IS 301 UNR Reed Exam 1 All Answers Correct
The Core Drivers of The Information Age ️️data, information, business intelligence, knowledge
Data ️️Lowest level of detail you can collect about anything
*Can't do much with it until you make information
Information ️️Answers we got FR...
The Core Drivers of The Information Age ✔️✔️data, information, business intelligence, knowledge
Data ✔️✔️Lowest level of detail you can collect about anything
*Can't do much with it until you make information
Information ✔️✔️Answers we got FROM the data
Business Intelligence (BI) ✔️✔️Information collected from multiple sources such as:
—suppliers
—customers
—competitors
—partners
—industries
*Analyzes patterns, trends, and relationships for strategic decision making
Knowledge ✔️✔️Information & Intelligence
+
Skills, Experience, & Expertise
The Challenge: Departmental Companies ✔️✔️common departments working independently
,The Solution ✔️✔️Management Information Systems
—To facilitate decision-making and problem solving
—Common departments working INTERdependently
Information Technology (IT) ✔️✔️Hardware + Software
Information System ✔️✔️Hardware & Software
+ Data + Processing + People
How is IS transforming business? ✔️✔️—Growth in cloud computing
—Growing use of "big data"
Globalization Opportunities ✔️✔️—Internet has drastically reduced costs of operating on global scale
—Increases in foreign trade, outsourcing
—Presents both challenges and opportunities
Cloud Computing ✔️✔️an environment of servers that house and provide access to resources that
users access through the internet
Benefits of Cloud Computing ✔️✔️—Financial Benefit
—Convenience
—Safety of Data
—Collaboration
—Up-to-Date Software
***SECURITY
, Drawbacks of Cloud Computing ✔️✔️—Unnecessary for some
—Reliance = control
—Access to internet
***SECURITY, don't know who has access
Six Strategic Business Objectives ✔️✔️1. Operational excellence
2. New products, services, and business models
3. Customer and supplier intimacy
4. Improved decision making
5. Competitive advantage
6. Survival
Operational Excellence ✔️✔️Improvement of efficiency to attain higher profitability
Ex: Walmart & Amazon
Business Model ✔️✔️describes how a company produces, delivers, and sells a product or service to
create wealth
Customer & Supplier Intimacy ✔️✔️Ex: Trump International Hotel
Improved Decision Making ✔️✔️WITHOUT ACCURATE INFO:
Managers must use forecasts, best guesses, luck
Results in:
—Overproduction, underproduction
—Misallocation of resources
—Poor response times
—Poor outcomes raise costs, lose customers
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