ITM EXAM Flashcards

Terms Definitions
Static demand
Stable demand
Dynamic demand
Varies over time
RAD Methodology
Rapid application development emphasizes extensive user involvement in the rapid and evolutionary construction of working prototypes of a system to accelerate the systems development process
Core components
1)accounting and finance2)production and materials management3)human resource
Organization trends
Innovation: finding newSocial entrepreneurship: going greenSocial network: who's whoVirtual worlds: it's a whole new world
Define Consolidation
Aggregation of information and features simple roll-ups to complex groups of interrelated information
Outsourcing
firm seeks services from another organization that choose not to perform in-house
Change Management
process of building capacity, capability and will
Constraints
Constraints imposed on the workforce schedule are the resources provided by the staffing plan and the requirements placed on the operating system
Outsource benefits
• Increased quality and efficiency • Reduced operating expenses• Outsourcing non-core processes allows focus on core competencies• Reduced exposure to risk• Service providers economies of scale, expertise, and best practices• Access to advanced technologies• Increased flexibility • Avoid costly outlay of capital funds• Reduced headcount and associated overhead expense• Reduced frustrations and expense related to hiring/retaining employees • Reduced time to market for products or services
ERP Software
Successful ERP Projects have1. Overall fit2. Proper business analysis3. Solid implementation plans
Benefits of CRM
-Provide better customer service-Make call centers more efficient- Cross sell products more effectively- Help sales staff close deals faster- Simplify marketing and sales processes- Discover new customers- Increase customer revenues
Define Operational CRM
____ supports traditional transaction processing for day-to-day front-office operations or systems that deal directly with the customers
Business Benefits CRM
1)better customer service
2)make call centers more efficient
3)cross sell products more effectively
4)help sales staff close deals faster
5)simplify marketing and sales processes
6)discover new customers
7)Increase customer revenues
Finished goods inventory
Completed products ready for distribution or sale to customers
True or false: Larger orders require higher inventory holding costs but ordering costs are lower.
True
Demand management
The cooperation between marketing and manufacturing to create more feasible aggregate demands
Primary Users
CRM: Sales, Marketing, and Customer ServiceSCM: Customers, Resellers, Partners, Suppliers, and DistributersERP: Accounting, Finance, Logistics, and Production
Define Supply Chain
All parties involved, directly or indirectly, in the procurement of a product or raw material
Define Drill-Down
Enables users to get details, and details, and details, etc...of information
Define Recency
____ is how recently a customer purchased items
Explain what might happen if HP used the Waterfall Methodology to develop its ERP system?
***
Operational CRM technologies
List generator - segment customers from different sources for marketingcampaign management system - guide through marketing campaigns
Dependent demand
Directly related to the demand of other SKUs and can be calculated without needing to be forecast
Reorder point (R)
Predetermined minimum level that an inventory position must reach before a fixed order quantity Q of the item is ordered
Lost sale
Occurs when the customer is unwilling to wait and purchases the item elsewhere
Objectives of resource management
Maximize profits and customer satisfaction, minimize costsFor government and not-for profit organizations, it is to maximize benefits to their stakeholders
Fixed schedule
A schedule that calls for each employee to work the same days and hours each week
Cycle inventory
The portion of total inventory that varies directly with lot size (Q)
Setup costs
Incurred from the work involved within a factory to produce an itemCosts from activities include the paperwork, equipment setup and calibration, startup scrap, and the opportunity cost of producing no output while the setup is done
Operational CRM Technologies Sales
Sales Management systems - automates each phase of the sales process, helping individual sales representatives coordinate and organize all of their accountsContact Management systems - maintains customer contact information and identifies prospective customers for future sales.Opportunity Management systems - target sales opportunities by finding new customers or companies for future sales.
Define Goal-Seeking Analysis
Finds the inputs necessary to achieve a goal, such as a desired level of output
Define Environmental Scanning
The acquisition and analysis of events and trends in the environment external to an organization
Define Information Partnership
____ occurs when two or more organizations cooperate by integrating their IT systems, thereby providing customers with the best of what each can offer
Define Personalization
____ is when a website knows enough about a person's likes and dislikes that it can fashion offers that are more likely to appeal to that person
Rapid Action Development (RAD)
emphasize user involvement in rapid construction of system prototypes to accelerate system development
Good forecasting and demand planning system results in what?
