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BMGT301 Final Study Guide

BMGT301 Final Study Guide - Managing Organizational...

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Managing Organizational Information 1) Some Introductory Definitions: i) Data : simply raw facts and figures and alone, it tells you nothing. The goal is to turn that data into information ii) Information: data becomes information when it’s presented in a context so that it can answer a question or support decision making iii) Database: is simply a list (or likely, several related lists) of data. Most organizations have several databases—perhaps even hundreds or thousands. Focused on any combination of functional areas (sales, product returns, inventory, payroll), geographical regions, or business units. iv) Database Management Systems (DMBS): sometimes referred to as database software, DBMS products vary widely in scale and capabilities. Examples include: Single-user : Microsoft Access, Filemaker Pro, Web- Based : Intuit QuickBase, and Industrial Strength : Oracle, IBM (DB2), Sybase. v) Structered Query Language (SQL): the most common language for creating and manipulating databases. If there is one language to learn its SQL. 2) Transaction processing systems: i) Online Transaction Processing (OLTP): represent a fountain of potentially insightful data. A class of systems that facilitate and manage transaction-oriented applications, typical for data entry and retrieval transaction processing ii) Transaction: every time a customer uses a point-of-sale system such as an ATM, or a service desk. These are worth tracking i. The Cash register is the data generation workhouse of most physical retailers, and the primary source that feeds data to the TPS. ii. It’s difficult to match the bits of data from the TPS to specific customers if they use cash (not credit cards). Some retailers can tie you to cash transactions by convincing you to use a loyalty card . iii. Use one of these cards and you’re in effect giving up information about yourself in exchange for some kind of financial incentive 3) Enterprise Software (CRM, SCM, and ERP): i) Customer Relationship Management (CRM): used to empower employees to track and record data at nearly every point of customer contact. Keeps track of things such as: A return to the store, a customer complaint ii) Supply Chain Management (SCM): enterprise software that touch on every aspect of the value chain iii) Enterprise Resource Planning (ERP): systems integrate internal and external management across an entire organization, embracing finance / accounting , manufacturing , sales and service, customer relationship management , etc.
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a. Database Management System (DBMS): the 3 aforementioned forms of Enterprise Software work is conjunction with a DBMS. The database system stores and retrieves the data that an application creates and uses. 4) External Sources: i) If your firm has partners that sell products for you, then you'll likely rely heavily on data collected by others ii) Ex: Brinker, who owns a bunch of restaurants, supplements their own data with external feeds on weather, employment stats, gas prices, etc 3) Importance of data assets: i) With information, a manager can combine this with their knowledge
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