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OMIS 350 Exam 1 Question and answers verified to pass OMIS 350 Exam 1 CHAPTER 1 - correct answer The 6 Important Business Objectives of information technology (IT): - correct answer 1. Operational excellence: - correct answer -Improvement of efficiency to attain higher profitabil...

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  • November 5, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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OMIS 350 Exam 1
CHAPTER 1 - correct answer ✔


The 6 Important Business Objectives of information technology (IT): - correct
answer ✔


1. Operational excellence: - correct answer ✔-Improvement of efficiency to
attain higher profitability
-Information systems, technology an important tool in achieving greater
efficiency and productivity
-Walmart's Retail Link system links suppliers to stores for superior
replenishment system


2. New products, services, and business models: - correct answer ✔-
Business model: describes how company produces, delivers, and sells
product or service to create wealth
-Information systems and technology a major enabling tool for new products,
services, business models
Examples: Apple's iPad, Google's Android OS, and Netflix


3. Customer and supplier intimacy: - correct answer ✔-Serving customers
well leads to customers returning, which raises revenues and profits.
-Example: High-end hotels that use computers to track customer preferences
and used to monitor and customize environment
-Intimacy with suppliers allows them to provide vital inputs, which lowers
costs.
-Example: JCPenney's information system which links sales records to
contract manufacturer

, 4. Improved decision making: - correct answer ✔-Without accurate
information:
Managers must use forecasts, best guesses, luck
Results in:
Overproduction, underproduction
Misallocation of resources
Poor response times
Poor outcomes raise costs, lose customers
-Example: Verizon's Web-based digital dashboard to provide managers with
real-time data on customer complaints, network performance, line outages,
and so on


5. Competitive advantage: - correct answer ✔-Delivering better performance
-Charging less for superior products
-Responding to customers and suppliers in real time
-Examples: Apple, Walmart, UPS


6. Survival: - correct answer ✔-Information technologies as necessity of
business
-Industry-level changes
Example: Citibank's introduction of ATMs
-Governmental regulations requiring record-keeping
-Examples: Toxic Substances Control Act, Sarbanes-Oxley Act , Dodd-Frank
Act


Information system: - correct answer ✔-Set of interrelated components
-Collect, process, store, and distribute information

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