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41 Cards in this Set
- Front
- Back
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Components of an Information System: |
- Hardware - desktops, laptops, PDA's (scanner) - Software - operating systems, programs (Microsoft Office) - Data - facts and figures entered into computer (student ID, book ID) - Procedures - how the 4 components are used - People - users, technologists, IS support |
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What is an Information System? |
- An Information System (IS) consists of a set of components that work together to process data and produce information |
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What do each of the five components act as? |
- Hardware and People > Actors - Software and Procedures > Instructions - Data > Bridge |
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What is information? (3 points) |
- Data: raw facts that describe a particular phenomenon - Information: data that has been processed so as to be meaningful in a specific context |
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What does 'information is subjective' mean? (2 points) |
-Information in one person's context is just a data point in another person's context because what may be important to you may not hold the same level of importance to someone else. - Context changes occur in information systems when output from one system becomes input to another system |
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What make some information better than other information? (3 points) |
- Accurate - correct and complete data, and processed correctly, - Timely - produced in time for its intended use - Relevant - both to the context and the subject |
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Difference between IT and IS? |
- Information technology supports the IS, and drives the development of new information systems. |
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Porter's five forces model: |
- Intensity of each force determines characteristics of the industry, how profitable it is and how sustainable that profitability will be. |
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Power of Buyers: Buyers have power when: (5 points) |
- Buyer's group is concentrated - purchases large percentage of the seller's sales - Buyers have great choice, alternatives are easy to find - Low switching costs - Buyers can produce parts of the products themselves - The product is not important for the quality of the product made by buyers |
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Power of Suppliers: Suppliers have power when: (4 points) |
- Supplier concentration - a small number of companies compared to the industry to which they sell - No substitutes products - the buyer isn't important to the supplier - Hight switching cost |
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Threat of New Entrants: Barriers to entry: (4 points) |
- Brand identification and customer loyalty - Required start-up costs, eg. infrastructure, advertising - Switching costs for customers - Access to distribution channels |
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Threat of Substitute Products and Services: (2 points) |
- are high when there are many alternatives for buyers and low when there are few alternatives - switching costs can reduce threat |
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Rivalry among existing competitors |
- Number of existing competitors and existence of dominant players - Slow industry growth - Lack of differentiation or low switching costs - high strategic stakes - expansion or high market share - Barriers to exit |
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Porter's competitive strategies: (Diagram) |
Firms will engage with any of these four strategies |
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2 ways to respond to the five competitive forces: (Via products and via business processes) |
- Create a new product or service - Enhance products or services - Differentiate products or services - Lock in customers and buyers - Lock in suppliers - Raise barriers to market entry - Establish alliances - Reduce costs |
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What is a Business process? |
- a network (set) of activities, resources, facilities and information that interact (or work together) to perform some business function (or achieve a business goal) - transforms an input to a more valuable output |
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What is business process management? |
- systematic process of creating, assessing, altering (changing) business processes |
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Four stages of Business Process Management: (BPM) |
1) Create model of business process components - users review and adjust model - 'as-is' model documents current processes 2) Create system components - uses five elements of IS 3) Implement business process 4) Create policy for ongoing assessment of process affectiveness |
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Business Process Modeling Notation (BPMN) |
- is the standardized notation for software industry |
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What are functional processes? (also give examples) |
- involve activities within a single department or function - eg. accounting, human resources, sales forecasting etc. |
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What are cross- functional processes: |
- Cross-functional processes involve activities among several business departments (so BPM is shared) |
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What are inter-organizational processes: |
- are processes that cross organizational boundaries - inter-organizational processes are much more complex than functional or cross-functional systems |
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What is CRM? |
Customer Relationship Management |
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Functions and Characteristics of CRM: (3 points) |
- tracks all interactions with customer from prospect through customer service - integrates all primary activities of value chain - supports phases of customer lifecycle: |
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Major components of CRM: (3 points) |
- Solicitation - Lead tracking (pre-sale) - Relationship management (post-sale) |
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What is ERP? |
Enterprise resource planning |
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ERP characteristics: (4 points) |
- provides cross-functional, process view of organization - has a formal approach based on formal business models - maintains data in centralized database - expensive |
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Benefits of ERP: (4 points) |
- inventory reduction - improved customer service - real-time insight into organization - higher profitability |
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How is an ERP system implemented? (9 steps) |
1) Current Processes 2) Relevant ERP Processes 3) Compare 1 and 2 4) Prepare Plan 5) Train users 6) Conduct simulation 7) Convert to New System 8) Follow Plan |
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What is collaboration? |
- two or more people work together towards a common goal, result, or work project - it requires: - communication - sharing information and knowledge - combining skills and working together - feedback and iteration |
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Business intelligence objectives: (5 points) |
- BI helps people to understand - Capabilities of the organization - State of the art trends and future directions of the market -Technological, demographic, economic, political, social, and regulatoryenvironments in which the organization competes - Actions of competitors |
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Business intelligence tools: (3 points) |
- Reporting tools - Data-mining tools - Knowledge-management tool |
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Reporting tools steps: (5 steps) |
- sorting - grouping - calculating - filtering - formatting |
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What is RFM? What do they do? (Reporting tool) |
- R = Recently - F = Frequently - M = Money spent - Classify customers |
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What is OLAP? (Reporting tool) |
- Online analytical processing - ability to sum, count, average and perform other simple arithmetic operations on groups of data. - OLAP reports are dynamic |
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Data-mining techniques: (2 points) |
- Supervised - where you know what you are looking for - regressing analysis - Unsupervised - where you don't know what you're looking for - decision trees - market basket |
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Market-basket analysis: (Supervised data-mining technique) |
- is a data-mining technique for determining sales patterns: - Support: Probability that two items will be bought together - Confidence: What proportion of customers who bought a mask alsobought fins? - Lift: Ratio of confidence to base probability of buying item |
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Decision trees: (Unsupervised data-mining technique) |
- Hierarchical arrangement of criteria that predict aclassification or value - Basic idea of a decision tree: - select attributes most useful for classifyingsomething on some criteria that can create distinctgroups - the more different or pure the groups, the better theclassification. |
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Data warehouse data sources: (4 points) |
- Internal operations systems - External data purchased from outside sources - - Data from social networking, user-generatedcontent applications - Clickstream data of customers' clicking behaviouron a website. |
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What is a database and what is its purpose? |
- a self-describing collection of integrated records - purpose: to keep track of things |
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What is DBMS? |
- Database Management System - a program (software) used to create, process and administer a database - eg. Microsoft Access |
