BUS_340_Midterm_Exam_Study_Guide (3)

BUS_340_Midterm_Exam_Study_Guide (3) - Midterm Exam Study...

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Midterm Exam Study Guide – Spring, 2012 This exam will be 75 multiple choice questions, to be completed in 75 minutes. Don’t just know terminology, but also know how to apply it. Questions may come from the text, the lectures, and the PowerPoint slides. Know the following (listed here in the order we covered them in class, by chapter): Chapters 1-2: Business-driven MIS / Processes and Decisions Core drivers of the Information Age DATA - Raw facts that describe the characteristics of an event or object INFORMATION - data converted into a meaningful and useful context BUSINESS INTELLIGENCE - information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making KNOWLEDGE - includes the skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources. Current Trends in the Information Age #1: Internet growth and technology convergence The networking and communications revolution driven by the growth of the Internet, Internet-based technologies, and the new business models and processes that leverage the new technologies. #2: Transformation Of The Business Enterprise Flattening Decentralization Flexibility Empowerment Collaborative work and teamwork Changes in the cost and revenue structures due to new markets and the Internet Location independence (separating work from location) Low transaction and coordination costs #3: Growth Of A Globally Connected Economy #4: The Rise Of The Information Economy #5: The Emergence of the Digital Company Friedman’s 10 forces that flattened the world 1. Fall of the Berlin Wall - 1989: power toward democracies and free market 2. Netscape IPO - 1995: massive investment in fiber optics 3. Work Flow Software - faster and closer communication 4. Open Sourcing - self organizing companies launch revolution 5. Outsourcing 6. Offshoring 7. Supply Chaining 8. In-Sourcing 9. Informing 10. Wireless Data --> Information --> Knowledge (look to definitions above) Use of Variables in decision-making: a data characteristic that stands for a value that changes or varies over time. Used to create hypothetical scenarios to study future possibilities Business Intelligence alters hundreds of variables, both internal and external, to anticipate business performance. Top managers use BI to define the future of the business, analyzing markets, industries and economies to determine the strategic direction the company must follow to remain profitable. Various responsibilities of functional areas (e.g., Sales, Finance, Accounting) of a business: Accounting: Records, measures, and reports monetary transactions. Finance:
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This note was uploaded on 03/15/2012 for the course SUPPLY CHA 370 taught by Professor Favre during the Spring '12 term at N.C. State.

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BUS_340_Midterm_Exam_Study_Guide (3) - Midterm Exam Study...

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