Kryder's Law

The storage density on magnetic disks increases exponentially.

Abstract Reasoning

The ability to construct a model or representation.

Systems Thinking

The ability to model system components and show how inputs and outputs relate to each other.

Collaboration

Working together in planning, providing, and receiving critical feedback.

Ability to Experiment

Creating and testing promising new alternatives.

Management Information Systems (MIS)

Management and use of information systems that help organizations achieve their strategies.

Information Systems (IS)

Includes hardware, software, data, procedures, and people to produce information.

Five Components of Information Systems

Hardware, software, data, procedures, and people.

Information

Knowledge derived from data.

Data

Recorded facts or figures.

Data Characteristics

Data should be accurate, timely, relevant, just sufficient, and worth its cost.

Five-Force Model

Analyzes industry structure: rivalry, threat of substitutes, and bargaining power of customers.

Bargaining Power of Customers

Strong when a big company purchases a lot; weak when companies can change rules.

Threat of Substitutes

Stronger when products are not unique, weaker when they are completely unique.

Bargaining Power of Suppliers

Strong when suppliers control price; weak when there's an oversupply.

Threat of New Entrants

Stronger when it is easy to replicate products; weaker when tightly controlled.

Competitive Strategies

Cost, differentiation, focus within an industry or segment.

Primary Activities

Activities directly related to creating and delivering products.

Business Intelligence

The process of analyzing data for decision-making.

Data Warehouse

A storage system that holds an organization's consolidated data.

Big Data

Data characterized by large volume, high velocity, and great variety.

Artificial Intelligence (AI)

Machines simulating human abilities like learning and decision-making.

Turing Test

A measure of a machine's ability to exhibit intelligent behavior equivalent to a human.

Central Processing Unit (CPU)

The brain of the information system that processes instructions and data.

Internet of Things (IoT)

The network of connected devices communicating with each other.

Augmented Reality

Alters reality by overlaying digital content on real-world objects.

Mixed Reality

Combines real physical worlds with interactive virtual images.

Virtual Reality

A fully computer-generated environment for user interaction.

Operating System

Software that manages computer hardware and software resources.

Native Application

A software program specifically designed to run on a particular operating system.

Web Application

Software that runs on web browsers, independent of operating systems.