Management Information Systems Overview

These flashcards cover key terms and concepts relevant to Management Information Systems, based on the lecture notes, including definitions of technologies, frameworks, ethical considerations, and market dynamics.

What is MIS?

MIS stands for Management Information Systems, which focuses on people-oriented services through technology.

Hype Cycle

A model that represents the maturity, adoption, and business application of specific technologies.

Value Chain

A set of activities through which a product or service is created and delivered to customers.

Porter's 5 Forces

A framework for analyzing the competitive environment of an industry, including buyer power, supplier power, threats of new entrants, threat of substitutes, and industry rivalry.

Emerging Innovation

The initial phase of the Hype Cycle where a new technology is introduced.

Inflated Expectations

The phase in the Hype Cycle where excitement and expectations for an innovation exceed its current capabilities.

Trough of Disillusionment

The phase in the Hype Cycle where expectations decrease due to performance issues.

Slope of Enlightenment

The phase in the Hype Cycle where users start to see the benefits of the innovation after initial challenges.

Plateau of Productivity

The phase where the innovation demonstrates real-world productivity and becomes widely adopted.

Moore's Law

The observation that the number of transistors on a microchip doubles approximately every two years.

Open Source Software

Software that is made available to the public for free and can be modified by anyone.

Cloud Computing

The delivery of computing services over the internet, including storage, processing, and applications.

Software as a Service (SaaS)

A software distribution model in which applications are hosted by a service provider and made available to customers over the internet.

Disruptive Innovation

Technologies that significantly alter industries, often by introducing simpler and cheaper solutions.

Ethics of Tech

The moral implications and responsibilities associated with the use of technology.

Customer Relationship Management (CRM)

Systems used to manage a company's interactions with current and potential customers.

Supply Chain Management (SCM)

The management of the flow of goods and services from origin to consumption.

Switching Costs

Costs incurred when a customer changes from one product or service to another.

Network Effects

The phenomenon whereby increased numbers of participants improve the value of a product or service.

Technical Leapfrogging

Competing by offering a superior generation of technology.

Fast Follower Problem

The risk of being surpassed by competitors who quickly adopt a successful innovation.

Data Asset

A valuable and extensive collection of data that can be leveraged for competitive advantage.

Consumer Telematics

The collection and analysis of consumer vehicle data for improved automotive experiences.

Customer Expectations

The anticipated satisfaction level that customers expect from a product or service.

Business Processes

The series of steps or tasks performed to achieve a particular business goal.

Information Security

The practice of protecting information by mitigating information risks.

Artificial Intelligence (AI)

The simulation of human intelligence processes by machines, especially computer systems.

Virtual Assistants

AI software that can perform tasks or services for individuals, often using natural language processing.

Augmented Reality (AR)

An interactive experience where digital information is overlaid on the real world.

Blockchain

A decentralized digital ledger that records transactions across many computers.

E-Waste

Electronic waste resulting from discarded electronic devices and components.

Venture Capital

Funding provided to startups and small businesses with perceived long-term growth potential.

Cloud Development Environments

Integrated environments that facilitate cloud-based software development.

Homomorphic Encryption

Encryption methods that allow computation on ciphertexts to obtain an encrypted result that, when decrypted, matches the result of operations performed on the plain text.

Artificial General Intelligence

A type of AI that can understand, learn, and apply intelligence broadly, like a human.

Mobile Health Monitoring

Use of mobile devices to monitor health-related data.

Predictive Analytics

Using data to forecast future outcomes.

Consumer 3D Printing

The use of 3D printing technology in a domestic context.

Gamification

The application of game-design elements in non-game contexts to enhance engagement.

Causal AI

An approach in AI aimed at understanding the cause-and-effect relationships in data.

API-Centric SaaS

SaaS that focuses on the use of application programming interfaces to deliver services.

Reinforcement Learning

A type of machine learning where an agent learns to make decisions by taking actions in an environment to maximize cumulative reward.

Smart Dust

Tiny wireless sensors that can detect and report information about their environment.

Human Augmentation

Using technology to enhance human abilities, such as physical or cognitive performance.

Prescriptive Analytics

Techniques that use data to determine the best course of action.

Decision Fatigue

The diminished ability to make decisions after a long session of decision-making.

Scarcity Model

A business model that capitalizes on limited product availability.

Customized Merchandise

Products specifically designed to meet individual consumer requirements.

Transfer Pricing

The pricing of transactions between related entities within an organization.

Ethical Supply Chain Management

Practices aimed at ensuring ethical conduct throughout the supply chain.

Freemium Model

A business strategy that offers basic services for free while charging for advanced features.

Digital Twin

A virtual representation of a physical object or system, used for simulations.

Digital Wallet

An electronic device or online service that allows individuals to make electronic transactions.

Data Privacy

The aspect of information technology that deals with the proper handling and processing of personal data.

Market Convergence

The merging of distinct markets into a single market.

E-commerce

Buying and selling goods and services over the internet.

Streaming Services

Media content that is delivered over the internet rather than being downloaded.

Cryptocurrency

Digital or virtual currency that uses cryptography for security.