Exam 3

MIS (Management Information Systems) 

Information Technology (IT) 

• any computer-based tool that people use to work with information and to support the information and information-processing needs of an organization. 

• It collects, processes, stores, analyzes, and disseminates information for specific purpose. 

• Become an informed user  

• Helps you keep up with new technologies and the rapid development of existing technologies. 

• Big data are too large and complex to be processed by traditional methos. (Instagram stories, tweets, YouTube videos) 

• The 3 vs plus 2 are volume, velocity, variety, variability, and veracity. 

• IOT (internet of things) anything that connects to and share data through the internet 

• IOT 3 main parts (things, networks/connections, and systems) 

• Things (objects, machine and other IOT devices that use embedded sensors to collect data)  

• Networks/ connections (networks- usually wireless- that connect IoT devices) 

• Systems (streaming analytics processes data on the fly, cleaning it, then triggering actions, if needed. 

• Jobs (Software Developer, Web Developer, Project Manager, business Analyst, and Database Administrator 

Cybersecurity & Cybercrime 

• Virus is an executable program that gets installed unintentionally and harms a user and their computer. It’s possible for a virus to spread itself to other computers. 

• Viruses can happen by someone luring the victim into installing a program with deception about the programs purpose, many are described as security updates which are fake.  

•  Another way is that the software on your computer has a vulnerability so an attacker can install itself without even needing explicit permission, 

• Once a virus is on the computer it can steal or delete any files, control other programs, even allow someone else to remotely control that computer.  

• Many hackers use the computers they take over as a digital army also known as a botnet. 

Cybercriminals  

Distributed Denial of Service  

• Attacks come from many computers all at once 

• Hackers overwhelm a website with too many requests and cause the websites and computers to overload and stop responding. 

• Cybercriminals uses tricks like sending large amounts of spam email so that the person can share sensitive personal information (phishing scam) 

• Phishing scam is when you get something that seems like a trustworthy email that ask you to log into your account and clicking it takes you to fake website which tricks you to login and give your password away.  

• Hackers use your login credentials to access your real accounts to steal information and to probably steal your money 

• 90% of the time security hacks happen because of a simple mistake made by a human. 

PivotTable 

• Calculate and summarize data in a way that makes it easier to read 

• To create a pivotable, select the table of cells (including column headers) you want to be included in the PivotTable 

• Create PivotTable, place on new worksheet 

• Decides which fields to add (columns, filters, rows and values) 

• Sort the data by using the sort and filter command  

• To manually update select the table and then go to analyze refresh 

• Pivot tables help you quickly pivot or reorganize the data so that the worksheet can be examined in several ways, helping answer different questions and experiments.  

Management  

• Management works to put the right people in the right places with the right training and 
  reward them with the right benefits. 

• Get the right materials into the right processes at the right time with the right quality 

• Assemble the right tools and technologies to provide successful solutions and build the business 

Different managment  

Management of people 

• Management divides the work into job-sized chunks 

• Creating the circumstances that enable employees to succeed in, prosper in, and enjoy 
  the work of the business 

 Management of processes 

• Management divides the work into steps over time 

•  Organizing the scale, order, pace, and content of the processes to get the work done 
   

Management of tools to build the business 

• Management divides the work across people, machines, and tools 

• - Assembling the tools for planning and creating, for designing and producing, for developing and improving the business 

Human resources  

• Determine the number of jobs the company needs, designs the job, and decides who reports to whom. 

• The people who work in the business – the employees – have knowledge, skills, experience, time, and enthusiasm. 

• Human resources organize and channels those elements toward accomplishing the objective of the business. 

Multiple Steps, Processes, and Supplies 

• Management divides the work into steps over time and obtains supplies needed for each step. 

• These process tasks are referred to as supply chain management, operations, and production. 

• Combine and organize the activities to create the product or service the business sells. 

• There is an order to the steps, time scheduled for each one, and money budgeted for each one. These processes bring in raw materials and components, make something, and ship it out to customers. 

Different Tools for Different Purposes 

• Management divides the work of the business across people, machines, and tools. 

• There are many different types of tools, such as a few pictured here: 

• Analysis, planning, and design technologies 

•  Automation technologies 

• Integrating, coordinating, and learning technologies 

Managing the Tools of the Business 
 

Analysis, planning, and design technologies 

• Computers can process data in very large quantities and at very fast speeds so that humans can test designs, build prototypes, create business plans, and analyze scenarios. 
   

Automation technologies 

•  Machines can be designed and deployed to do physical, manual labor that had been done by humans. The work might be tedious or even dangerous if done by humans, but not for machines. The people, then, shift to designing, maintaining, and managing the machines. 
   

Integrating, coordinating, and learning technologies 

• Machines can be connected to control the flow of work and to alert humans to problems. Companies can be connected directly to their suppliers and customers. Artificial intelligence and machine learning can provide humans with machine-generated predictions and recommendations. 

