Exam (elaborations)
COMM 226 – Final Exam Notes 100% EXPECTED SOLUTIONS Concordia University.
- Course
- COMM 226
- Institution
- Concordia University ( )
COMM 226 – Final Exam Notes 100% EXPECTED SOLUTIONS Concordia University.
[Show more]
Content preview
COMM 226 – Final Exam Notes 100%EXPECTED SOLUTIONS Concordia
University
Module 1 Chapter 1: The Importance of MIS (use glearning)
• What can intro to MIS help you Learn?
o Non-Routine Skills
▪ Abstract reasoning – deals with the use of models and being able to
manipulate models
in ways that provide insight into scenarios
▪ Systems Thinking – The ability to model components of the system and
connect the
inputs and outputs that help define the systems as a whole
▪ Collaboration – involves giving a receiving critical feedback in an effective
manner
▪ Ability to experiment – having the capability to use careful reasoned analysis
of ideas
and developing them into something with promise and value
• What is Management Information Systems (MIS)?
o Using technology to achieve strategic business goals and objectives
o A group of components that interact to achieve some purpose
▪ An Information systems (IS) is a group of components that interact to
produce
information
o Created to solve a business problem or optimize the business in some way
o Think of Information Systems as a tool used to accomplish organizational goals.
▪ Example: developing a website for the sake of having one doesn’t solve
anything –
always ask, what is the company’s need the system should address it. The
newest/biggest/shiniest system will not always solve the issue
o In order to understand MIS, we must understand processes, information systems,
and
information
▪ Processes is a way of doing something
▪ Information systems involves a collection of components producing
information from
, data
▪ Information is using data in a way that provides knowledge and empowers
employees to
do their jobs
o Management of Information Systems - refers to the
▪ 1)creation,
▪ 2)monitoring, and
▪ 3) adapting... of processes, information systems, and information
o There are tasks and responsibilities associated with with the management of IS
▪ Security of the information and systems
▪ Having a back-up and recovery plans for system downtimes
o Customer Relationship Management (CRM): systems that use algorithms and
databases to predict customer behaviours
,• Moore’s Law
o Prediction that has become a reality. Made by Gordon Moore – Founder of Intel in
1965
o “The number of transistors per square inch on an integrated chip doubles every 18
months”
leads to:
▪ 1) computer speed is increasing exponentially (not at a stable rate every 18
months, but
is continuously increasing)
▪ 2) the cost for a given computing speed decreases exponentially
▪ 3) data storage and data communication costs are virtually $0
▪ 4) Routine tasks can be outsourced cheaply – If your job can be automated,
your job is
not secure.
• How does MIS relate to Organizational Strategy?
o Porter’s Five Forces that determine industry structure
▪ Consists of 3 Competitive Forces and 2 Bargaining Power Forces
▪ Competitive Forces:
• Competition from substitutes: Introduction of products or services
which can
substitute for an organization’s products/services while retaining the
same perceived value from customers
• Competition from new entrants: Depends on the barriers of entry into
the
industry (capital, regulations…). If these barriers are low, there will be
increased competition
• Competition from existing rivals: price, quality, innovation all
determine degree
of rivalry
▪ Bargaining Power Forces:
• Bargaining power of suppliers: if supply is low and demand is high,
suppliers have
greater bargaining power and can demand higher prices
• Bargaining power of customers: If customers have more choices, they’ll
have
more bargaining power (high supply relative to demand)
o Ex:
• W
, h
a
t
is Competitive Strategy?
o Porter’s 4 factors of competitive strategy
▪ Cost leader
▪ Differentiation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller smartzone. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$17.96. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73918 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now