M: Information Systems (Baltzan)
Internet of Things - (correct Answer) - Machine2Machine
Internet-connected/enabled devices can collect and share data without human intervention
Fact - (correct Answer) - Confirmation or validation of an event or object
Information age - (correct Answer) - Current time period when infinite quantities of facts are widely
available to anyone who can use a computer
Core drivers of information age - (correct Answer) - Data
Information
Business intelligence
Knowledge
Data - (correct Answer) - Raw facts that describe the characteristics of an event or object
Profit
Information - (correct Answer) - Date converted into meaningful and useful context
Best customer
Business intelligence - (correct Answer) - Information collected from multiple sources that analyzes
patterns, trends, and relationships, for strategic decision making
Best-selling product compared with sports season
Predictive analytics - (correct Answer) - Big part of BI
Extracts information from data and uses it to predict future trends and identify behavioral trends
Knowledge - (correct Answer) - The skills, experience, and expertise, coupled with information and
intelligence, that creates a person's intellectual resources
Not firing under-performing employee because it's due to family problems
Knowledge workers - (correct Answer) - Individuals valued for their ability to interpret and analyze
information
Variable - (correct Answer) - Data characteristic that stands for a value that changes over time
Accounting - (correct Answer) - Records, measures, and reports monetary transactions
Finance - (correct Answer) - Deals with strategic financial issues, including money, banking, credit,
,investments, and assets
Human resources - (correct Answer) - Maintains policies, plans, and procedures for the effective
management of employees
Marketing - (correct Answer) - Supports sales by planning, pricing, and promoting goods or services
Operation management - (correct Answer) - Manages the process of converting or transforming
resources into goods or services
Sales - (correct Answer) - Performs the function of selling goods or services
System - (correct Answer) - Collection of parts that link to serve a common purpose
Car
Production - (correct Answer) - Process by which a business processes raw materials or converts them
into finished products for its goods or services
Systems thinking - (correct Answer) - Way of monitoring the entire system by viewing multiple inputs
being processed or transformed to produce outputs while continuously gathering feedback on each part
Feedback - (correct Answer) - Information that returns to its original transmitter and modifies the
transmitters actions.
Management information systems (MIS) - (correct Answer) - Business function, which moves information
about people, products, and processes across the company to facilitate decision making and problem
solving
Chief Security Officer (CSO) - (correct Answer) - Responsible for ensuring security of business systems
and developing strategies and safeguards against attacks by hackers and viruses
Chief Technology Officer (CTO) - (correct Answer) - Responsible for ensuring the speed, accuracy,
availability, and reliability of the MIS
Chief Privacy Officer (CPO) - (correct Answer) - Responsible for ensuring the ethical and legal use of
information within a company
Chief Information Officer (CIO) - (correct Answer) - Responsible for (1) overseeing all uses of MIS and (2)
ensuring that MIS strategically aligns with business goals and objectives
Chief Knowledge Officer (CKO) - (correct Answer) - Responsible for collecting, maintaining, and
distributing company knowledge
Business strategy - (correct Answer) - Leadership plan that achieves a specific set of goals or objectives
such as increasing sales, decreasing costs, entering new markets, or developing new products or services
Stakeholder - (correct Answer) - Person or group that has an interest or concern in an organization
Competitive advantage - (correct Answer) - Feature of a product or service on which customers place a
greater value than they do on similar offerings from competitors
,First-mover advantage - (correct Answer) - When a company can significantly increase its market share
by being the first with a new competitive advantage
Competitive intelligence - (correct Answer) - Process of gathering information about the competitive
environment, including competitors' plans, activities, and products, to improve a company's ability to
succeed
SWOT analysis - (correct Answer) - Evaluates project position by evaluating an organization's strengths,
weaknesses, opportunities, and threats to identity significant influences that work for or against business
strategies
Five forces model - (correct Answer) - Evaluating industry attractiveness. Helps managers set business
strategy by identifying the competitive structure and economic environment of an industry.