Higher capacity utilizationReduced inventories and costsMore efficient process performanceMore flexibilityImproved customer serviceIncreased profit margins
Lead time
Time between placement of an order and its receipt
Safety stock inventory
Surplus inventory that a company holds to protect against uncertainties in demand, lead time and supply changes
Drivers of CRM-Analytical
1. Give customers more of what they want2. Value their time3. Overdeliver4. Contact frequently5. Generate a trustworthy mailing list6. Follow up
7 phases of SDLC
1. Planning: involves establishing a high level plan of the intended project and determining project goals2. Analysis: involves analyzing end user business requirements and refining project goals into defined functions and operations of the intended system3. Design: involves describing the desired features and operations of the system including screen layouts, business rules, process diagrams, psuedo code, and other documentation4. Development: involves taking all of the detailed design documents from the design phase and transforming them into the actual system5. Testing involves bringing all the project pieces together into a special testing environment to test for errors, bugs, and interoperability and verify that the system meets all of the business requirements defined in the analysis phase6. Implementation: involves placing the system into production so users can begin to perform actual business operations with the system7. Maintenance: involves performing changes, corrections, additions, and upgrades to ensure the system continues to meet the business goals
Define Online Analytical Processing (OLAP)
The manipulation of information to create business intelligence in support of strategic decision making
List examples of Support Value Activities
Firm infrastructure, HR management, IT, procurement
Define Employee Relationship Management (ERM)
____ provides employees with a subset of CRM applications available through a web browser
Define Enterprise Resource Planning (ERP)
____ integrates all departments and functions throughout an organization into a single IT system so that employees can make enterprise wide decisions by viewing enterprise wide information on all business operations
Mean absolute percent error (MAPE)
A measurement that relates the forecast error to the level of demand and is useful for putting forecast performance in the proper perspectiveMAPE = [[Sum (Absolute value (At-Ft))/At]*100]/n
Irregular (one time) variation
Time series characteristic that is a one time variation that is explainable
What are the three levels of IT systems used in Enterprise?
-Executives: Executive Information Systems (EIS), -Managers: Decision Support Systems (DSS), -Analysts: Transaction Processing Systems (TPS)
Define What-if Analysis
Checks the impact of a change in an assumption on the proposed solution
Define Collaboration System
____ is an IT-based set of tools that supports the work of teams by facilitating the sharing and flow of information
Define Monetary Value
____ is how much a customer spends on each purchase
Fixed Quantity Systems (FQS)
The order quantity or lot size is fixed; the same amount, Q is ordered every timeThe process of triggering an order is based on the inventory positionA new order is triggered whenever the inventory position for the item reaches the reorder point. The size of the order is Q
Operational CRM Technologies Customer Service
Contact Center - (call center) - where a customer service representative answers customers inquiries and responds to problems through a number of different customer touch pointsWeb-Based (self service) - allows customers to use the web to find answers to their questions or solutions to their problemsCall Scripting - Accesses organizational databases that track similar issues or questions and automatically generates the details for the (Call Service Rep) who can then relay them to the customer
What are the five parts of a system?
Input, process, output, feedback, control
What are 4 Characters of a Well-Defined Project Plan?
4 Characteristics of a Well-Defined ____ are:1) Easy to read and understand2) Communicated to all key participants3) Appropriate size, complexity, and criticality4) Prepared by team, rather than individuals
Change can generate what from employees?
____ can generate fear and resistance from employees
Describe the Testing Phase in SDLC
The ____ Phase in SDLC: involves bringing all the project pieces together into a special testing environment; verify that the system meets all business requirements
Manufacturing resource planning (MRP II)
A system that ties the basic MRP system to the company's financial system and to other core and supporting processes
Describe the Implementation Phase of SDLC
The ____ Phase of the SDLC: involves placing the system into production so users can begin to perform actual business operations with the system
What are 4 types of Data-Mining Tools?
4 types of ____ tools are:1) Classification2) Estimation3) Affinity grouping4) Clustering
Describe the Maintenance Phase of the SDLC
The ____ Phase of the SDLC: involves performing changes, corrections, additions, and upgrades to ensure the system continues to meet the business goals
What are 5 examples of Analytical CRM information?
5 examples of ____ information are:1) Give customers more of what they want2) Value their time3) Overdeliver4) Contact frequently5) Generate a trustworthy mailing list6) Follow up
What are the 3 most common core ERP components?
The 3 most common ____ components are:1) Accounting and finance2) Production and materials management3) Human resource
Explain how Virtual Worlds are one of the Primary Changes and Challenges of the 21st Century
____ in the 21st Century mean "it's a whole new world"
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