MIS Notes.docx

What are the four ways to process data?

Descriptive, diagnostic, predictive, and prescriptive.

What is the difference between data and information?

Data consists of raw facts, while information is processed data that provides context.

What term describes the ability to collect and analyze data across all users?

Data democratization.

What does the acronym BI stand for?

Business Intelligence.

What is big data often compared to, and why?

Big data is often compared to oil because it is a valuable resource, but not all data is useful.

What are the main functional areas of a business?

Accounting, marketing, human resources, finance, operations management, and sales.

What does SWOT analysis help identify?

Significant influences that work for or against business strategies.

In Porter's Five Forces, what does buyer power refer to?

The ability of buyers to affect the price they pay for an item.

What are the two main types of business processes?

Customer-facing processes and business-facing processes.

What is the purpose of Customer Relationship Management (CRM)?

To manage all aspects of a customer relationship to increase loyalty and profitability.

What is the main difference between RAM and ROM?

RAM is volatile and temporarily stores data, while ROM is non-volatile and permanently stores instructions.

What does peripherals refer to in a computer system?

Devices such as input and output devices that connect to a computer.

What is the role of the Central Processing Unit (CPU)?

It interprets and executes instructions and coordinates other hardware components.

Why is effective decision-making important in business intelligence?

It enables organizations to analyze patterns and trends for better decision-making.

Define enterprise resource planning (ERP).

A system that integrates all departments and functions throughout an organization.

What are the four categories of analytics?

Descriptive, diagnostic, predictive, and prescriptive.

What is the focus of value chain analysis?

To identify processes that add value for customers and create competitive advantage.

What does a dynamic report do?

Changes automatically during creation, reflecting current data.

What is a snapshot in data terms?

A view of data at a particular moment in time.

What is the primary goal of supply chain management (SCM)?

To maximize total supply chain effectiveness and corporate profitability.

What technology trend refers to appliances and sensors that collect data?

Internet of Things (IoT).

What is the significance of the first-mover advantage?

It allows a company to increase market share significantly by being first to market with a competitive advantage.