MGMT 382

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164 Terms

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Fact

The confirmation or validation of an event or object

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Information Age

Present day, during which infinite facts are widely available to anyone who can use a computer

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Examples of business and technology

Amazon, Netflix, Zappos

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Internet of Things

A world where interconnected devices with Internet access have the ability to collect and share data without human intervention

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Machine-to-Machine (M2M)

Refers to devices that connect directly to other devices

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Core drivers of the information age

Data, information, business intelligence, knowledge

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Data

Raw facts that describe the characteristics of an event or object

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Structured data

Stored in a traditional system such as a relational database or spreadsheet

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Unstructured data

Not defined and does not follow a specified format

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Machine-generated data

Created by a machine without human intervention

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Human-generated data

Data that humans, in interactions with computers, generate

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Big data

A collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools

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Snapshot

A view of data at a particular point in time

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Four characteristics of data

Variety, veracity, volume, velocity

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Variety

Different forms of structured and unstructured data

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Veracity

The uncertainty of data (biases, noise, abnormalities)

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Volume

The scale of data

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Velocity

The analysis of streaming data as it travels around the Internet

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Information

Data converted into a meaningful and useful context

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Report

A document containing data organized in a table, matrix, or graph allowing users to easily comprehend and understand information

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Static report

Created once based on data that does not change

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Dynamic report

Changes automatically during creation in real-time

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Business intelligence

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

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Analytics

The science of fact-based decision making

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Business Analytics

The scientific process of transforming data into insight for making better decisions

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Descriptive analytics

Techniques that describe past performance and history

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Predictive analytics

Techniques that extract information from data and use it to predict future trends and identify patterns

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Prescriptive analytics

Techniques that create models including the best decision to make or course of action to take

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Knowledge

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

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Knowledge worker

Individual valued for their ability to interpret and analyze information

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Business departments

Accounting, finance, HR, marketing, operations management, sales

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MIS Solution

Common departments working interdependently

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Goods

Material items or products to satisfy a good or need

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Services

Tasks performed by people that customers will buy to satisfy a want or need

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Production

The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services

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Systems thinking

A way of monitoring the entire system by viewing multiple input being processed or transformed to produce outputs while continuously gathering feedback on each part

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Systems thinking

Input —> Process —> Output —> Feedback

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MIS

A business function like accounting and HR which moves information across the company to facilitate decision making and problem solving

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CIO

Oversees all uses of information and ensures strategic alignment of MIS with business goals and objectives

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CDO

Responsible for determining the types of information the enterprise will capture, analyze and share

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CTO

Responsible for ensuring the throughput, speed, reliability of information

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CSO

Responsible for ensuring the security of MIS systems

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CPO

Responsible for ensuring the ethical and legal use of information

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CKO

Responsible for collecting, maintaining, and distributing the organization’s knowledge

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Business strategy

A leadership plan that achieves a specific set of goals or objectives

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Competitive advantage

A product or service that an organization produces at a higher value than competitors

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First-mover advantage

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

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Business tools

SWOT Analysis, Five Forces Model, Value Chain Analysis, Three Generic Strategies

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SWOT Analysis

Evaluates strengths, weaknesses, opportunities, and threats

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Five Forces Model

Substitutes, Buyer Power, New Entrants, Supplier Power, Rivalry

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Buyer power

Ability of buyers to affect the price of an item

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Switching cost

Manipulating costs that make customers reluctant to switch to another product

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Loyalty program

Rewards customers based on the amount of business they do with a particular organization

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Supplier power

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

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Supply chain

Consists of all parties involved in the procurement of a product or raw material

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Threat of Substitutes

High when there are many alternatives

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Threat of New Entrants

High when there is low barriers to entry

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Entry barrier

A feature of a product or service that must be cleared for entry

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Rivalry

High when competition is fierce in the market

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Porter’s Three Generic Strategies

Cost Leadership, Differentiation, Focused Strategy

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Business process

A standardized set of activities that accomplish a specific task, such as a specific process

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Value chain analysis

Views a firm as a series of business processes that each add value to the product or service

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Primary value activities

Logistics, operations, marketing, sales, customer support

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Support value activities

HR, tech department, infrastructure, procurement

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Decision Making Process

Problem identification, Data collection, Solution generation, Solution test, Solution selection, Solution implementation

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Operational decision making

Employees develop, control and maintain core business activities required to run the day-to-day operations

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Structured decisions

Situations where established processes offer potential solutions

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Managerial decision making

Employees evaluate company operations to identify, adapt to, and leverage change

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Semistructured decisions

Occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite decision

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Strategic decision making

Managers develop overall strategies, goals and objectives

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Unstructured decisions

Occurs in situations in which no procedures or rules exist to guide decision makers toward the correct choice

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Project

A temporary activity a company undertakes to create a unique product, service, or result

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Metrics

Measurements that evaluate results to determine whether a project is meeting its goals

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Critical success factors (CSFs)

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

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Key performance indicators (KPIs)

The quantifiable metrics a company uses to evaluate progress toward critical success factors

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External KPI

Market share (portion of market a firm captures)

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Internal KPI

ROI (earning power of a project)

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Efficiency MIS metrics

Measure performance of MIS itself

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Effectiveness MIS

Measures the impact MIS has on business processes

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Benchmark

Baseline values a system seeks to attain

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Benchmarking

A process of continuously measuring system results and comparing them to benchmarks

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Model

A simplified representation or abstraction of reality

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Transaction Processing System (TPS)

Basic business system that serves operational level

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Online Transaction Processing (OLTP)

Capturing of transaction and event information using technology to process, store, and update

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Source document

The original transaction record

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Online Analytical Processing (OLAP)

Manipulation of information to create business intelligence in support of strategic decision making

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Decision Support System (DSS)

Models information to support manager and business professionals during the decision making process

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Quantitative models

What-if analysis, sensitivity analysis, goal-seeking analysis, optimization analysis

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Executive Information System (EIS)

A specialized DSS that supports senior executives

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EIS offerings

Consolidation, drill-down, slice-and-dice, pivot

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AI

Simulates human intelligence such as the ability to reason and learn

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Weak AI

Machines make decisions based on reasoning and past sets of data (majority of AI today)

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Strong AI

Works towards providing brainlike powers to AI machines

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Expert systems

Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems

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Genetic Algorithm

AI system that mimics survival of the fittest process

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Case-based Reasoning

New problems are solved based on solutions to past cases

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Mutation

The process within a genetic algorithm of randomly trying combinations and evaluating the success or failure of the outcome

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Machine learning

A type of artificial intelligence that enables computers to both understand concepts and also learn

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Data augmentation

Occurs when adding additional training examples

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Overfitting

Occurs when a machine learning model matches the learning data too closely and thus is not an effective predictor