MIST 2090 Part A Final Exam 100% Accurate

What is Management Information Systems? - ANSWER A management information system is an organized integration of hardware and software technologies, data, processes, and human elements designed to produce timely, integrated, relevant, accurate, and useful information for decision-making purposes How do you sell to your customers today? - ANSWER -shops operate online -more variety of products available -sophisticated ERP systems manage inventory, redict sales, etc What's this course all about? - ANSWER -What are the technologies that are changing the business environment? -What business models are enabled by advances in technology? -What data is necessary to enable business success? -How is that data stored? Accessed? Used to transform business? -What are common MIS careers? What if you don't think you like coding? -How do you become a MIS major? What is "machine"? - ANSWER Rapidly increasing and expanding capabilities of machine What is "platform"? - ANSWER Large and influential young companies that bear little resemblance to the established incumbents in their industries (yet are deeply disrupting them! What is "crowd"? - ANSWER The startlingly large amount of human knowledge, expertise, and enthusiasm distributed all over the world, now able to be focused online ___ is an absurdly complex game mentioned in MPC - ANSWER Go What is Polanyi's Paradox? - ANSWER we know more than we can tell AlphaGo was not programmed with strategies and heuristics; instead, it relied on _______ - ANSWER a deep learning system that could learn them on its own Machines are using more ______ systems than rule-based systems - ANSWER pattern cognition What allows modern businesses to scale up rapidly? - ANSWER Businesses own mainly applications and code instead of physical assets What must platforms overcome before they can grow? Explain. - ANSWER "chicken or egg" problem; An example is an auction site like eBay, with the number of buyers driving attractiveness to sellers, and likewise the number of sellers driving attractiveness to buyers How do you take advantage of the crowd? - ANSWER -labor -info -other resources New combinations of minds and machines are changing the way businesses execute their most important ______. Explain - ANSWER processes; (ex. use algorithms for credit scores) Pioneering companies are bringing together products and platforms to transform their _______. Explain - ANSWER offerings; (ex. taxi's used to own cars; Uber is like a taxi service but drivers own cars, not the company) The core and the crowd are altering what __________ themselves look like, and how they work. Explain - ANSWER organizations; (ex. GE used Indiegogo to test idea of nugget ice machine for households) What is the counterpart for machine intelligence? Explain. - ANSWER human mind What is the counterpart for platforms? Explain - ANSWER products What is the counterpart for crowd? - ANSWER core _______ of the Machine Age begins in the mid-1990s when digital technologies began to take over large amounts of routine work (e.g., processing payroll, welding car body parts together, and sending invoices to customers) - ANSWER Phase 1 ________ of the Machine Age begins around 2010 when "science fiction technologies" began to appear in the world (e.g., autonomous cars, IBM Watson, etc. - ANSWER Phase 2 Whats different about the 2nd Machine Phase? - ANSWER -tech. can perform nonroutine tasks -ubiquitous processing and connectivity -info encoded as bits rather than molecules Describe the reproduction cost of digital information goods. - ANSWER reproduction cost of digital information goods approaches zero Describe the rivalry of digital information goods - ANSWER extreme non-rivalry due to data compression and error correction What are some examples of info encoded as bits vs. molecules? - ANSWER -decentralized processing -cloud computing -value of data (collection, sharing) -sharing econ.; control of organizational assests -scale ("winner take all" econ.) What is the "curse of knowledge" or "status quo bias"? Explain - ANSWER once you know something, you cannot image what it's like not to know it; i.e. many successful incumbent companies didn't survive the transition from one power source to the other What is the "universal machine"? - ANSWER today we're living in the early stages of another industrial shake-up, but an even bigger and broader one What are the societal implications of the "universal machine"? (truck drivers ex.) - ANSWER unemployed men changing the gender ratio of other industries Business Model Canvas - ANSWER a diagram that describes the rationale of how an organization creates, delivers, and captures value Why do we use the BMC? - ANSWER The BMC concept gives you a "shared language" - to think about how to innovate in a rapidly changing sociotechnical context The business model canvas has ____ basic building blocks that show the logic of how the company will make money - ANSWER 9 Why are customers important? - ANSWER they are the heart of any business model; w/out them, no company can survive What is a customer segment? - ANSWER a group of customers with common needs, behaviors, or other attributes Ex. of when you need a new customer group - ANSWER -customer needs require/justify a distinct offer -customers reached thru diff. distribution channels -customers require different types of relationships -customers have different profitabilities -customers willing to pay for different aspects of the offer What is value proposition? - ANSWER the reason why customers turn to one company over another; solves a customer problem or satisfies a customer need Each _______ consists of a bundle of products and/or services that caters to the requirements of a specific customer segment - ANSWER value proposition Value proposition