MIS 180 Exam 2 review

NOT a principle of process re-engineering (BPR)?

New Processes increase controls, checks, and touchpoints

Data inconsistency

Poor data quality can result from data values being different for the same field in different systems

Effective approach to managing enterprise data

Model business data and store it in databases

Software application screens that support enterprise processes focus on capturing data

structured data, unstructured data, semi-structured data

Scenario analysis

Decision models created to probe the challenges and opportunities presented by plausible future worlds(ex: worst case, best case, most likely…)

NOT a true statement about Decision Support Systems (DSS)?

A DSS enables the real-time execution of large numbers of database transactions by a large number of people

Mission

 A practical statement of what the organization does, for whom, and how., Focused on daily operations and how the business provides value. Ex:: "To offer customers the lowest possible prices, the best available selection, and the utmost convenience."

Vision

A long-term, aspirational view of what the organization wants to achieve. Ex: "To be the world’s most customer-centric company."

Values

Guiding principles or ethics the company follows, Influence corporate culture and behavior. Ex: Integrity, Innovation, Customer-focus.

SWOT analysis

assesses an enterprise by looking outside-in and inside-out

Enterprise

intentionally organized set of ppl, $, assets, and principles (ex: capabilities) to deliver some type of value to society

Michael Porter's Value Chain

concept that divides a company's activities into the technologically and economically distinct activities it performs to do business, primary and support activities, which contain both the supply chain and the demand chain.

Components of process

process, inputs, control, outputs, feedback, adjustment

Why enterprises model their business processes

transparency, governance, plan

Governance (could be: data, silos, tech)

Not a cause for bad data

Business Information System

GIGO

describes the phenomenon of bad data inputs resulting in bad data outputs

Data Accuracy

when data are what they are supposed to be and represent the real world, and do not include errors

Characteristics of big data

variety, volume, veracity, value, velocity

relational database

a particular design of a DBMS that stores its info in the form of logically related two-dimensional tables (how we organize the data).

Schemas

how data is organized, including logical constraints such as table names, and fields

File system

How unstructured data is typically stored

data item, field, record, table, database

Data granularity (low to high)

Each record has a foreign key

False

Dilemma

Paradox

a decision that is seemingly absurd or a self-contradictory statement of a proposition that, when investigated or explained, may prove to be well-founded or true

Utilitarian

saving 5 ppl at the cost of 1 person is the right choice because it maximizes the well-being of the greatest number of people

Problem

a decision that is required when a matter or situation that is regarded as unwelcome or harmful, and needs to be dealt with and overcome; usually has a quality of urgency

Structured decision

routine, well-defined procedures for making the decision

TPS

collect, organize, and store master data (ex: product, customer) and transaction data (ex: sales order) for business opportunities

Model

smth that lets you work with it (manipulate, adjust, change, get feedback)

Benefits measurement model

matrix used to evaluate the outcomes of potential choices based on weighted criteria

CSF Critical success factor

crucial steps companies perform to achieve their goals and objectives and implement their strategies.

KPI Key Performance Indicator

(compared to the inside target, strategic objective): quantifiable metrics a company uses to evaluate progress toward critical success factors.

Strategy

“a general plan or set of plans intended to achieve a goal,” it considers a longer timeframe. For every specific strategy, there are several tactics.

competitive business strategies

1. Cost leadership: offer the lowest prices

2. Differentiation: be different enough from competitors

3. Innovation: offer products no one else does

4. Growth: repeat a winning business model in new markets

   1. Inorganic: through acquisition, organic: taking products to new markets or putting new products under a business model. 

5. Alliances: partner with businesses that have complementary skills

6. Niche: serves a narrow market, often with high margins. 

Support activities = “enterprise functions”

Required to run the business, not directly related to a given product, the cost associated has to be accounted for when selling, but they are not directly attributable to a product.