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Management 3300 - Mizzou, Exam 1, Christianson Questions and Answers
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Management 3300 - Mizzou, Exam 1, Christianson Questions and Answers
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Management 3300 - Mizzou, Exam 1,Christianson Questions and Answers
6 major roles of information systems - Answers -1. supporting customer interactions
2. making decisions
3. collaborating on teams
4. gaining competitive advantage
5. improving individual productivity
6. managing operations
operations management - Answers -involves the design, operation, and improvement of
the systems and processes the organization uses to deliver its goods and services
is the management of systems and processes that create goods and/or provide services
commercial produced information system - Answers -many organizations choose
________ to handle their back-office information needs, relying on software packages
India became known as the world's "back office" because so many companies moved
these applications there
customer relationship management (CRM) systems - Answers -build and maintain
relationships and support all the processes that underlie them
churn - Answers -= number of customers lost in period / number of total customers at
beginning of period
customer lifetime value - Answers -= average revenue per user / churn rate
tactics to reduce churn - Answers -call your customers; find out why they cancelled
measure customer engagement; happiness
figure out what features make your product sticky
allocate your best reps to the job of saving customers that call to cancel
consider testing a longer term contract
look for other factors that correlate with churn
,virtual team - Answers -refers to a group of individuals who work together from different
geographic locations and rely on communication technology to collaborate
competitive advantage (class notes) - Answers -anything that gives a firm a lead over its
rivals
can be gained through the development and application of innovative information
systems
competition is for losers
new companies should always strive for monopoly
data driven decision making - Answers -draws on billions of pieces of data to reveal
important trends and patterns
business intelligence - Answers -refers to all the information managers use to make
decisions, and it can come from many sources beyond the organization's own
information systems
decision support systems and business intelligence encompass a growing and varied
category that blends rapid analysis of information sources with artificial intelligence and
human knowledge
social networking sites - Answers -support online communities of people who create
profiles for themselves, form ties with others with whom they share interests, and make
new connections based on those ties
the information systems that support virtual teamwork are in some respects still in their
infancy -- especially compared with the more mature systems used to manage
operations
competitive advantage - Answers -anything that gives a firm a lead over its rivals, can
be guided through the development and application of innovative information systems
value and meaning - Answers -knowledge > information > data
data - Answers -refers to individual facts or pieces of information
ex: a patient's single high-temp reading at a 24 hour walk in clinic
information - Answers -refers to data or facts that are assembled and analyzed to add
meaning and usefulness
ex: table showing flu diagnoses in region during December
, knowledge - Answers -ex: worldwide map of flue outbreaks suggesting pandemic
3 characteristics that make information valuable - Answers -1. timeliness
--- near real-time information costs more
--- is the information current with respect to the business requirements? updated
weekly, daily, hourly?
2. accuracy
--- the more accurate, the longer it may take to obtain
--- are all values correct?
3. completeness
--- adds value, particularly as a means to avoid bias or spin
--- are there any values missing?
--- ex: mall survey isn't complete bc of online shoppers
information system - Answers -a system that brings together four critical components to
collect, process, manage, analyze, and distribute information
the four components are people, technology, processes, and data
people - Answers -the design, development, launch, and maintenance of any
information system involve teams of people
user generated content
leaders, managers and staff, information technology team
user generated content (UCG) - Answers -the content contributed to a system by its
users
involves people and users as contributors/developers, not just as customers
ex: wikipedia, eBay, craigslist, youtube, facebook, twitter
an important ingredient in Web 2.0
Web 2.0 - Answers -the second generation of web development that facilitates far more
interactivity, end-user contributions, collaboration, and information sharing compared
with earlier models
social networking and virtual meetings
information technology - Answers -includes hardware, software, and
telecommunications that comprise the technology component of information systems
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