FBIM Exam Study Guide Flashcards - Laudon & Laudon MIS $$16^{th}$$ Edition

What are the six reasons why information systems ($IS$) are essential for running and managing a business today?

Operational excellence; new products, services, and business models; customer and supplier intimacy; improved decision-making; competitive advantage; and day-to-day survival, such as Citibank’s $ATM$ to reduce queues.

According to the transcript, how is a digital firm defined?

A firm where nearly all significant business processes and relationships with customers, suppliers, and employees are digitally enabled, accomplished through digital networks spanning the entire firm or linking multiple organizations.

What is the distinction between data and information?

Data are raw, unorganized facts about events, while information is data that has been shaped into a meaningful and useful form for human decision-making.

What are the three core activities of an information system ($IS$)?

The three activities are Input (capturing raw data), Processing (converting input into meaningful form), and Output (transferring processed information to users).

What are complementary assets in the context of information systems management capital?

These are essential elements like culture, structure, procedures, strategies, and the skills of managers that are necessary for the effective use of technology and innovation.

Which academic disciplines contribute to the behavioral approach to studying information systems?

Psychology, which helps understand human interaction with technology, and Sociology, which helps understand how groups and organizations shape $IS$ development.

What is a business process according to the study