Management Information Systems Overview

These flashcards cover essential concepts and definitions related to Management Information Systems, including core drivers, analytic types, competitive strategies, and systems thinking.

What are the four core drivers of the information age?

Data, Information, Business Intelligence, Knowledge.

What does SWOT stand for in SWOT analysis?

Strengths, Weaknesses, Opportunities, Threats.

What is the goal of the Internet of Things (IoT)?

To enhance performance without human intervention by connecting devices to the Internet.

What is data as a core driver of MIS?

Raw facts that describe characteristics of an event or object.

What is the key difference between structured data and unstructured data?

Structured data has a defined format while unstructured data does not follow a specified format.

Define business intelligence.

Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making.

What is the purpose of descriptive analytics?

To describe past performance and history.

What is systems thinking in relation to MIS?

A way of monitoring an entire system by viewing multiple inputs being processed or transformed to produce outputs.

What are Porter's three generic strategies?

Cost leadership, differentiation, and focused strategy.

What does data democratization allow?

It grants the ability for data to be collected, analyzed, and accessible to all users.

What is the significance of the Five Forces Model?

It helps evaluate industry attractiveness by considering buyer power, supplier power, threat of substitutes, threat of new entrants, and rivalry among existing competitors.

What is a dynamic report?

A report that changes automatically during creation based on the data.

What does it mean for competitive advantages to be temporary?

Competitive advantages provide value for a limited time as they can be replicated by competitors.