1. Buying power (reduced by switching costs, loyalty programs)
2. Supplier power
3. Threat of substitute products or services
4. Threat of new entrants
5. Rivalry among existing competitors
Buyer power - (correct Answer) - Ability of buyers to directly affect the price they are willing to pay for an
item
Supplier power - (correct Answer) - Supplier's ability to influence the prices they charge for supplies
Entry barrier - (correct Answer) - A feature of a product or service that customers have come to expect
and entering competitors must offer the same for survival
Three generic strategies - (correct Answer) - Chooses business focus
1. Broad cost leadership
2. Broad differentiation
3. Focused strategy
Value chain analysis - (correct Answer) - Executing business strategies
Useful tool for determining how to create the greatest possible value for customers
Primary value activities - (correct Answer) - Business processes that acquire raw materials and
manufacture, deliver, market, sell, and provide after-sales services
Support value activities - (correct Answer) - Business processes such as firm infrastructure, human
resource management, technology development, and procurement. Support primary value activities
Business process - (correct Answer) - Standardized set of activities that accomplish a specific task
, Supply chain - (correct Answer) - All parties involved, directly or indirectly, in obtaining raw materials for
a product
Event/Object - (correct Answer) - Confirmed or validated with a fact
Duplicate Competitive Advantages by - (correct Answer) - Copying business operations
Hire key employees
Acquire new technology
Three challenges managers face when making decisions - (correct Answer) - 1. Managers need to analyze
large amounts of data
2. Managers must make decisions quickly
3. Managers must apply sophisticated analysis techniques, such as Porter's strategies or forecasting, to
make strategic decisions.
Analytics - (correct Answer) - Science of fact-based decision making
6-Step decision making process - (correct Answer) - 1. Problem identification
2. Data collection
3. Solution generation
4. Solution test
5. Solution selection
6. Solution implementation
Operational level - (correct Answer) - Employees develop, control, and maintain core business activities
to required to run the day-to-day operations
Lower management, department managers
Internal
Short term, day-to-day
Structured, recurring, repetitive
Managerial level - (correct Answer) - Employees continuously evaluate company operations to hone the
firm's abilities to identify, adapt to, and leverage change.
Middle management, managers, directors
Internal, cross-functional
Daily, monthly, yearly
Internet of Things - (correct Answer) - Machine2Machine
Internet-connected/enabled devices can collect and share data without human intervention
Fact - (correct Answer) - Confirmation or validation of an event or object
Information age - (correct Answer) - Current time period when infinite quantities of facts are widely
available to anyone who can use a computer
Core drivers of information age - (correct Answer) - Data
Information
Business intelligence
Knowledge
Data - (correct Answer) - Raw facts that describe the characteristics of an event or object
Profit
Information - (correct Answer) - Date converted into meaningful and useful context
Best customer
Business intelligence - (correct Answer) - Information collected from multiple sources that analyzes
patterns, trends, and relationships, for strategic decision making
Best-selling product compared with sports season
Predictive analytics - (correct Answer) - Big part of BI
Extracts information from data and uses it to predict future trends and identify behavioral trends
Knowledge - (correct Answer) - The skills, experience, and expertise, coupled with information and
intelligence, that creates a person's intellectual resources
Not firing under-performing employee because it's due to family problems
Knowledge workers - (correct Answer) - Individuals valued for their ability to interpret and analyze
information
Variable - (correct Answer) - Data characteristic that stands for a value that changes over time
Accounting - (correct Answer) - Records, measures, and reports monetary transactions
Finance - (correct Answer) - Deals with strategic financial issues, including money, banking, credit,
,investments, and assets
Human resources - (correct Answer) - Maintains policies, plans, and procedures for the effective
management of employees
Marketing - (correct Answer) - Supports sales by planning, pricing, and promoting goods or services
Operation management - (correct Answer) - Manages the process of converting or transforming
resources into goods or services
Sales - (correct Answer) - Performs the function of selling goods or services
System - (correct Answer) - Collection of parts that link to serve a common purpose
Car
Production - (correct Answer) - Process by which a business processes raw materials or converts them
into finished products for its goods or services
Systems thinking - (correct Answer) - Way of monitoring the entire system by viewing multiple inputs
being processed or transformed to produce outputs while continuously gathering feedback on each part
Feedback - (correct Answer) - Information that returns to its original transmitter and modifies the
transmitters actions.
