MIS Final Exam Quizlet Actual Questions And Correct Detailed Answers.

What is MIS? - correct answer - A management information system (MIS) is a system or process that provides the information necessary to manage an organization in an efficient and effective manner. - One of the primary purposes of these information systems is to aid in the process of decision making and solving complex business problems; i.e. business intelligence and analytics. - Enable organizations to achieve their goals and objectives. - Facilitate in both strategic and operational activities. Concept of The "Digital" Firm - correct answer - One in which nearly all the organization's significant business relationships with customers, suppliers, and employees are digitally enabled and mediated. - In the digital firm any piece of information required to support key business decisions are available at anytime and anywhere in the firm.Core business processes are accomplished through digital networks. Business Processes - correct answer A set of logically related tasks and behaviors that organizations develop overtime to produce specific business results and the unique way these activities are organized and coordinated. Why is MIS Important? - correct answer Assess the current state of business environments. Evaluate alternative approaches/solutions to unique problems. Apply emerging technologies to gain competitive advantages. Six Strategic Business Objectives - correct answer 1. Operational Excellence 2. New products, services, and business models 3. Customer and supplier intimacy 4. Improved decision making 5. Competitive advantage 6. Survival Information Systems Components - correct answer Hardware, Software, Data, Procedures, People. Data, Procedures, and People are the most crucial componentsInformation Systems Components IS vs. Technology - correct answer IS = IT + Procedures + People Is supports decision making, coordination, and control. Help with data analysis, visualization, and product creation. What Are Necessary Data Characteristics? - correct answer Accurate, Timely, Relevant, Just barely sufficient, worth its cost. Successful Projects. Hint: Iron Triangle - correct answer Cost, Schedule, Performance Project Identification - correct answer - Projects are driven by business needs. - Identified by businesspeople. - Identified by IT people - (better yet) identified jointly by business and IT Project Initiation - correct answer The project sponsor believes in the system and wants to see it succeed. Normally this is a businessperson. Should have the authority to move it forward Elements of System Request - correct answer Project sponsor- Primary point of contact for the project Business need- Reason prompting the project Business requirements- Business capabilities the system will need to have Business value- Benefits the organization can expect from the project Special issues- Anything else that should be considered Feasibility Analysis - correct answer Identifies the project's risks that must be addressed if the project is approved. - Technical feasibility - Economic feasibility - Organizational feasibility Cost Schedule Performance Trade-offs - correct answer Project management involves balancing trade-offs among the three key project parameters. Creating and Managing the Workplan - correct answer A work plan, is a dynamic schedule that records and keeps track of all tasks to be accomplished over the course of the project. Created after a project manager has a general idea of the project's size and rough schedule. The work plan is usually the main item in a project management software application. Scope Creep - correct answer Scope creep happens when new requirements are added to the project after the original project scope was defined and "frozen." Balancing Value, Price, & Cost - correct answer The primary goal of the for-profit organization is to create a product/service that offers sufficient value such that customers are willing to pay a market price that exceeds the organization's cost of creating that value. Four Interlocking Elements - correct answer Customer Value Proposition (CVP) Profit Formula Key Resources Key Processes Pricing Descriptions - correct answer Fixed Menu Pricing - Predefined Prices Based on Static Variables. Dynamic Pricing - Prices change based on market conditions. Think surge pricing for Uber. Artificial Intelligence - correct answer Is the process of imparting data, information, and human intelligence to machines. The main goal of Artificial Intelligence is to develop self-reliant machines that can think and act like humans. Most of the AI systems simulate natural intelligence to solve complex problems. Machine learning - correct answer A discipline of computer science that uses computer algorithms and analytics to build predictive models that can solve business problems. Is based on algorithms that can learn from data without relying on rules-based programming. Powers a lot of AI solutions, but not all AI leverages this. Deep learning - correct answer a subset of machine learning that deals with algorithms inspired by the structure and function of the human brain. The major difference between deep learning vs other machine learning is the way data is presented to the machine. Machine learning algorithms usually require structured data, whereas deep learning networks work on multiple layers of artificial neural networks. Generative AI - correct answer A type of artificial intelligence technology that can produce various types of content, including text, imagery, audio and synthetic data. Definitionally, it doesn't necessarily use deep learning. But practically, most of the models that we're excited about use deep learning models Large Language Models - correct answer A large language model (LLM) is a type of generative AIthat uses deep learning techniques and massively largedata sets to understand, summarize, generate and predictnew content. Business Process Model Notation (BPMN) - correct answer Goal: provide standard notation readily understandable by all business stakeholders. Business analysts (create & refine processes). Business managers (monitor & manage processes). Technical developers (implementing processes) Basic BPMN Logic: Four Categories - correct answer 1) Swim Lanes - Functional categories to show who (or what)is doing what in the overall processes 2) Flow Objects - Events, Activities, Gateways (What's going on?) 3) Connecting Objects - Document the flow between the flow objects and specify order of flow objects (This happens and then that happens...) 4) Artifacts - Things being moved between the steps and representing where data "lives" Border Events - correct answer These are usually used for error and exception handling. Think lightning bolt, package is delayed by carrier. Flow Objects: Gateways - correct answer Used to depict how the process flows, especially around decision points and contingency situations. Make sure to explain the criteria &pathways via meaningful labels. Can have more than 2 paths. Typical Exclusive Gateway - correct answer Known as exclusive gateways, because only one path isfollowed during an actual instance of this process. Advanced Gateway: Parallel & Inclusive - correct answer Inclusive = O = Can do any combination of these Parallel = X = Must do all of these Classic Process View of the Firm - correct answer Inputs ----> Organization Activities and Processes ----> Outputs Inputs: Capital, Equipment, Material, Expertise Org Act and Pro: Marketing, Strategy, Finance, Manufacturing Output: Profit/Loss, Employment, Taxes, Product/Service Support vs. Primary Activities - correct answer Primary: Inbound Logistics, Outbound Logistics, Marketing & Sales, Operations, After Sales Service. Support: Procurement, Technology Development, HR, Firm Infrastructure. Business Process - correct answer Is a set of linked activities that create value by transforming inputs into more valuable outputs. Why Systems are Vulnerable - correct answer - Large amounts of data stored electronically - Accessibility of communication networks - Hardware Problems (breakdowns, configuration errors, damage from improper use or crime) - Software Problems (programming errors, installation errors, unprotected/updated code, unauthorized changes) - Disasters - Use of networks/computers outside of firm's control - Loss and theft of portable devices