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58 Cards in this Set
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- Back
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Operational
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Employees develop, control, and maintain core business activities required to run the day-to-day aperations
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Operational
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Employees develop, control, and maintain core business activities required to run the day-to-day operations
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Managerial
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Employees are continuously evaluating company operations to hone the firm's abilities to identify, adapt to, and leverage change.
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Strategic
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Managers develop overall business strategies, goals, and objectives as part of the company's strategic plan. Also monitor strategic performance
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Structured Decisions
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Arise in situations where established processes offer potential solutions. Decisions made frequently and repetitively.
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Ex. Reordering inventory
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Semistructured Decisions
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Occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decisions
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Ex. Decisions about producing new products
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Unstructured Decisions
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Occurs in situation in which no procedures or rule exist to guide decision makers toward the correct choice.
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Decision to enter new market or industry.
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Metrics
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Measurements that evaluate results to determine whether a project is meeting its goals
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Critical Success Factors (CSFs)
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Crucial steps companies perform to achieve their goals and objectives and implement their strategies.
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Include:
- Create high-quality produces - Retain Competitive advantages - Reduce product costs - Increase customer satisfaction Hire and retain the best business professionals. |
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Key Performance Indicators (KPIs)
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quantifiable metrics a company uses to evaluate progress toward critical success factors. KPIs are far more specific than CSFs.
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Ex. - Turnover rates of employees
- Percentage of help desk calls answered in the first minute - Number of product returns -Number of new customers - Average customer spending |
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Return on Investment (ROI)
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Indicates the earning power of a project. Measure by dividing the profitability of a project by the costs
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Efficiency MIS metrics
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Measures the impact MIS has on business processes and activities. Focuses on how well a firm is using its resources in an optimal way.
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Benchmarking
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Process of continuously measuring system results, comparing those results to optimal system performance and identifying steps and procedures to improve system performances. Provides feedback so managers can control the system.
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Transactional Information
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Encompasses all the information contained within a single business process or unit of work, and its primary purpose is to support the performance of daily operational or structured decisions.
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Online Transaction Processing (OLTP)
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Capture of transaction and event information using technology to:
1. Process the information according to defined business rules, 2. Store information 3. Update existing information to reflect the new information. |
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Transactional Processing Systems (TPS)
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The basic business system that serves the operational level (analysis) and assists in making structured decisions
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Analytical Information
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Encompasses all organizational information, and its primary purpose is to support the performance of managerial analysis or semistructured decisions.
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Online analytical Processing (OLAP)
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The manipulation of information to create business intelligence in support of strategic decisions
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Decision Support Systems (DSSs)
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Model information using OLAP, which provides assistance in evaluating and choosing among different courses of action.
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What if Analysis
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Checks the impact of a change in a variable or assumption on the model
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Ex. What will happen to the supply chain if a hurricane in SC reduces holding inventory from 30% to 10%
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Sensitivity Analysis
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A special case of what if analysis. The study of the impact on other variables when one variable is changed repeatedly.
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Useful when users are uncertain about assumptions made in estimating the value of certain key variables
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Goal-Seeking Analysis
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Finds the input necessary to achieve a goal such as a desired level of output.
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Ex. Many customers must purchase Ipods to increase profits to $5 Million.
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Optimization Analysis
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Finds the optimum value for a target variable by repeatedly changing other variables, subject to specified constraints.
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Managers can calculate the highest potential profits.
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Executive Information System (EIS)
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A specialized DSS that supports senior-level executives and unstructed, long-term, nonroutine decisions requiring judgment, evaluation and insight.
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Granularity
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The level of detail in the model or the decision-making process.
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Visualization
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Produces graphical displays of patterns and complex relationships in large amount of data.
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Digital Dashboard
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tracks KPIs and CSFs by compiling information from multiple sources and tailoring it to meet user needs.
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Consolidation
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The aggregation of data from simple roll-ups to complex groupings of interrelated information.
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Ex. Data for different sales reps can then be rolled up to an office level, then state level, then regional.
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Drill-down
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Enables users to view details, and details of details, of information.
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View regional sales, then state, then office sales.
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Slice & Dice
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Ability to look at information from different perspectives
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Artificial intelligence (AI)
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Stimulates human thinking and behavior, such as ability to reason and learn.
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Intelligent Systems
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Various commercial applications of artificial intelligence.
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Expert Systems
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Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems.
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Intelligent Systems
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Various commercial applications of artificial intelligence.
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Expert Systems
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Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems.
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Neural Networks
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Analyze large quantities of information to establish patterns and characteristics in situations where the logic or rules are unknown.
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Ex. Learning and adjusting to new circumstances on their own.
Lending themselves to massive parallel processing. |
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Fuzzy Logic
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A mathematical method of handling imprecise or subjective information
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Assigns a value between 0 and 1 to vague information. 0 represents information not included and 1 represents inclusion or membership.
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Genetic Algorithm
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Mimics the evolutionary, survival of the fittest process to generate increasingly better solutions to a problem. Finds the combination of inputs that gives the best ouputs.
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Fuzzy Logic
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A mathematical method of handling imprecise or subjective information
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Assigns a value between 0 and 1 to vague information. 0 represents information not included and 1 represents inclusion or membership.
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Genetic Algorithm
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Mimics the evolutionary, survival of the fittest process to generate increasingly better solutions to a problem. Finds the combination of inputs that gives the best ouputs.
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Intelligent Agent
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A special-purpose knowledge-based information system that accomplishes specific tasks on behalf of its users.
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Shopping bot
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Software that will search several retailer websites and provide a comparison of each retailer's offerings including price and availability.
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Virtual Reality
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Computer simulated environment that can be a simulation of the real world or an imaginary world
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Customer-facing processes or Front office processes
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Result in a product or service recieved by an organization's external customers
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Fulfilling orders, communicating with customers, and sending out bills and marketing information.
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Business-facing Processes or Back-office processes
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Invisible to the external customer but essential to the effective management of the business.
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Includes goal setting, day-to-day planning, giving performance feedback and rewards, and allocating resources.
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Business Process Modeling or Mapping
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Activity of creating a detailed flowchart or process map of a work process that shows its inputs, tasks, and activities in a structured sequence
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As-Is process models
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represents the current state of the operation that has been mapped, without any specific improvements or changes to existing processes.
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To-Be process models
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Show the results of applying change improvement opportunities to the current (As-IS) process model.
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Swim lane layout
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Arranges the steps of a business process into a set of rows depicting the various elements.
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Workflow
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Includes tasks, activities, and responsibilities required to execute each step in a business process.
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Business process improvement
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Attempts to understand and measure the current process and make performance improvements accordingly.
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Automation
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The process of computerizing manual tasks, making them more efficient and effective and dramatically lowering operational costs.
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Streamlining
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Improves business process efficiencies by simplifying or eliminating unnecessary steps
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Bottlenecks
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Occur when resources reach full capacity and cannot handle any additional demands; they limit throughput and impede operations.
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Redundancy
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Occurs when a task or activity is unnecessarily repeated
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Ex. Of both the sales dep. & accounting dep. check customer credit.
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Cycle time
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Time required to process an order
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Business process reengineering (BPR)
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The analysis and redesign of workflow within and between enterprises. Assumes current process does not work and needs complete overhaul.
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A company can improve travel from walking, to horse, to car, to plane
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Business Process Management Systems (BPM)
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Focuses on evaluating and improving processes that include both person to person workflow and system to system communications.
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