Flashcards

chapter 1

A K Information management Bachelor English 33 cards

Cards in this deck (33)

1Factconfirmation or validation of an event or object
2Dataraw fact that describe the characteristics of an event or object
e.g. order date, amount sold, customer number, quantity ordered
3Informationdata converted into a useful and meaningful context
e.g. best-selling product, best customer, worst-selling product, worst customer
4Business intelligenceinformation collected from multiple resources that analyses trends, patterns and relationships for strategic decision making
e.g. lowest sales per week compared with economic interest rates, best-selling product compared to sports season & city wins & losses
5Knowledgethe skills, experience and expertise coupled with information and intelligence that creates a person's intellectual resources
e.g. choosing not to fire a sales representative who is underperforming knowing that the person is experiencing family problems, listing products that are about to expire first on the menu or creating them as daily special to move the product
6Variabledata characteristic that stands for a value that changes or varies over time
7Knowledge workerindividual valued for their ability to interpret and analyse information
8Transformation from data to knowledge
9What is one of the most important assets in an organization?Information is one of the most important assets in an organization, and the primary way that people get information is through information technology
10Departments in an organisation1.Accounting: records, measures and reports monetary transactions = monetary data
2.Finance: tracks strategic financial issues including money, banking, credit, investment & assets = monetary data
3.Human resources: maintains policies, plans and procedures for the effective management of employees = employee data
4.Marketing: supports sales by planning, pricing and promoting goods or services = transactional data
5.Operations management: manages the process of converting or transforming resources into goods or services = production data
6.Sales: performs the function of selling goods or services = transactional data
11Goodsmaterial items or products that customers will buy to satisfy a want or need
e.g. cars, groceries, clothing
12Servicestasks performed by people that customers will buy to satisfy a need or want
e.g. teaching, waiting tables, cutting hair
13Systemcollection of parts that link to achieve a common purpose
14Sytem thinkinga way of monitoring the entire system by viewing multiple inputs being processed and transformed to produce outputs while continuously gathering feedback on each part
15Feedbackinformation that returns to its original transmitter (input, transform or output) and modifies the transmitter's actions
helps system to maintain stability
16Productionthe process where a business takes raw materials and converts them into a finished product for its goods or services
17Management Information Systems (MIS)is a business function, like accounting, which moves information about people, product and processes across the company to faciliate decision making and problem solving
helps companies to operate cross-functionally
18MIS departments roles and responsibilities1. Chief security officer (CSO): security of business system
2. chief technology officer (CTO): speed, accuracy and reliability of MIS
3. chief privacy officer (CPO): ethical and legal use of information
4. chief information officer (CIO): overseeing all uses of MIS, ensuring allignment with company's goals
5. chief knowledge officer (CKO): collecting, maintaining and distributing company knowledge
19Business strategy:A leadership plan that achieves a specific set of goals or objectives, such as:
1. Developing new products.
2. Entering new markets.
3. Increasing customer loyalty.
4. Attracting new consumers.
5. Increasing sales.
20Competitive advantagesA product or service advantage than an organization its consumers place a greater value on its products than similar offering from competitors.
21First-move advantage:• Occurs when an organization affect its market share by being the first to market with a competitive advantages.
22• Competitive intelligence:The process of gathering information about the competitors environment to improve the company's ability to succeed.
23• Porter's Five Force model:
24supplier Power:Here you assess how easy it is for suppliers to drive up prices. This is driven by the number of suppliers of each key input, the uniqueness of their product or service, their strength and control over you, the cost of switching from one to another, and so on. The fewer the supplier choices you have, and the more you need suppliers' help, the more powerful your suppliers are.
25Buyer Power:Here you ask yourself how easy it is for buyers to drive prices down. Again, this is driven by the number of buyers, the importance of each individual buyer to your business, the cost to them of switching from your products and services to those of someone else, and so on. If you deal with few, powerful buyers, then they are often able to dictate terms to you.
26Competitive Rivalry:What is important here is the number and capability of your competitors. If you have many competitors, and they offer equally attractive products and services, then you'll most likely have little power in the situation, because suppliers and buyers will go elsewhere if they don't get a good deal from you. On the other hand, if no-one else can do what you do, then you can often have tremendous strength.
27Threat of Substitution: This is affected by the ability of your customers to find a different way of doing what you do – for example, if you supply a unique software product that automates an important process, people may substitute by doing the process manually or by outsourcing it. If substitution is easy and substitution is viable, then this weakens your power.
28Threat of New Entry:Power is also affected by the ability of people to enter your market. If it costs little in time or money to enter your market and compete effectively, if there are few economies of scale in place, or if you have little protection for your key technologies, then new competitors can quickly enter your market and weaken your position. If you have strong and durable barriers to entry, then you can preserve a favorable position and take fair advantage of it.
29• Porter's Three generic Strategies:Porter called the generic strategies "Cost Leadership" (no frills), "Differentiation" (creating uniquely desirable products and services) and "Focus" (offering a specialized service in a niche market). He then subdivided the Focus strategy into two parts: "Cost Focus" and "Differentiation Focus."
The terms "Cost Focus" and "Differentiation Focus" can be a little confusing, as they could be interpreted as meaning "a focus on cost" or "a focus on differentiation." Remember that Cost Focus means emphasizing cost-minimization within a focused market, and Differentiation Focus means pursuing strategic differentiation within a focused market.
30Business Process:A standardized set of activities that accomplish a specific task, such as a specific process.
31porters generic value chain
32Primary activities relate directly to the physical creation, sale, maintenance and support of a product or service.Inbound logistics – These are all the processes related to receiving, storing, and distributing inputs internally. Your supplier relationships are a key factor in creating value here.
Operations – These are the transformation activities that change inputs into outputs that are sold to customers. Here, your operational systems create value.
Outbound logistics – These activities deliver your product or service to your customer. These are things like collection, storage, and distribution systems, and they may be internal or external to your organization.
Marketing and sales – These are the processes you use to persuade clients to purchase from you instead of your competitors. The benefits you offer, and how well you communicate them, are sources of value here.
Service – These are the activities related to maintaining the value of your product or service to your customers, once it's been purchased.
33Support Activities support the primary functions above. In our diagram, the dotted lines show that each support, or secondary, activity can play a role in each primary activity. For example, procurement supports operations with certain activities, but it also supports marketing and sales with other activities.Procurement (purchasing) – This is what the organization does to get the resources it needs to operate. This includes finding vendors and negotiating best prices.
Human resource management – This is how well a company recruits, hires, trains, motivates, rewards, and retains its workers. People are a significant source of value, so businesses can create a clear advantage with good HR practices.
Technological development – These activities relate to managing and processing information, as well as protecting a company's knowledge base. Minimizing information technology costs, staying current with technological advances, and maintaining technical excellence are sources of value creation.
Infrastructure – These are a company's support systems, and the functions that allow it to maintain daily operations. Accounting, legal, administrative, and general management are examples of necessary infrastructure that businesses can use to their advantage.

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Description: Bachelor Information management Flashcards on chapter 1, created by A K on 24/04/2018.
Created by: A K
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