New in Management Information Systems correct answers - New technologies
- Management
- Organizations
New technologies correct answers -Cloud computing, big data, Internet of Things
-Mobile digital platform
Management correct answers -Managers use social networks, collaboration
-Business ...
BSAD 353: Exam 2 || A+ Verified Solutions.
New in Management Information Systems correct answers - New technologies
- Management
- Organizations
New technologies correct answers -Cloud computing, big data, Internet of Things
-Mobile digital platform
Management correct answers -Managers use social networks, collaboration
-Business intelligence applications accelerate
-Virtual meetings proliferate
Organizations correct answers -Social business
-Telework gains momentum in the work place
-Co-creation of value, collaboration across firms
Globalization Challenges and Opportunities: A Flattened World correct answers -Reduced
economic and cultural advantages of developed countries:
-Drastic reduction of costs of operating and transacting on global scale
-Competition for jobs, markets, resources, ideas
-Dependence on imports and exports
-Requires new understandings of skills, markets, opportunities
Business Drivers of Information Systems: 6 objectives correct answers 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 correct answers •Improved efficiency results in higher profits.
•Information systems and technologies help improve efficiency and productivity.
•Example: Walmart
-Power of combining information systems and best business practices to achieve operational
efficiency—and over $473 billion in sales in 2014
-Most efficient retail store in world as result of digital links between suppliers and stores
New Products, Services, and Business Models correct answers •Information systems and
technologies enable firms to create new products, services, and business models.
•Business model: how a company produces, delivers, and sells its products and services
•Example: Apple
-Transformed old model of music distribution with iTunes
,Constant innovations—iPod, iPhone, iPad, etc.
Customer and Supplier Intimacy correct answers •Customers who are served well become repeat
customers who purchase more.
-Mandarin Oriental hotel
§Uses I T to foster an intimate relationship with its customers, keeping track of preferences, and
so on
•Close relationships with suppliers result in lower costs.
-J C Penney
§I T to enhance relationship with supplier in Hong Kong
Improved Decision Making correct answers •If managers rely on forecasts, best guesses, and
luck, they will misallocate employees, services, and inventory.
•Real-time data improves ability of managers to make decisions.
•Verizon: Web-based digital dashboard to update managers with real-time data on customer
complaints, network performance, and line outages
Competitive Advantage correct answers •Often results from achieving previous business
objectives
•Advantages over competitors:
-Charging less for superior products, better performance, and better response to suppliers and
customers
-Examples: Apple, Walmart, U P S are industry leaders because they know how to use
information systems for this purpose
Survival correct answers •Businesses may need to invest in information systems out of necessity;
simply the cost of doing business.
•Keeping up with competitors
-Citibank's introduction of A T M s
•Federal and state regulations and reporting requirements
-Toxic Substances Control Act and the Sarbanes-Oxley Act
Solving Information System Related Problems: The Problem-Solving Approach correct answers
•Few business problems are simple or straightforward.
•Most business problems involve a number of major factors that can fall into three main
categories:
-Organization
-Technology
, -People
•Problem solving is a continuous process, not a single event
-Sometimes chosen solution doesn't work or needs adjustment
Organizational Problems correct answers -Outdated business processes
-Unsupportive culture and attitudes
-Political in-fighting
-Turbulent business environment, change
-Complexity of task
-Inadequate resources
Technology Problems correct answers -Insufficient or aging hardware
-Outdated software
-Inadequate database capacity
-Insufficient telecommunications capacity
-Incompatibility of old systems with new technology
-Rapid technological change
People Problems correct answers -Lack of employee training
-Difficulties of evaluating performance
-Legal and regulatory compliance
-Work environment, ergonomics
-Poor or indecisive management
-Lack of employee support and participation
A Model of the Problem-Solving Approach: 4-step process correct answers 1. Problem
identification
2. Solution design
3. Choice
4. Implementation
Problem identification correct answers -Agreement that problem exists
-Definition of problem
-Causes of problem
-What can be done given resources of firm
Solution design correct answers -Often many possible solutions
-Consider as many as possible to understand range of solutions
Solution Evaluation and Choice correct answers Factors include:
-Cost
-Feasibility given resources and skills
-Length of time needed to implement solution
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