MIS 200 Vocabulary Flashcards

Vocabulary flashcards covering core MIS 200 concepts including Information Systems, Business Models, Strategy, and Spreadsheet Terminology.

Knowledge Worker

A worker who uses information, knowledge, and expertise to solve problems and make decisions.

Digital Divide

The gap between people who have access to technology and those who do not.

Digital Density

The concentration of digital technologies, devices, data, and connectivity in society.

IoT (Internet of Things)

A network of physical devices connected to the internet that collect and exchange data.

Information System (IS)

A system of hardware, software, data, people, and processes used to manage information.

IS Components

Hardware, Software, Data, People, Processes.

Data

Raw facts with no context.

Information

Data that has been organized into a meaningful form.

Knowledge

Understanding gained from information and experience.

Data Pipeline

Collection, Organization, Synthesis, and Purpose.

Operational Level

Focuses on day-to-day business activities.

Managerial Level

Focuses on monitoring and improving operations.

Strategic Level

Focuses on long-term goals and competitive advantage.

Porters Five Forces

Rivalry, new entrants, suppliers, buyers, substitutes.

Cost Leadership

Being the lowest-cost producer.

Differentiation

Offering unique products or services.

Business Model

How a company creates, delivers, and captures value.

Disintermediation

Removing intermediaries between producers and consumers.

Long Tail

Selling many niche products profitably.

Platform Company

Creates value by connecting different groups of users.

Network Effects

A product becomes more valuable as more users join.

Direct Network Effect

Users gain value from more users joining.

Indirect Network Effect

Growth of one group increases value for another group.

Chicken-and-Egg Problem

Platforms need both buyers and sellers to attract each other.

Subscription Model

Customers pay recurring fees.

Advertising Model

Revenue generated by advertisements.

Transaction Fee Model

Revenue earned per transaction.

Freemium Model

Basic service free, premium features paid.

Workbook

An entire Excel file.

Worksheet

A tab within a workbook.

Range

A group of cells.

Named Range

A range given a custom name.

SUM

Adds values.

AVERAGE

Calculates mean value.

MIN

Returns smallest value.

MAX

Returns largest value.