Management 3300 Prep Exam 1 2025 Must (Study
Guide Questions)
6 major roles of information systems - 1. supporting customer interactions
2. making decisions
3. collaborating on teams
4. gaining competitive advantage
5. improving individual productivity
6. managing operations
operations management - involves the design, operation, and improvement of the systems and
processes the organization uses to deliver its goods and services
is the management of systems and processes that create goods and/or provide services
commercial produced information system - many organizations choose ________ to handle their
back-office information needs, relying on software packages
India became known as the world's "back office" because so many companies moved these
applications there
customer relationship management (CRM) systems - build and maintain relationships and support all
the processes that underlie them
churn - = number of customers lost in period / number of total customers at beginning of period
customer lifetime value - = average revenue per user / churn rate
tactics to reduce churn - call your customers; find out why they cancelled
measure customer engagement; happiness
figure out what features make your product sticky
,allocate your best reps to the job of saving customers that call to cancel
consider testing a longer term contract
look for other factors that correlate with churn
virtual team - refers to a group of individuals who work together from different geographic locations
and rely on communication technology to collaborate
competitive advantage (class notes) - anything that gives a firm a lead over its rivals
can be gained through the development and application of innovative information systems
competition is for losers
new companies should always strive for monopoly
data driven decision making - draws on billions of pieces of data to reveal important trends and
patterns
business intelligence - refers to all the information managers use to make decisions, and it can come
from many sources beyond the organization's own information systems
decision support systems and business intelligence encompass a growing and varied category that
blends rapid analysis of information sources with artificial intelligence and human knowledge
social networking sites - support online communities of people who create profiles for themselves,
form ties with others with whom they share interests, and make new connections based on those
ties
the information systems that support virtual teamwork are in some respects still in their infancy --
especially compared with the more mature systems used to manage operations
, competitive advantage - anything that gives a firm a lead over its rivals, can be guided through the
development and application of innovative information systems
value and meaning - knowledge > information > data
data - refers to individual facts or pieces of information
ex: a patient's single high-temp reading at a 24 hour walk in clinic
information - refers to data or facts that are assembled and analyzed to add meaning and usefulness
ex: table showing flu diagnoses in region during December
knowledge - ex: worldwide map of flue outbreaks suggesting pandemic
3 characteristics that make information valuable - 1. timeliness
--- near real-time information costs more
--- is the information current with respect to the business requirements? updated weekly, daily,
hourly?
2. accuracy
--- the more accurate, the longer it may take to obtain
--- are all values correct?
3. completeness
--- adds value, particularly as a means to avoid bias or spin
--- are there any values missing?
--- ex: mall survey isn't complete bc of online shoppers
information system - a system that brings together four critical components to collect, process,
manage, analyze, and distribute information
Guide Questions)
6 major roles of information systems - 1. supporting customer interactions
2. making decisions
3. collaborating on teams
4. gaining competitive advantage
5. improving individual productivity
6. managing operations
operations management - involves the design, operation, and improvement of the systems and
processes the organization uses to deliver its goods and services
is the management of systems and processes that create goods and/or provide services
commercial produced information system - many organizations choose ________ to handle their
back-office information needs, relying on software packages
India became known as the world's "back office" because so many companies moved these
applications there
customer relationship management (CRM) systems - build and maintain relationships and support all
the processes that underlie them
churn - = number of customers lost in period / number of total customers at beginning of period
customer lifetime value - = average revenue per user / churn rate
tactics to reduce churn - call your customers; find out why they cancelled
measure customer engagement; happiness
figure out what features make your product sticky
,allocate your best reps to the job of saving customers that call to cancel
consider testing a longer term contract
look for other factors that correlate with churn
virtual team - refers to a group of individuals who work together from different geographic locations
and rely on communication technology to collaborate
competitive advantage (class notes) - anything that gives a firm a lead over its rivals
can be gained through the development and application of innovative information systems
competition is for losers
new companies should always strive for monopoly
data driven decision making - draws on billions of pieces of data to reveal important trends and
patterns
business intelligence - refers to all the information managers use to make decisions, and it can come
from many sources beyond the organization's own information systems
decision support systems and business intelligence encompass a growing and varied category that
blends rapid analysis of information sources with artificial intelligence and human knowledge
social networking sites - support online communities of people who create profiles for themselves,
form ties with others with whom they share interests, and make new connections based on those
ties
the information systems that support virtual teamwork are in some respects still in their infancy --
especially compared with the more mature systems used to manage operations
, competitive advantage - anything that gives a firm a lead over its rivals, can be guided through the
development and application of innovative information systems
value and meaning - knowledge > information > data
data - refers to individual facts or pieces of information
ex: a patient's single high-temp reading at a 24 hour walk in clinic
information - refers to data or facts that are assembled and analyzed to add meaning and usefulness
ex: table showing flu diagnoses in region during December
knowledge - ex: worldwide map of flue outbreaks suggesting pandemic
3 characteristics that make information valuable - 1. timeliness
--- near real-time information costs more
--- is the information current with respect to the business requirements? updated weekly, daily,
hourly?
2. accuracy
--- the more accurate, the longer it may take to obtain
--- are all values correct?
3. completeness
--- adds value, particularly as a means to avoid bias or spin
--- are there any values missing?
--- ex: mall survey isn't complete bc of online shoppers
information system - a system that brings together four critical components to collect, process,
manage, analyze, and distribute information
