IS Midterm Review.docx - Ch 1(importance of MIS...

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Ch. 1 (importance of MIS) Moore’s Law: The number of transistors per square inch on an integrated chip doubles every 18 months. Computers are getting exponentially faster. The cost of data processing is approaching zero Metcalfe’s Law: the value of a networks equal to the square of the number of users connected to it More digital devices are connected together. The value of digital and social networks is increasing exponentially. Nielsen’s Law: Network connection speeds for high-end users will increase by 50% per year Network speed is increasing. Higher speeds enable new products, platforms, and companies Kryder’s Law: the storage density on magnetic disks is increasing at an exponential rate Storage capacity is increasing exponentially. The cost of storing data is approaching zero --5 component model System : a group of components that interact to achieve some purpose. IS : group of components that interacts to produce info. 5 component frameworks: computer hardware, software, data, procedures, ppl Hardware and people take actions. Software : instructions for hardware and procedures are instructions for people. Data is the bridge between computer and human -- IS: an assembly of hardware, software, data, procedures, and people that produces information -- IT: refers to products, methods, inventions, and standards used for purpose of producing information -- MIS: is the management & use of information systems that help organizations achieve their strategies (management, use, IS, and strategies --Characteristics of data: accurate, timely, relevant (context, subject), just sufficient, worth its cost --Routine vs non routine skills: routine can be easily mastered, non-routine skills cannot be developed over a short period of time -- Nonroutine cognitive skills: - abstract reasoning : the ability to make and manipulate models, - systems thinking : ability model components of system to connect inputs & outputs among those components into a sensible whole that reflects the structure and dynamics of the phenomenon observed, - collaboration: activity of 2 or more people towards a goal (give and receive critical feedback), - Ability to experiment: making an analysis of an opportunity, envisioning potential solutions, evaluating possibilities, developing promising ones Ch. 2 (Strategy and IS) -- How industry structure determine competitive strategy? Organize examine the structure of their industry and determine a competitive strategy. Industry structure- >Competitive strategy->Value chains->Business Processes-> IS -- Porters 5 forces model of industry structure: bargaining power of customers, threat of substitutions, bargaining power of suppliers, threat of new entrants, rivalry. -- Porters 4 competitive strategies (see the picture above) --Competitive structure and value chain: value chain is a network of value-creating activities. Consists of 5 primary activities : inbound logistics, operations/manufacturing, outbound logistics, sales & marketing, customer service -- value: amount of money customer is willing to pay. Cost: amount paid to buy something, Margin: difference between value and cost --

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