WGU C724 (Information Systems Management) Questions and Answers Already Passed

WGU C724 (Information Systems Management) Questions and Answers Already Passed Executive information system A system that facilitates and supports senior managerial decisions. Data Unorganized data that lacks meaning. Information Data that has been organized in a meaningful manner. Information system An integrated network of components working together to convert data into useful information; includes an input, a process, and an output; comprised of people, processes, machines, and information technology. Knowledge The practical application of information. Data, Information, and Knowledge example Data: The number of people below the poverty line in the region is 50,000. Information: The number of people below the poverty line increases between 2010 and 2018. Knowledge: The number of people below the poverty line has increased due to stagnating wages and cuts to social programs. Decision support system This system uses models and statistical analysis to help decision makers solve problemsManagement information system (MIS) Provides timely and accurate information that enables managers to manage their departments more efficiently; analyzes performance. Transaction processing system information system used for processing patient admissions, employee time cards, and purchase orders Information management The management of organizational processes and systems; helps the organization reduce costs and adds value to products; helps the organization make better managerial decisions; stores and processes data. Information technology The use of computer and telecommunications systems for storing, retrieving, and sending information; comprised of hardware, software, data, and networks. information technology management the management of hardware, software, data, networks, and people that facilitate access to information and allow the organization to achieve business objectives. Strategic information system provide tools used by an organization to accomplish specific tasks to gain competitive advantage. Social Networking and interpersonal skills. Enhances interpersonal and relationship-forming skills. Porters 5 competitive forces Intensity competitive rivalry bargaining power of customers bargaining power of suppliers threat of new entrants threat of substitutesNetwork economics (network-based strategy) the cost of adding another business participant to a business venture is small, the potential gain is great. Business ecosystems Network of businesses involved in delivering a product through mutual cooperation. Product differentiation (business strategy) offering a higher quality product to differentiate from others in the market growth (business strategy) adding new products or new enhancements to existing products Enterprise Resource Planning (ERP) Involves utilizing computer technology to link various aspects of a business; a very complex resource planning system that spans the entire business; companies often have difficulty implementing the system. Customer Relationship Management (CRM) Allows for personalized communication to customers. Knowledge Management (KM) These systems provide tools to help manage organizational knowledge and create value to meet business requirements and strategic goals. chief executive officer (CEO) also called president or managing director, is responsible for the success or failure of the company, creating the company culture, selecting the senior management team, setting strategy and vision, and selecting projects to fund. chief operations officer (COO) is the director of operations, responsible for the oversight of internal operations on a day-to-day basis and for monitoring production quotas chief financial officer (CFO) manages the company's cash flow and evaluates and communicates financial information officer (CIO) a business leader who analyzes internal business processes such as payroll and billing, reshapes the physical infrastructure and network purchases to meet business goals, and leads the workforce to implement critical IT internal projects; responsible for information systems strategic thinking and planning. chief technology officer (CTO) has ultimate responsibility for all technology implementation, maintaining technology compliance regulations, and identifying technology risks for the company. chief security officer (CSO) is the highest level executive concerned with the overall security functions and policies of a business.