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ISQS 2340 TTU EXAM 1 - BENJAMIN MITCHELL
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ISQS 2340 TTU EXAM 1 - BENJAMIN MITCHELL
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ISQS 2340 TTU EXAM 1 - BENJAMIN MITCHELLWhat are the three key areas in which IT departments need to be aligned with business
needs? - Answers- 1. Ensuring security and compliance - Companies can't function
without secure and dependable access to data.
2. Increasing efficiency and productivity - Makes business more efficient by optimizing
systems. Streamlining workflows, and making jobs easier.
3. Gaining competitive advantage - IT must collaborate with business to leverage
emerging technology.
Business value includes what specific things? - Answers- 1. Increase revenue - The IT
organization can be instrumental in helping a company achieve more revenue through
innovation.
2. Decrease cost - IT is the only department that can help every other department of a
company reduce cost or improve productivity.
3. Improve productivity - IT is often the facilitator to improve productivity by eliminating
paper and implementing video conferencing to improve meeting and training time.
4. Differentiate the company - Technology can often differentiate a company from its
competition. Companies can then become more competitive and create an advantage in
selling its products and services.
5. Improve client satisfaction - It is much more profitable to keep a client than it is to
replace a client you lose. Major source of revenue comes from existing clients.
Why have IT projects generally failed over the years? - Answers- When IT projects fail,
it is usually not because the technology didn't work, but because the changes required
at an organizational and employee level weren't managed effectively.
Investments in "digital" can be thought of essentially as investments in what? -
Answers- Investments in digital are essentially investments in change. It's important to
think in this way because these investment changes in an organization help generate
insight.
What is one tool the article suggests will help improve the likelihood of IT project
success? - Answers- The Benefits Dependency Network(BDN). This tool seeks to get
managers to identify the digital technology changes that they will be required to make, i f
expected benefits and outcomes are going to be delivered.
What does the bottom line mean? - Answers- It's all about the business, not about the
technology (manage technology Vs. managing the business of IT).
What should IT managers think about when recommending IT projects? - Answers-
Does the recommendation provide business value? - When IT managers make
recommendations that deliver business value, senior management sees the IT team as
a business partner rather than technical managers.
, What is The Exchange Transaction? - Answers- The Base Unit for doing Business (The
underlying structure of the socioeconomic world).
Creating Entity -> The Work ->Others->
What are the three business units in The Exchange Transaction? - Answers- 1. Firms
2. Industries
3. Economies
What are three uncertainties the creation process specifically involves? - Answers- 1.
Informational uncertainty(IU) - No perfect information...e.g., ERP, CRM (a concept
termed bounded rationality).
2. Relational uncertainty(RelU) - Opportunistic behaviors amongst actors...e.g.,
buyer/seller ratings, online reviews (a concept termed opportunism).
3. Resource uncertainty(ResU) - No unlimited resources...e.g., multi‐use IT (server
virtualization), 3D printing (a concept terms asset specificity).
What are the five (laws) forces pushing the evolution of IT & new digital devices? -
Answers- 1. Bell's Law - New industries. What an industry does and how it does will
change. (Also, what you do and how you do it will also change).
2. Moore's Law - Computers are getting exponentially faster. The cost of data
processing is approaching zero.
3. Metcalfe's Law - More digital devices are being connected together. Likewise, the
value of digital and social networks is increasing exponentially.
4. Neilsen's Law - Network speed is increasing. Higher speeds enable new products,
platforms, and companies.
5. Kryder's Law - Storage capacity is increasing exponentially. The cost of storing data
is approaching zero.
List and define each of the components of an information system. What examples does
the chapter use to describe some of these components? - Answers- 1. Hardware - The
tangible, physical portion of an information system. E.g., computers, keyboards, and
disk drives.
2. Software - The set of instructions that tell the hardware what to do. E.g., Operating
systems - Microsoft Windows, Macintosh Osx; & Application software - creating
documents, recording data in a spreadsheet, or messaging a friend.
3. Data - A collection of facts that are unable to be seen in its native state.
4. People - A focus on the staff involved as they are an essential element.
5. Processes - A series of steps undertaken to achieve a desired outcome or goal.
How can we define what technology is? What components of an information system are
categorized as technology? - Answers- The application of scientific knowledge for
practical purposes - Hardware, Software, and Data.
What is networking/cloud computing? - Answers- Increasing IT infrastructure (hardware
& software) is delivered as a service via the Internet, termed Cloud Computing.
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