Mis 180 Study Guide

Front 1

Fact

Back 1

the confirmation or validation of an event or object

Front 2

Information Age

Back 2

when infinite quantities of facts are widely available to anyone who can use a computer

Front 3

Data

Back 3

are raw facts that describe the characteristics of an event or object

Front 4

Information

Back 4

is data converted into a meaningful and useful context

Front 5

Variable

Back 5

is a data characteristic that stands for a value that changes or varies over time

Front 6

Business Intelligence

Back 6

is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making

Front 7

Knowledge

Back 7

includes the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources

Front 8

Knowledge workers

Back 8

individuals valued for their ability to interpret and analyze information

Front 9

Accounting

Back 9

records, measures, and reports monetary transactions

Front 10

Finance

Back 10

Deals with strategic financial issues including money, banking, credit, investments, and assets.

Front 11

Human Resources

Back 11

maintains policies, plans, and procedures for the effective management of employees

Front 12

Marketing

Back 12

supports sales by planning, pricing, and promoting goods or services

Front 13

Operations management

Back 13

manages the process of converting or transforming resources into goods or services

Front 14

Sales

Back 14

performs the function of selling goods or services

Front 15

System thinking

Back 15

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

Front 16

Feedback

Back 16

is information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions

Front 17

Management information system (MIS)

Back 17

is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving

Front 18

CIO

Back 18

Chief Information Officer
is responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives

Front 19

CKO

Back 19

Chief knowledge Officer
is responsible for collecting, maintaining, and distributing company knowledge

Front 20

CPO

Back 20

Chief privacy officer
is responsible for ensuring the ethical and legal use of information within a company

Front 21

CSO

Back 21

Chief security officer
is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses

Front 22

CTO

Back 22

Chief technology officer
is responsible for ensuring the speed, accuracy, availability, and reliability of the MIS

Front 23

Business strategy

Back 23

is a leadership plan that achieves a specific set of goals or objectives such as:
developing new products or services
entering new markets
increasing customer loyalty
attracting new customers
increasing sales
decreasing costs

Front 24

Objective of business strategy

Back 24

developing new products or services
entering new markets
increasing customer loyalty
attracting new customers
increasing sales
decreasing costs

Front 25

Competitive advantage

Back 25

is a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors

Front 26

First Mover Advantage

Back 26

occurs when a company can significantly increase its market share by being first with a new competitive advantage

Front 27

Competitive intelligence

Back 27

is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed

Front 28

Porter's Five Forces Model

Back 28

analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry

Front 29

Supplier Power

Back 29

the power of suppliers to drive up prices of materials

Front 30

Threat of Substitute Products or Services

Back 30

the power of customers to purchase alternatives

Front 31

Threat of New Entrants

Back 31

the power of competitors to enter a market

Front 32

Rivalry among Existing Competitors

Back 32

the power of competitors

Front 33

Buyer Power

Back 33

the power of customers to drive down prices

Front 34

Switching Costs

Back 34

costs that make customers reluctant to switch to another product or service

Front 35

Loyalty programs

Back 35

which reward customers based on their spending

Front 36

Supply chain is

Back 36

consists of all parties involved, directly or indirectly, in obtaining raw materials or a product

Front 37

supplier power is

Back 37

is the suppliers' ability to influence the prices they charge for supplies (including, materials, labor, and services)

Front 38

If supplier power is high, the supplier can influence the industry by:

Back 38

charging higher prices
limiting the quality or services
shifting the costs to industry participants

Front 39

Threat of substitute products or services
is high when...
is low when...

Back 39

is high when there are many alternatives to a product or service
it is low when there are few alternatives from which to choose

Front 40

Supply chain

Back 40

consists of all parties involved, directly or indirectly, in obtaining raw materials or a product
suppliers--> company --> customers

Front 41

Threat of new entrants
is high when...
is low when...

Back 41

is high when it is easy for new competitors to enter the market and low when there are significant entry barriers joining a market

Front 42

entry barrier

Back 42

is a feature of a product or service that customers have come to expect and entering competitors must offer the same for survival

Front 43

Rivalry among existing competitors

Back 43

is high when competition is fierce in a market
it is low when competitors are more complacent

Front 44

Product differentiation

Back 44

occurs when a company develops unique differences in its products or services with the intent to influence demand

Front 45

Broad market and low cost

Back 45

ex. walmart
it competes by offering a broad range of products at low prices. Its strategy is to be the low cost provider of goods for the cost conscious consumer

Front 46

Broad market and high cost

Back 46

ex. neiman marcus
competes by offering a broad range of differentiated products at high prices. its business strategy offers a variety of specialty and upscale products to affluent consumers

Front 47

narrow market and low cost

Back 47

ex. payless
competes by offering a specific product, shoes, at a low price.

Front 48

narrow market and high cost

Back 48

ex. tiffany & co
competes by offering a differentiated product. jewelry at a high price

Front 49

business process

Back 49

is a standardized set of activities that accomplish a specific task, such as processing a customer's order

Front 50

value chain analysis

Back 50

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

Front 51

primary value activities

Back 51

acquire raw materials and manufacture, deliver, market, sell and produce after-sale services

Front 52

inbound logistics

Back 52

acquires raw materials and resources and distributes to manufacturing as required

Front 53

operations

Back 53

transforms raw materials or inputs into goods and services

Front 54

outbound logistics

Back 54

distributes goods and services to customers

Front 55

marketing and sales

Back 55

promotes prices and sells products to customers

Front 56

service

Back 56

provides customer support after the sale of goods and services

Front 57

support value activities

Back 57

includes: firm infrastructure, human resource, technology development, procurement

Front 58

firm infrastructure

Back 58

includes the company format or departmental structures, environment, and systems

Front 59

human resource management

Back 59

provides employee training, hiring, and compensation

Front 60

technology development

Back 60

applies MIS to processes to add value

Front 61

procurement

Back 61

purchases inputs such as raw materials, resources, equipment, and supplies

Front 62

structured decisions

Back 62

operational decisions, arise in situations established processes offer potential solutions

Front 63

semistructured decisions

Back 63

they occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decisions

Front 64

unstructured decisions

Back 64

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

Front 65

metrics

Back 65

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

Front 66

project

Back 66

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

Front 67

CSF

Back 67

critical success factors
are the crucial steps companies perform to achieve their goals and objectives and implement their strategies

Front 68

CSF's include

Back 68

create high quality products
retain competitive advantages
reduce product costs
increase customer satisfaction
hire and retain the best business professionals

Front 69

KPIs

Back 69

key performance indicators are the quantifiable metrics a company uses to evaluate progress toward critical success factors

Front 70

KPIs include

Back 70

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

Front 71

market share

Back 71

the proportion of the market