Exam (elaborations)
management information systems (Ch 1,2,3,4,5,6,7).
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management information systems (Ch 1,2,3,4,5,6,7).
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management information systems (Ch1,2,3,4,5,6,7)
CHAPTER 1 - correct answer-
Core drivers of the information age - correct answer-1. Data
2. Information
3. Business Intelligence
4. Knowledge
Data - correct answer-raw facts that describe the characteristics of an event or object
snapshot: view of data at a particular point in time
Big Data - correct answer-a collection of large data sets, including structured and
unstructured data, which cannot be analyzed using traditional database methods and tools
Structured: defined (dates, numbers,etc)
Unstructured: doesnt follow format (emails,tweets)
information - correct answer-Data converted into a meaningful and useful context
Report: document containing data organized into a table or graph
Static report: made once, doesnt change
Dynamic report: changes automatically
Business Intelligence - correct answer-info collected from suppliers, customers, competitors,
partners, and industries that analyzes patterns, trends, and relationships for strategic
decision making
knowledge - correct answer-Skills, experience, and expertise coupled with information and
intelligence that creates a person's intellectual resources
Knowledge worker: individual valued for their ability to analyze info
EX: listed almost expired as "daily special"
Analytics (3 kinds) - correct answer-science of fact based decision making
Descriptive: view past history
Predictive: how do past trends show future?
Prescriptive: if we do this, what will happen?
Business Departments - correct answer-
Sales - correct answer-performs the function of selling goods or services
, Accounting - correct answer-records, measures, and reports monetary transactions
finance - correct answer-tracks strategic financial issues including money, banking, credit,
investments, and assets
Marketing - correct answer-supports sales by planning, pricing, and promoting goods or
services
HR - correct answer-maintains policies, plans, and procedures for the effective management
of employees
operations manager - correct answer-manages process of converting resources into goods /
services
Management Information Systems (MIS) - correct answer-A business function, like
accounting and human resources, which moves information about people, products, and
processes across the company to facilitate decision-making and problem-solving
Systems Thinking - correct answer-a way of monitoring the entire system by viewing multiple
inputs being processed or transformed to produce outputs while continuously gathering
feedback on each part
Input-Process-Output-Feedback
Chapter 2 - correct answer-
Business Strategy - correct answer-A leadership plan that achieves a specific set of goals or
objectives
Company Stakeholders - correct answer-Partners/Suppliers
Shareholders/Investors
Community
Employees
Customers
Government
SWOT analysis - correct answer-strengths, weaknesses, opportunities, threats
Porter's Five Forces - correct answer-
Buyer Power - correct answer-buyers ability to affect price (# of customers, price sensitivity)
Force is low: Buyers will have more of a need than a demand, which means they will still buy
if the price is high
Supplier Power - correct answer-The suppliers' ability to influence the prices they charge for
supplies (# of suppliers, uniqueness)
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