ISA 235 Exam 1 McGuire Questions With Verified Answers

ISA 235 Exam 1 McGuire Questions With Verified Answers What is an information system? - answerA group of five integrated components that interact to produce information: Hardware, software data procedures, people What is the importance of information systems? what do they do? - answerHelp companies support, improve and reinvent business processes in their supply and value chains. Help improve process efficiency. Help companies innovate through both automation and integration. Help companies gain competitive advantages. What is MIS? - answerManagement information systems are information systems used in business. The development and use of information systems that help achieve their strategies. also a field of study on how to accomplish this. difference between information technology and information systems - answerinformation technology refers to the methods, inventions, standards, and products and is not a system. Information systems is a system that is IT plus people and procedures/processes that makes IT useful. You can buy IT, but not IS. abstract reasoning - answerability to make and manipulate models systems thinking - answerability to model the component of the system to connect the inputs and outputs among those components. Also a way of approaching problems or changes from a systems perspective. Moore's law - answerThe cost of computing, data communications and data storage is essentially zero. This means the rise of a whole new kind of information industry. business process - answerA set of linked activities that create value for accomplishing a business function by transforming inputs into a more valuable output business process modeling notation (BPMN) - answerProvides a means to communicate with others about process structure and possible changes in a business Swimlane format - answera graphical arrangement in which all of the activities for a given role (job type) are shown in a single vertical lane. activities (in swimlane format) - answerspecific tasks that need to be accomplished as part of the process Role - answera subset of the activities in a business process that is performed by an actor, which is a person, group, department, organization, or information system. repository - answera collection of data that is stored within the business process (examples: computer databases or collections of files in the cloud or printed records) data flows - answerrepresent the movement of data from one activity to another Process quality - answermeasured by process effectiveness and process efficiency effective business process - answerone that enables the organization to accomplish its strategy efficiency - answerthe ratio of benefits to costs (If there are 2 versions of a business process and one is more costly, you use the other. Or if they are the same cost but 1 has more benefits, you use that one) The five components of information systems - answerhardware, software, data, procedures, people -Hardware and people are actors in a business process -Software and procedure components are both sets of instructors -Software is instructions for hardware, and procedures are instructions for people information - answerknowledge derived from data, which are records, facts, or figures AND data that is given context or processed. It must be: accurate, timely, relavent, sufficient, and worth the cost (Example: average wage is knowledge that is derived from the data of individual wages) difference between information and data - answerf it's in the mind of a human, it is information. If it is on a piece of paper or on a digital screen, it is data. competitive strategy - answerFormed from analysis of other structures of industries and help organizations be effective. in order to maintain this competitive strategy, organizations must understand their market and new technological up-comings strategy - answerDefines long term vision/direction value - answerthe amount of money that a customer is willing to pay for a resource, product, or service margin - answerthe difference between the value that an activity generates and the cost of the activity (a business with a differentiation strategy will add cost to an activity only as long as the activity has a positive margin)