Frameworks: Some Tools of the Trade 

• Frameworks help us to communicate about the jobs, processes, and analysis of the business. Specifically, we’ll look at the following: 

Management of jobs 

• organizational hierarchy 

• organization chart 
   

Management of processes 

• Flowchart 

• Gantt chart for scheduling 
   

Management of analyses of the business 

•  Excel 

Organizational Hierarchy 

•  Responsibilities and typical activities differ at different levels of the hierarchy. 

 Lower levels 

• detailed understanding of a specific area 

• work on immediate solutions to daily 
  problems in those areas. 

Upper levels 

• high-level, big picture view of how the pieces of the company all fit together 

• Work on designing strategic solutions for the whole organization. 

Management interacts with the other functions of business in many 
ways. Here are some examples: 

• Management takes the specifications that Marketing obtains from customers 
  and determines how to build the product or deliver the service. 

• Management places orders for necessary raw materials, then asks Accounting to pay the invoice using cash that Finance obtained from the bank. 

• Management uses the demand forecast from Economics to schedule quantities to produce and determine how many employees to hire. 

• Management provides salary and wage rates to Accounting so that they can process the payroll to pay the employees. 

•  Management - “Gets the work done.” 

Finance 

• Gathering and managing money 

• Budgeting, borrowing, lending, saving, investing, and forecasting 

Financial Analyst 

• Provide input to businesses and individuals with decisions about investments like stocks, bonds and mutual funds 

• Analyze companies, industries and economic trends to help decision makers anticipate risks and 
  opportunities 
   

Credit Analyst 

•  Investigate the credit worthiness of potential borrowers 

•  Estimate the likelihood of default, if a loan is given 

Data Analyst 

•  Provide financial input for managers to make decisions about investments, acquisitions (getting something), building expansions and other new projects 

• Applied to many parts of organizational planning 

Budget Analyst 

•  Help public and private companies organize their money and financial strength 

• develop cost estimates for future expansion programs 

•  Make recommendations to managers to identify areas of possible budget reductions 

Personal Financial Advisor 

• Evaluate the people’s financial needs 

•  Assist in decisions on investments, tax laws, tax planning, and insurance 

•  Help plan for long-term and short-term financial goals 

•  May provide tax advice or sell insurance as well as provide financial advice 

Characteristics of the trade 

• Great communication skills 

• Taking initiative 

• Being inquisitive 

• Hard worker 

• Persistent 

•  Problem solver 
   

Interest rate 

• The money a person, bank or any other moneylender will charge for the money you borrowed 

Investment 

• The money (or property, stock, etc.) you put into your business to make a profit or earn interest 

Capital 

• Your money or your assets 

Debt 

• Any kind of borrowing (loans, mortgages (payments on property)) 

• Must be repaid at later date with interest 

Credit rating 

• Estimation or formal evaluation of persons credit history  

• Indicates the potential ability to repay a new loan 

Short-term loan 

• Borrowing money for a short amount of time 

• Usually less than 5 years  

Long-term loan 

• Borrowing money for a longer period of time 

• Usually, five years or more  

• May offer a smaller interest rate than a short-loan loan 

Economics  

• How society uses its limited resources 

• Examines the choices that people, companies, and government use in allocating those limited resources  

• Scare resources 

• The build of study that examines the choices that people, government and businesses use in allocating those limited resources 

Opportunity cost  

• The value of the next highest valued alternative use of that resource  

• Cant have everything have to look at the cost and make a choice  

Macroeconomics 

• Analyze decisions by made countries and governments 

• Unemployment rate 

• Inflation  

• GDP  

Microeconomics  

•  Decisions made by individuals and business  

• A company makes coffee so they have to take into account what the demand will be and when people will more likely to purchase them  

• Demand will be high around college move- in dates and Christmas 

Supply and Demand   

• Reflect the interactions between the buyer and sellers  

• If people are willing to buy something at a higher price the seller will be able to produce more of those products (concept of supply) 

• If the prices go up the quantity goes down 

Equilibrium price is neither a shortage or a surplus of a product but it is the point in which quantity demanded equals the quantity supplied  

Supply is the quantity of goods and services that businesses are willing to offer at different prices  

Demand is the quantity of goods and services that customers are willing to buy at different prices. 

Economic Systems 

• Capitalism is a free-market system meaning businesses can decide how much they will produce and charge and then individuals can decide how much they will buy and how much their willing to pay. Capitalism is the primary economic system of the US. Private ownership 

• Socialism is based down on the idea that the government owns and operate key industries that impact public law fair things like health care, telecommunication, utilities. Socialism has higher taxes for those who make more. 

• Communism is based down on a very strong central government controls all businesses and enterprises, today north Korea and Cuba have communism. This mean Indvidual's aren't really allowed to even make the most basic choices from themselves.  

Socialism and Communism are controlled by the government