Definitions of Data, Information, Knowledge and wisdom
* Data – Data items refer to an elementary description of things, events, activities, and transactions that are recorded, classified, and stored but are not organized to convey any specific meaning. * Data items can be numbers, letters, figures, sounds, and images. * Information – Refers to data that have been organized so that they have meaning and value to the recipient. * Knowledge – Consists of data and/or information that have been organized and processed to convey understanding, experience, accumulated learnings, and expertise as they apply to a current business problem. Information Technology architecture
* Hardware, software, a database, a network, procedures, and people Information Infrastructure
* The IT components plus IT services comprise the organization’s information technology infrastructure. Information Components
* Hardware, software, databases, and networks.
* IT personnel use the components to develop information systems, oversee security and risk, and manage data. Information Services
* IT personnel use IT components to perform these IT services: develop information systems, oversee security and risk, and manage data. Chapter 2
Definition- Business process
* Business process – A collection of related activities that produce a product or a service of value to the organization, its business partners, and/or its customers Definition- Cross-Functional Processes
* Cross-functional business process – A process in which no single functional area is responsible for its completion; multiple functional areas collaborate to perform the function Definition of Business Pressure
* Business pressure – Significant changes in any of the social, legal, economic, physical, or political factors in which businesses conduct their operations are likely to create business pressures. Definitions of Market, Technology, and Societal/Political/Legal Pressures * Market Pressures – Market pressures are generated by the global economy, intense competition, the changing nature of the workforce, and powerful customers. * Technology Pressures – Technology-related pressures are technological innovation and information overload. * Societal/Political/Legal Pressures – Includes social responsibility, government regulation/deregulation, spending for social programs, spending to protect against terrorism, and ethics. Read and Re-read and Re-read pages 39-46
Definition of each of the 5 Porter’s Competitive force model * The threat of entry of new competitors: The Web increases the threat that new competitors will enter the market by reducing traditional barriers to entry. * The threat that new competitors will enter your market is high when entry is easy. * Entry Barrier: a feature that customers have learned to expect from an organization in a certain industry. * Bargaining Power of Suppliers: The Web enables buyers to find alternative suppliers and to compare prices more easily, thereby reducing suppliers’ bargaining power. * From a different perspective, companies use the Web to integrate their supply chains, participating suppliers can lock in customers, thereby increasing suppliers’ bargaining power. * The fewer suppliers the more power the suppliers have. * Pro – suppliers can lock in buyers by integrating their supply chain. * Con – easy access to alternative suppliers online. * Bargaining Power of Customers (Buyers): The Web provides customers with incredible amounts of choices for products, as well as information about those choices. As a result, the Web increases buyer power. * Buying power is high when there are many choices. * Example: Bookstores have lost their power because buyers now have the power to buy their books elsewhere. * Implementing loyalty programs reduces...
Please join StudyMode to read the full document