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Terms in this set (53)
systems thinking
a way of monitoring an entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
feedback
information that returns to its original transmitter and modifies the transmitter's actions
fall of berlin wall
one of thomas friedmans 10 forces that flattened the world
knowledge workers
individuals valued for their ability to interpret and analyze information
system
a collection of parts that link to achieve a common purpose
management information systems
a business function, like accounting or human resources, that moves information about people, products, and processes across the company to facilitate decision making and problem solving
operating system software
software that supports the application software and manages how the hardware devices work together?
Utility software
provides additional functionality to an operating system
competitive intelligence
the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed.
competitive advantage tool 1
the Five forces model (for evaluating industry attractiveness)
competitive advantage tool 2
three generic strategies (for choosing a business focus)
competitive advantage tool 3
value chain analysis (for executing business strategies)
Porter's five forces model
analyzes the competitive forces within the environment in which a company operates to asses the potential for profitability in an industry
buyer power
the ability of buyers to affect the price they must pay for an item.
supply chain
consists of all parties involved, directly or indirectly, in obtaining raw materials or a product
supplier power
the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services)
business process
standardized set of activities that accomplish a specific task, such as processing a customer's order
value chain analysis
views a firm as a series of business processes that each add value to the product or service
primary value activities
acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services - bottom of value chain
support value activities
along the top of the value chain - include firm infrastructure, human resource management, technology development, and procurement.
business process
a standardized set of activities that accomplish a specific task such as processing a customer's order.
workflow
includes the tasks, activities, and responsibilities required to execute each step in a business process.
business process reengineering (BPR)
analysis and redesign of workflow within and between enterprises.
customer-facing processes
front-office processes - result in a product or service received by an organization's external customer. fulfilling orders- communicating with customers - sending out bills - marketing information
business-facing process
back-office process- invisible to the external customer but essential to the effective management of the business - they include goal setting - day-to-day planning - giving performance feedback and rewards and allocating resources
supply chain
includes all parties involved, directly or indirectly, in obtaining raw materials or product.
supply chain management (SCM)
the management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and corporate profittability
three phases of CRM
1) reporting 2) analyzing 3) predicting
CRM reporting technologies
help organizations identify their customers across other applications
CRM analysis technologies
help organizations segment their customers into categories such as best and worst customers
CRM predicting technologies
help organizations predict customer behavior, such as which customers are at risk of leaving
Enterprise resource planning (ERP)
integrates all departments and functions throughout an organization into a single IT system (or integrated set of IT systems) so that employees can make decisions by viewing enterprisewide information on all business operations.
analytics
the science of fact-based decision making
operational level
employees develop, control, maintain core business activities required to run the day to day operations
managerial level
employees are continuously evaluating company operations to hone the firm's abilities to identify, adapt to, and leverage change.
semistructured decisions
they occur in situations in which a few established processes help to evaluate potential solutions but not enough to lead to definite recommended decision
strategic level
managers develop overall business strategies, goals, and objectives as part of the company's strategic plan
unstructured decisions
occurring in situations in which no procedures or rules exist to guide decision makers toward the correct choice.
Online transaction processing (OLTP)
the capture of transaction and event information using technology to -process-store-update
Transaction processing system (TPS)
the basic business system that serves the operational level (analysts) and assists in making structured decisions - most common example of TPS is an operational accounting system such as payroll
Online analytic processing (OLAP)
manipulation of information to create business intelligence in support of strategic decision making
Decision support systems (DSSs)
model information using OLAP, which provides assistance in evaluating and choosing amount different course of action -enable high-level managers to examine and manipulate large amounts of detailed data from different internal and external sources
executive information system (EIS)
a specialized DSS that supports senior-level executives and unstructured, long term, nonroutine decisions requiring judgment evaluation and insight.
digital dashboard
tracks key performance indicators (KPIs) and critical success factors (CSFs) by compiling information from multiple sources and tailoring it to meet user needs
consolidation
the aggregation of data from simple roll-ups to complex groupings of interrelated information
drill-down
enables users to view details, and details of details, of information - opposite of consolidation
slice-and-dice
the ability to look at information from different perspectives
fuzzy logic
a mathematical method of handling imprecise or subjective information. the basic approach is to assign values between 0 and 1 to vague or ambiguous information
genetic algorithm
an artificial intelligence system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem
mutation
the process within a genetic algorithm of randomly trying combinations and evaluating the success (or failure) of the outcome
intelligent agent
special-purpose knowledge-based information system that accomplishes specific tasks on behalf of its users. - example shopping bot
virtual reality
computer-simulated environment that can be a simulation of the real world or an imaginary world
augmented reality
the viewing of the physical world with computer-generated layer of information added to it
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