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Chapter 1: Management Information Systems

Fact
– confirmation/validation of event/object
Information Age
– present time during which infinite quantities of facts are widely available to anyone who can use a computer
Machine to Machine
– M2M
– devices connecting directly to other devices
Data
– raw facts describing characteristics of event/object
– structured v. unstructured
Internet of Things
– IoT
– world where interconnected internet enabled devices/things can collect/share data without human intervention
Structured Data
– data that has defined length/type/format including numbers/dates/strings
– 20% data
Machine Generated Data
– data created by machine without human intervention
Human Generated Data
– data humans, when interacting with computers, generate
Unstructured Data
– data not defined and not following specified format, typically free-form text
Big Data
– collection of large/complex data sets including structured/unstructured data which cannot be analyzed using traditional tools/methods
Snapshot
– view of data at particular moment in time
Information
– data converted into meaningful/useful context
Report
– document containing data organized in table/matrix/graphical format allowing users to easily comprehend/understand information
Static Report
– report created once, based on data that doesn’t change
– Basically based on past data
Dynamic Report
– report changing automatically during creation
Variable
– data characteristic standing for value that changes/varies over time
– Manipulation = critical to business
Business Intelligence
– BI
– information collected from multiple sources that analyzes patterns/trends/relationships for strategic decision making
– incorporates both internal and external variables in order to predict business performance
Analytics
– science of fact-based decision making
Predictive Analytics
– extracts information from data and uses it to predict future trends/identify behavioral patterns
Behavioral Analytics
– uses data about people’s behaviors to understand intent/predict future actions
Knowledge
– skills/experience/expertise coupled with information/intelligence creating person’s intellectual resources
Knowledge Worker
– individuals valued for ability to interpret/analyze information
System
– collection of parts linking to achieve common purpose
Good
– material items/products customers but to satisfy want/need
Service
– tasks customers buy to satisfy want/need
Production
– process where business takes new materials and converts them into finished product
– Input + process = output
Productivity
– rate at which goods/services produced based on total output given total input
Systems Thinking
– way of monitoring entire system by viewing multiple inputs being processed/transformed to produce outputs while continuously gathering feedback on each part
Feedback
– information returning to original transmitter and modifying transmitter’s actions to maintain stability
Management Information Systems
– MIS
– business function moving info about people/products/processes across company to facilitate decision making/problem solving
Chief Information Officer
– CIO
– responsible for overseeing all uses of MIS and ensuring MIS strategically aligns with business objectives/goals
Chief Data Officer
– CDO
– responsible for determining types of info enterprise will capture/retain/analyze/share
Chief Technology Officer
– CTO
– responsible for ensuring throughput, speed, accuracy, availability, and reliability of organization’s information technology
Chief Security Officer
– CSO
– responsible for ensuring security of MIS systems and developing strategies/MIS safeguards against attacks from hackers/viruses
Chief Privacy Officer
– CPO
– responsible for ensuring ethical/legal use of information within company
Chief Knowledge Officer
– CKO
– responsible for collecting/maintaining/ distributing company knowledge
Chief Intellectual Property Officer
– manage/defend intellectual property/copyright/patents
Chief Automation Officer
– determine if person/business process can be replaced by robot/software
Chief User Experience Officer
– create optimal relationship between user/tech
MIS Skills Gap
– difference between existing MIS workplace knowledge and knowledge required to fulfill business goals/strategies
Business Strategy
– leadership plan that achieves specific set of goals/objectives
Competitive Advantage
– feature of product/service on which customers place greater value than on similar offerings from competitors
Stakeholder
– person/group with interest/concern in company
First Mover Advantage
– advantage occurring when company can significantly increase its market share by being first to market with competitive advantage
Competitive Intelligence
– process of gathering info about competitive environment including competitor’s plans/activities/products to improve company’s ability to succeed
SWOT Analysis
– evaluates organization’s strengths/weaknesses/opportunities/threats to identify significant influences working for/against business strategies
– strength/weakness = internal
– opportunities/threats = external
Porter’s Five Forces Model
– model for analyzing competitive forces within environment in which company operates to assess potential for profitability in industry
Buyer Power
– ability of buyers to affect price they must pay for item
– High BP = bad for company… hard to control costs
Switching Costs
– costs that make customers reluctant to switch to another product/service
– Not necessarily cash, also time/relationship/etc…
Loyalty Programs
– rewards customers based on spending/loyalty to company
Supplier Power
– measures suppliers’ ability to influence prices they charge for supplies
– High SP = bad for consumers as most companies pass increase in supply price to consumer (unless high BP and high SP)
Supply Chain
– all parties involved indirectly/directly in obtaining raw materials or product
Threat of Substitute Products/Services
– high when many alternatives to product/service
– low with few alternatives
– alternatives ? alternative brands
Threat of New Entrants
– high when easy for new competitors to enter
– low when hard for new competitors to enter b/c barriers to entry
Entry Barrier
– feature of product/service customers come to expect that entering competitors must offer ni order to survive
Rivalry Among Existing Competitors
– high when competition is fierce in market
– low when competition is complacent in market
– competition between brands
– generally high in every industry
Product Differentiation
– advantage occurring when company develops unique differences in product with intent to influence demand
Porter's Three Generic Strategies
Porter’s Three Generic Strategies
– generic business strategies neither organization/industry specific and can be applied to any business/product/service
Broad Cost Leadership
– broad market/product/service offering
– low prices
Ie: Walmart
Broad Differentiation
– broad market/product/service offering
– high prices because products differentiated
Ie: Neiman Marcus, Nordstrom
Focused Strategy
– narrow market with more options + low cost: Payless
– narrow market with more options + high cost: Tiffanys, Prada
Business Process
– standardized set of activities that accomplish specific task
Value Chain Analysis
Value Chain Analysis
– views firm as series of business processes that each add value to product/service-
– business can target high value and further value, target low value and turn to high, or combo
– Porter’s five forces threaten parts of VCA
Primary Value Activities
– bottom of value chain
– activities including… inbound logistics, operations/manufacturing, outbound logistics, marketing/sales, and after-services
Support Value Activities
– top of value chain
– business processes supporting primary value activities… firm infrastructure, HR management, R&D, procurement

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