Management information systems (MIS) - (correct Answer) - Business function, which moves information
about people, products, and processes across the company to facilitate decision making and problem
solving
Chief Security Officer (CSO) - (correct Answer) - Responsible for ensuring security of business systems
and developing strategies and safeguards against attacks by hackers and viruses
Chief Technology Officer (CTO) - (correct Answer) - Responsible for ensuring the speed, accuracy,
availability, and reliability of the MIS
Chief Privacy Officer (CPO) - (correct Answer) - Responsible for ensuring the ethical and legal use of
information within a company
Chief Information Officer (CIO) - (correct Answer) - Responsible for (1) overseeing all uses of MIS and (2)
ensuring that MIS strategically aligns with business goals and objectives
Chief Knowledge Officer (CKO) - (correct Answer) - Responsible for collecting, maintaining, and
distributing company knowledge
Business strategy - (correct Answer) - Leadership plan that achieves a specific set of goals or objectives
such as increasing sales, decreasing costs, entering new markets, or developing new products or services
Stakeholder - (correct Answer) - Person or group that has an interest or concern in an organization
Competitive advantage - (correct Answer) - Feature of a product or service on which customers place a
greater value than they do on similar offerings from competitors
,First-mover advantage - (correct Answer) - When a company can significantly increase its market share
by being the first with a new competitive advantage
Competitive intelligence - (correct Answer) - Process of gathering information about the competitive
environment, including competitors' plans, activities, and products, to improve a company's ability to
succeed
SWOT analysis - (correct Answer) - Evaluates project position by evaluating an organization's strengths,
weaknesses, opportunities, and threats to identity significant influences that work for or against business
strategies
Five forces model - (correct Answer) - Evaluating industry attractiveness. Helps managers set business
strategy by identifying the competitive structure and economic environment of an industry.
1. Buying power (reduced by switching costs, loyalty programs)
2. Supplier power
3. Threat of substitute products or services
4. Threat of new entrants
5. Rivalry among existing competitors
Buyer power - (correct Answer) - Ability of buyers to directly affect the price they are willing to pay for an
item
Supplier power - (correct Answer) - Supplier's ability to influence the prices they charge for supplies
Entry barrier - (correct Answer) - A feature of a product or service that customers have come to expect
and entering competitors must offer the same for survival
Three generic strategies - (correct Answer) - Chooses business focus
1. Broad cost leadership
2. Broad differentiation
3. Focused strategy
Value chain analysis - (correct Answer) - Executing business strategies
Useful tool for determining how to create the greatest possible value for customers
Primary value activities - (correct Answer) - Business processes that acquire raw materials and
manufacture, deliver, market, sell, and provide after-sales services
Support value activities - (correct Answer) - Business processes such as firm infrastructure, human
resource management, technology development, and procurement. Support primary value activities
Business process - (correct Answer) - Standardized set of activities that accomplish a specific task
, Supply chain - (correct Answer) - All parties involved, directly or indirectly, in obtaining raw materials for
a product
Event/Object - (correct Answer) - Confirmed or validated with a fact
Duplicate Competitive Advantages by - (correct Answer) - Copying business operations
Hire key employees
Acquire new technology
Three challenges managers face when making decisions - (correct Answer) - 1. Managers need to analyze
large amounts of data
2. Managers must make decisions quickly
3. Managers must apply sophisticated analysis techniques, such as Porter's strategies or forecasting, to
make strategic decisions.
Analytics - (correct Answer) - Science of fact-based decision making
6-Step decision making process - (correct Answer) - 1. Problem identification
2. Data collection
3. Solution generation
4. Solution test
5. Solution selection
6. Solution implementation
Operational level - (correct Answer) - Employees develop, control, and maintain core business activities
to required to run the day-to-day operations
Lower management, department managers
Internal
Short term, day-to-day
Structured, recurring, repetitive
Managerial level - (correct Answer) - Employees continuously evaluate company operations to hone the
firm's abilities to identify, adapt to, and leverage change.
Middle management, managers, directors
Internal, cross-functional
Daily, monthly, yearly
