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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 itMore 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 yearNetwork 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 rateStorage capacity is increasing exponentially. The cost of storing data is approaching zero--5 component modelSystem: 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, pplHardwareand peopletake actions. Software: instructions for hardware and procedures are instructions for people. Datais 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--