Business Information Systems 111 Test 1 Notes

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Chapter 1: Business Driven MIS (Key Terms pg. 27)
Competing in an information age
4 Driving factors
Data: raw facts that describe the characteristics of an event or object(pg.6) Information: data that has been converted into a meaningful and useful context(pg.8) uses variables, data characteristics that stand for a value that changes or varies over time, to help answer questions Business intelligence: information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends and relationships for strategic decision making(pg.8) ex/ helps predict inventory requirements given a certain set of criteria Knowledge: includes skills, experience, and expertise coupled with information and intelligence that creates a persons intellectual resources.(pg.9) Management Information Systems(pg.11)

-collection of parts that link to achieve a common purpose
-moves information about people, products, and processes across the company to facilitate decision making and problem solving and operate cross-functionally is most valuable when it leverages the talents of people who know how to use and manage it effectively Identifying competitive advantages(pg. 13)

Business strategy: leadership plan that achieves a specific set of goals or objectives for a company Porters Five Forces Model(pg. 15-18)
Buyer Power: ability of buyers to affect the price they must pay for an item Supplier Power: the suppliers ability to affect the price the charge for supplies Threat of substitutes: high when there are many alternatives and low when there are few alternatives Threat of New Entrants: is high when it's easy for companies to enter, low when it is hard for companies to enter Rivalry among existing competitors: high when competition is fierce, low when competitors are more complacent Three Generic Business Strategies(pg 19-20)

1. Broad Cost Leadership
2. Broad Differentiation
3. Focused Strategy
Value Chain Analysis(pg. 20-23)
Primary value activities
1. Inbound Logistics
2. Operations
3.Outbound Logistics
4.Marketing and Sales
5.Service
Support Value Activities
Firm infrastructure
Human resource management
Technology Development
Procurement
Chapter 2: Decisions and Processes: Value Driven Business (Key Terms pg. 77-78) Managerial Decision-Making Challenges (pg.43)
1.Managers need to analyze large amounts of data
2.Managers must make decisions quickly
3. Managers must apply sophisticated analysis techniques such as Porters strategies or forecasting, to make strategic decisions Decision Making Process(pg.44)
1. Problem Identification
2. Data Collection
3. Solution Generation
4. Solution Test
5. Solution Selection
6. Solution Implementation
Operation decisions: structured decisions, arise in situations where established processes offer potential solutions(44) Managerial decisions: semistructured decisions, cover short to medium range plans, schedules, budgets along with policies, procedures, and business objectives for the firm(44) Strategic decisions: unstructured decisions, development of overall business strategies, goals, and objectives as part of a company's strategic plan(46) Metrics

Critical Success Factors (CSF's) (47)
Key Performance Indicators (KPI's)(47)
Each CSF may have several KPI's
Efficiency Metrics(49)
ex. Throughput, transaction speed, system availability, information accuracy, response time Effectiveness Metrics(49)
ex. Usability, Customer Satisfaction, Conversion Rates, Financial info Often used to benchmark future data to help managers identify problems that arise(50) Support: Enhancing Decision Making with MIS

Model: simplified representation or abstraction of realtiy
Operational Support Systems(51)
Managerial Support Systems(52)
Strategic Support Systems(54)
The Future: Artificial Intelligence(57)
Expert systems: advisory programs that imitate the reasoning process of experts in a certain field(58) Neural Networks: attempts to...
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