Exam (elaborations)
WGU - Information Technology Management Questions & answers with Complete solutions | Latest edition
WGU - Information Technology Management Questions & answers with Complete solutions | Latest edition
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WGU - Information TechnologyManagement
MIS - ANS-Management Information Systems
Management Information Systems - ANS-coordinating information, people, technology
Types of Information (3 types) - ANS-Data, Information, Business intelligence
Data - ANS-basic facts, fairly meaningless out of context
Information (as opposed to Data) - ANS-relevant data to be used in making a specific
operational decision
Business Intelligence - ANS-a collection of information that allows you to make strategic
business decisions
4 Information quality factors - ANS-Timeliness, Location, Form, Validity
Timeliness - ANS-access to information when you need it
Location (an information quality factor) - ANS-access to information where you need it
Form (an information quality factor) - ANS-how it is presented and its accuracy
(Garbage In, Garbage Out is a way of saying information had bad form so it's useless.)
Validity (an information quality factor) - ANS-credibility of the source
Information flow (3 types, 1 quality of) - ANS-Vertically, Horizontally, In/Out, Granularity
Information Flow: Vertically, Up - ANS-Specific transactions are aggregated and
summarized for managers
Information Flow: Vertically, Down - ANS-strategies and goals from management are
applied in making decisions related to individual customers or suppliers
Granularity of information - ANS-changes as it moves up and down vertically, fine
granularity for specific situations, course granularity for strategic decision-making
,Information Flow: Horizontally - ANS-departments within the organization share
information with each other
Information Flow: In/Out - ANS-exchanging information with customers and suppliers, or
sometimes even with competitors
Information types (4 types) - ANS-Internal, external, Objective, Subjective
Internal Information - ANS-information about the organization
External Information - ANS-information about the environment in which the organization
operates
Objective Information - ANS-known, measurable information
Subjective Information - ANS-estimates, unknowns, educated guesses
Break Even Analysis (Definition and a tip) - ANS-When (Revenue - Variable Cost) times
number of units sold is greater than or equal to Fixed Cost, you have broken even (Tip)
Use Technology to reduce fixed or variable costs and increase revenue
Fixed Cost (Part of break-even analysis) - ANS-amount you spend no matter how much
you sell (rent, design, advertising)
Variable Cost (part of break-even analysis) - ANS-unit price of labor and materials
Revenue (part of break-even analysis) - ANS-how much you sell each unit for
Delete this card - ANS-Delete this card
Competitive Advantage - ANS-Providing more value than the competition
Porter's Five Forces - ANS-Buyer Power, Supplier Power, Threat of Substitutes, Threat
of New Entrants, Competitive Rivalry
Buyer Power - ANS-(One of Porter's Five Forces) customers have many choices and
low switching costs, reduce their power by locking customers into your product or
service
,Supplier Power - ANS-(One of Porter's Five Forces) customers have few choices and
high switching costs
Threat of Substitutes - ANS-(One of Porter's Five Forces) alternatives to a given product
or service
Threat of New Entrants - ANS-(One of Porter's Five Forces) how easily someone else
can come in and copy what you're doing
Competitive Rivalry - ANS-(One of Porter's Five Forces) how hard competitors compete
against each other, do they collude on pricing or try to undercut each other
Porter's 3 Strategies - ANS-Focus, Differentiation, Cost Leadership
Porter's Focus Strategy - ANS-provide something no one else does, narrow or niche
strategy
Porter's Differentiation strategy - ANS-offer similar products but a unique experience
Porter's Cost Leadership strategy - ANS-offer the same product at a better price
Information Systems (8 types) - ANS-1. Supply Chain Management, 2.Customer
Relationship Management, 3.Partner Relationship Management, 4.Knowledge
Management, 5.Human Resource Information System, 6.Finance Information System,
7.Accounting Information System, 8.Enterprise Resource Planning
SCM - ANS-Supply Chain Management
Supply Chain Management - ANS-tracking of inventory, production, distribution, and
other aspects of the product lifecycle to ensure each department's actions coordinate
with those of others
CRM - ANS-Customer Relationship Mangement
Customer Relationship Management - ANS-managing and tracking interactions with
customers or potential customers, including leads, contact management, sales
forecasts, order fulfillment, and post-sale support and warranties
PRM - ANS-Partner Relationship Mangement
, Partner Relationship Management - ANS-Specialized application of CRM, focused on
relationships with channel partners and distributors as opposed to direct customers
Knowledge Management - ANS-Collaboration and sharing of information among
employees or customers
HR - ANS-Human Resources
Human Resource Information System - ANS-Staffing, training, hiring, career
management, and performance evaluation
Finance Information System - ANS-Manage how a business makes investments and
manages its assets
Accounting Information System - ANS-Manages monetary transactions, the flow of
money in and out of the business and reporting on such
Enterprise Resource Planning - ANS-comprehensive, integrated system that brings
together SCM,CRM, accounting, finance, HR, and other systems to ensure information
freely flows through a centralized database
Social Media (3 types) - ANS-Web 1.0, Web 2.0, Facebook Twitter, Google + etc.
Web 1.0 - ANS-early days of the internet, static text and images programmed directly
into webpages
Web 2.0 - ANS-dynamic text, database-driven to provide unique content, able to be
manipulated and changed by page visitors or external sources
Facebook, Twitter, Google+, LinkedIn, Tumblr, World of Warcraft, Foursquare, etc. -
ANS-systems used to keep users in contact with people they already know or get to
know new people who are interested in similar things, driven by location, relationships,
and sharing of user-generated content
2 categories of computer technology - ANS-hardware, software
Hardware (6 types) - ANS-Input, Output, Storage, Processing, Telecommunication,
Peripheral
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