Management Information Systems - Business Driven MIS

These flashcards cover key concepts from the chapter on Management Information Systems, including definitions and explanations of important terms and frameworks.

Information Age

The present time during which infinite quantities of facts are widely available to anyone who can use a computer.

Data

Raw facts that describe the characteristics of an event or object.

Information

Data converted into a meaningful and useful context.

Business Intelligence

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

Knowledge

Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources.

Management Information Systems (MIS)

A business function that moves information about people, products, and processes across the company to facilitate decision-making.

Competitive Advantage

A product or service that an organization’s customers value more than similar offerings from a competitor.

Porter's Five Forces Model

A framework for analyzing the competitive environment, focusing on buyer power, supplier power, the threat of substitutes, the threat of new entrants, and rivalry among existing competitors.

Value Chain Analysis

A process that views a firm as a series of business processes that each add value to the product or service.

Systems Thinking

A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback.

First-mover Advantage

Occurs when an organization can significantly impact its market share by being the first to market with a competitive advantage.

Buyer Power

The ability of buyers to affect the price of an item.

Supplier Power

The suppliers’ ability to influence the prices they charge for supplies.

Threat of Substitute Products or Services

High when there are many alternatives to a product or service.

Threat of New Entrants

High when it is easy for new competitors to enter a market.

Rivalry Among Existing Competitors

High when competition is fierce in a market.