Exam 1 Review - Exam 1 Review Chapter 1 MIS planning for...

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Exam 1 Review Chapter 1 MIS: planning for, development, management, and use of information technology to help people perform all tasks related to information processing and management Information People (knowledge worker) Information technology Information Data: raw facts that describe a particular phenomenon Information: data that have a particular meaning within a specific context Business Intelligence: collective information about your customers, your competitors, your business partners, your competitive environment, and your own internal operations, that gives you the ability to make effective, important, and often strategic decisions Information Quality Timeliness Location Form Validity Garbage-In Garbage-Out (GIGO): if the information coming into your decision-making process is in bad form (garbage-in), you’ll more than likely make a poor decision (garbage-out) Organizational Dimensions Flows of information Upward – describe the current state of the organization based on its daily transactions Information Granularity: the extent of detail within the information Downward – strategies, goals, and directives that originate at a higher level are passed to lower levels Horizontal – flows between functional business units and work teams Inward/Outward – communicated from and to customers, suppliers, distributors, and other partners Types of information Internal – describes specific operational aspects of an organization External – describes the environment surrounding the organization Objective – quantifiably describes something that is known Subjective – attempts to describe something that is unknown People Single most important resource Technology-Literate: knowing when and how to align technology with business processes Information-Literate: define information needs, know how and where to obtain information, understand information, and act appropriately based on the information 1
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Break-Even Analysis to Assess the Financial Impact of IT The goal is to move the break-even point to the left (ideally to zero) Reduce fixed costs Digital storefronts Telecommuting – employees work from home Voice over IP – use the internet for making calls Cloud computing Reduce variable costs Virtual goods – do not exist in the physical world Crowdsourcing – non-paid non-employees do your work Increase revenue Recommendation engines Long-tail economics – helps overcome the 80/20 rule which states that only 20% of the total available products are worth selling Assess the State of Competition and Industry Pressures Porter’s Five Forces Model 1. Buyer power 2. Supplier power 3. Threat of substitute products or services 4. Threat of new entrants 5. Rivalry among existing competitors Determine Business Strategies Critical to Successfully Addressing These Pressures Three Generic Strategies
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