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20 Terms
1
Computer Literacy
A skill in using productivity software, including word processors, spreadsheets, and database management.
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2
Information Literacy
Understanding the role of information in generating and using business intelligence, providing historical, current, and predictive views of business operations.
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3
Management Information System (MIS)
An organized integration of hardware, software, data, processes, and human elements designed for decision-making.
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4
Tasks in Designing an MIS
1. Define the system’s objectives 2. Collect and analyze data 3. Provide information in a useful format.
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5
Data
The input to the management information system.
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6
Database
A collection of all relevant data organized into a series of integrated files, such as Oracle and Microsoft SQL.
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7
Process (in MIS)
To generate the most useful type of information for making decisions.
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8
Information (in MIS)
The output of an information system.
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9
Strategic Information Systems
Systems that focus on big-picture, long-term goals and objectives within an organization.
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10
Key Characteristics of Strategic Information Systems
Goal-oriented, involves top management, multidisciplinary, future-oriented, and dynamic.
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11
Importance of Information Systems
Timely, relevant, and accurate information enhances a company’s competitive position.
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12
The Four Ms of Resources
Manpower, Machinery, Materials, Money.
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13
Bottom-line strategy
Improving efficiency by reducing costs.
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14
Top-line strategy
Generating new revenue by offering new products and services.
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15
Porter’s Five Forces Model
A framework that analyzes the competitive forces affecting an industry.
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16
Buyer Power
High when customers have many choices; low when customers have few choices.
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17
Supplier Power
High when customers have fewer options; low when customers have more options.
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18
Threat of Substitute Products or Services
High when many alternatives to an organization’s products are available.
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19
Threat of New Entrants
Low when duplicating a company’s product or service is difficult.
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20
Rivalry Among Existing Competitors
High when competitors occupy the same marketplace position; low when there are few competitors.
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