CIS 2200 BARUCH MIDTERM FICH - PARUPKAR JASUJA |116 QUESTIONS WITH 100% CORRECT ANSWERS|GUARANTEED SUCCESS

Fact The confirmation or validation of an event or object Information Age The present time during which infinite quantities of facts are widely available to anyone who can use a computer Data Raw facts that describe the characteristics of an event or object Information Data converted into a meaningful and useful context Business Intelligence Information collected from multiple sources such as suppliers, customers, partners, and industries, that analyze patterns, trends, and relationships for strategic decision making Knowledge Skills, Experience and expertise coupled with information and intelligence that creates a person intellectual resources Knowledge Worker Individual valued for their ability to interpret and analyze information Goods Material items or products that customers will buy to satisfy a want or need. Services Tasks performed by people that customers' will buy to satisfy a want or need Productivity The rate at which goods and services are produced based upon total output given total inputs Systems Thinking A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part System A collection of parts that link to achieve a common purpose Feedback Information that returns to its original transmitter and modifies the transmitter's actions. Management Information Systems A business function like accounting and human resources which moves about people, products, and processes across the company to facilitate decision making and problem solving Business Strategy A leadership plan that achieves a specific set of goals or objectives Competitive Advantage A product or service that an organizations customers place a greater value on than similar offerings from a competitor First Mover Advantage Occurs when an organization can signficantly impact its market share by being first to market with a competitive advantage Competitive Intelligence The process of gathering info about the competitive environment to improve the company's ability to succeed Porters Five Forces Model 1. Threat of Substitute Products or Services 2. Supplier Power 3. Threat of New Entrants 4. Buyer Power 5. Rivalry Amongst Existing Competitors Buyer Power The ability of buyers to affect the price of an item Switching Cost Manipulating costs that make customers reluctant to switch to another product Loyalty Program Rewards customers based on the amount of business they do with a particular organization Supplier Power The suppliers ability to influence the prices they charge for supplies Supply Chain Consists of all parties involved in the procurement of a product or raw material Threat of substitute products or services High, when there are many alternatives to a product or service and low when there are few alternatives Threat of new entrants High, when it is easy for new competitors to enter a market and low when there are significant entry barriers Entry Barrier A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival Rivalry among existing competitors High, when competition is fierce in a market and low when competitors are more complacent Product differentiation Occurs when a company develops unique differences in its products or services with the intent to influence demand Porters 3 generic strategies 1.Broad Cost Leadership 2. Broad Differentiation 3. Focused Strategy Business Process A standardized set of activities that accomplish a specific task Value chain analysis Views a firm as a series of business processes that each add value to the product or service Primary Value Activites Inbound Logistics Operations Outbound Logistics Marketing and Sales Service Support Value Activities - Firm Infrastructure - Human Resource Management - Technology Development - Procurement Procurement Purchases inputs such as raw materials, resources, equipment, and supplies Firm Infrastructure Includes the company format or departmental structures, environment, and systems Technology Development Applies MIS to processes to add value Human Resource Management Provides employee training, hiring and compensation Strategic Initiatives Organizations can undertake high profile strategic initiatives including Business Process Reengineering (BPR), Supply Chain Management (SCM), Customer Relationship Management (CRM), Enterprise Resource Planning (ERP) Business Process Reengineering (BPR) The analysis and redesign of workflow within and between enterprises Supply Chain Management (SCM) The management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and probability. The supply chain has three links 1. Upstream 2. Transformation of materials into semi-finished and finished products through the organizations own production process 3. Downstream 5 basic supply chain activities 1. Plan 2. Source 3. Make 4. Deliver 5. Return Plan this is the strategic portion of supply chain management. A company must have a plan for managing all the resources that go toward meeting customer demand for products or services Source Companies must carefully choose reliable suppliers that will deliver goods and services required for making products Make Companies manufacture their products or services Deliver Logistics Return Companies must create a network for receiving defective and excess products and support customers who have problems with delivered products Customer Relationship Management (CRM) Involves managing all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organizations profitability Enterprise Resource Planning (ERP) integrates all departments and functions throughout an organization into a single IT system so that employees can make decisions by viewing enterprise-wide info on all business operation Throughput The amount of info that can travel through a system at any point Managerial Decision Making Challenges -Analyze large amount of info -Apply sophisticated analysis techniques -Make decisions quickly 6 step decision making process 1. Problem Identification 2. Data Collection 3.Solution Generation 4. Solution Test 5. Solution Selection 6. Solution Implementation Operational Decision Making Employees develop, control, and maintain core business activities required to run the day to day operations Structured Decisions Situations where established processes offer potential solutions Managerial Decision Making Employees evaluate company operations to identify, adapt to, and leverage change Semi-Structured Decisions Occur in situations in which a few established processes help to evaluate potential solutions but not enough to lead to a definite recommended decision Strategic Decision Making Managers develop overall strategies, goals, and objectives