MGT 268, Knoll, Exam #1

Fact

confitmation or validation of an event or object

Information Age

When infinite quanities of facts are widely available to anyone who can use a computer

Internet of Things (IoT)

A world where interconnected Internet- enabled devices or things that have the ability to connectand share data without intervention

Machine to Machine

Refers to devices connect directly to other devices

Data

Raw facts that describe the charactersitics of an event or object

Structured Data

Data that had defined length, type, and format, includes numbers, dates, strings such as adresses 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 texts 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 the traditional data base methods and tools

Snapshot

A view of the data in 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 eaily 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 a creation

Variable

A data characteristic that stands for a value that changes or varies over time

Business Intelligence

Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends, and relationships for stratgic decision making

Analytics

The science of fact-based decision making

Predictive Analytics

Extracts information from data and uses it to predict future trends and indetify 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

System

A collection of parts that link to achieve a common purpose

Goods

Material items or products that customers will buy to satisy a want or need. Clothing, groceries, cell phones, and cars are all examples of goods that people buy to fulfill their wants and needs

Service

Tasks that customers will buy to satisfy a want or need

Productivity

The rate at which goods and services are produced based upon total output given total units

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 continously gathering feedback on each part

Feedback

Information that returns to its original transmitter (input, transform, or output) and modifies the transmitters actions

Management Information Systems (MIS)

A business function, like accounting, human resources etc. which moves information about people, products, and processes across the company to facilitate decision making and problem solving

Cheif Information Officer (CIO)

Responsible for 1)overseeing all uses of MIS and 2) ensuring that MIS strategically aligns with business goals and objectives

Cheif Data Officer (CDO)

Responsible for determining the types of information the enterprise will capture, retain, analyze, and share

Cheif Technology Officer (CTO)

Respnsible for ensuring the throughput, speed, accuracy, availability, and realiablity of an organization's information technology

Cheif Security Officer (CSO)

Responsible for ensuring the security of MIS systems and developing strategies and MIS safeguards against attacks from hackers and viruses

Chief Knowledge Officer (CKO)

Responsible for collecting, maintaining, and distributing company knowledge

Cheif Privacy Officer (CPO)

Responsible for ensuring the ethical and legal use of information within a company

Cheif Intellectual Property Officer

Manage and defend intellectual property, copyrights, and patents

Cheif Automation Officer

Determines if a person or business process can be replaced by robot or software

Cheif User Experience Officer

Create the optimal relationship between user and technology

MIS Skills Gap

The difference between 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, enetering 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 similar offerings from competitors

First-mover advantage

An advantage that occurs when a company can signifigantly increase its makret share by being the first to market with a competitive advantage

Competitive Intelligence

The process of gathering information about the competitive enviornment, 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 signifigant influences that work for or against business strategies

Porter's Five Forces Model

A model for analyzing the competitive forces within the enviornment in which a company operates to access potential for profitability in an industry

Buyer Power

The abulity of a buyers to affact the price they must pay for an item

Switching cost

Costs that make customers reluctant to switch to another product or service

Supply Chain

All parties involved, directly or indirectly, in obtaining raw materials for a product

Supplier Power

One of Porter's five forces; measures the supplier's 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 signifigant entry barriers to joining a market

Entry Barriers

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 Porter's Five Forces, high when competiton is fierce in a market and low when competitors are more complacent

Product Differentiation

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 Activites

Found at the bottom of the value chain, these include business processes that aquire 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, tachnology development, and procurement, that support the primary value activities

Operational Level

Employees develop, control, and maintain core business activities required to run day-to-day operations

Structured Decision

Involves situations where established processes offer potential solutions

Managerial Level

Employees are continuously evaluating company operations to hone the firm's ability to identify, adapt to, and leverage change

Semistructured decision

Occurs in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision

Strategic Level

Managers develop overall business strategies, goals, and objectives as part of the company's strategic plan

Unstructured Decision

Occurs in situation in which no procedures or rules exist to guide decision makers toward the correct choice

Project

Temporary activity a company undertakes to creaet a unique product, service, or result

Metrics

Measurements that evaluate results to determine whether a project is meeting its goals

Critical Success Factors (CSF's)

Crucial steps companies perform to achieve their goals and objectives and implement their strategies

Key Performance Indicators (KPI's)

Quantifiable metrics a company uses to evaluate progress towards CSF's

Market Share

The proportion of the market that a firm captures

ROI (Retun on Investment)

Indicates the earning power of a project

Best practices

The most successful solutions or problem-solving methods that have been developed by a specific organization or industry

Efficiency MIS metrics

Measure the performance of MIS itself such as throughput, transaction speed, and system availability

Effectiveness MIS metrics

Measure the impact MIS has on business processes and activities inclusing customer satisfaction and customer conversion rates

Benchmark

Baseline values the system seeks to attain

Benchmarking

A process of continuosly measuring system results, comparing those results to optimal system performance (benchamark values) and identifying steps and procedures to improve system performance

Model

A simplified representation or abstraction of reality

Transactional Information

Encompasses all of the information comatined within a single business process or unit of work, and its primary purpose is to supprt the performing of daily operational or structured decisions

Online Transaction Processing

The capturing of transaction and event information using technology to 1) orocess the info according to defined business rules, and 2) store the info and 3) update the existing information to reflect the new information

Transaction Processing System

The basic business system that serves the operational level (analysts) and assits in making structured decisions

Source Documentation

Describes the original transaction record along with details such as its date, purpose, and amount spent, includes cash receipts, canceled checks, invoices, customer refinds, employee sheet time ect.

Analytical Information

Encompasses all organizational information and its primary purpose is to support the performing of managerial analysis or semistructured decisions

Online Analytical Processing

The manipulation of information to create business intelligence in support of strategic decision making

Decision Support System

Model information using OLAP, which provides assistantance in evaluating and choosing among different courses of action

Executive Information System

A specialized DSS that supports senior-level executives and unstructured long-term, non routine decisions requiring judgement, evaluation, and insight

Granularity

Refers to the level of detail in the model or the decision-making process

Visualization

Produces graphical displays of patterns and complex relationships in large amounts of data

Digital Dashboard

Tracks KPI's and CFS's by compiling info from multiple sources and tailoring ti to meet user needs

Artifical Intelligence (AI)

Simulates human thinking and behavior such as the ability to reason and learn

Intelligent system

Various commerical applications of artifical intelligence

Expert System

Computerized advisory programs that imitate the reasoning processes of experts in solving difficult processes

Neural Network

A category of AI that attempts to emulate the way the human brain works

Fuzzy Logic

A mathematical of handling imprecise or subjective information

Genetic Algorithm

An artifical intelligence system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solytions to a problem

Mutation

The process within a genetic algorithim of randomly trying combintations and evaluating the success (or failure) of the outcome

Intelligent Agent

A Special purpose knowledge based information system that accomplishes specific takss on behalf of its users

Shopping Bot

Software that will search several retailer websites and provide a comparison of each retailer's offerings inluding price and availability

Vitual Reality

A computer stimulate enviornment that can be a simulation of the real word or the imaginary world