Business Information Systems 111 Test 1 Notes
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
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