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| raw facts that describe the characteristics of an event or object |
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| when infinite quantities of facts are widely available to anyone who can use a computer |
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| data converted into a meaningful and useful context |
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| a data characteristic that stands for a value that changes or varies over time |
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| is information collected from multiple sources such as suppliers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making |
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| the skills, experience, and expertise, coupled with information and intelligence that creates a persons intellectual resources |
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| are individuals valued for their ability to interpret and analyze information |
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| Management Information Systems(MIS) |
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| a business function, like accounting & human resources, which moves information about people, products & processes across the company to facilitate decision making & problem solving |
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| Chief Information Officer |
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| oversees all uses of MIS and ensures MIS strategically aligns with business goals and objectives |
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| is responsible for collecting, maintaining, and distributing company knowledge |
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| is responsible for ensuring the ethical and legal use of information within a company |
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| is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses |
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| is responsible for ensuring the speed, accuracy, availability, and reliability of the MIS |
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| a feature of a product or service on which customers place a greater value than they do on similar offerings for competitors |
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| the ability of buyers to affect the price they must pay for an item |
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| is the suppliers ability to influence the prices they charge for supplies |
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| consists of all parties involved,directly or indirectly, in obtaining raw materials or a product |
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| Threat of Substitute Products |
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| when there are many alternatives to a product or service and low when there are few alternatives from which to choose |
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| a feature of a product or service that customers have come to expect & entering competitors must offer the same for survival |
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| occurs when a company develops unique differences in its products or services with the intent to influence demand |
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| a standardized set of activities that accomplish a specific task, such as processing a customers order |
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| views a firm or organization as a series of business processes that each add value to a product or service |
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| acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services |
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| Supplier Power, Buyer Power, Threat of New Entrants, Threat of Substitute Products of Services |
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| arise in situations where established processes offer potential solutions |
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| Semi-Structured Decisions |
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| occurs in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision |
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| occurring in situations in which no procedures or rules exist to guide decision makers toward the correct choice |
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| a temporary activity a company undertakes to create a unique product, service, or result |
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| are measurements that evaluate results to determine whether a project is meeting its goals |
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| firm infrastructure & human resource management |
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| are the crucial steps companies perform to achieve their goals and objectives and implement their strategies |
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| Key Performance Indicators |
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| are the quantifiable metrics a company uses to evaluate progress toward critical success factors |
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| the proportion of the market that a firm captures |
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| Return on Investment (ROI) |
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| indicates the earning power of a project |
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| the amount of time a system takes to perform a transaction |
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| base line values the system seeks to attain |
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| a process of continuously measuring system results, comparing those results to optimal system performance and creating procedures to improve performance |
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| a simplified representation or abstraction of reality |
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| enables users to view details, and details of details, of information |
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| is the ability to look at information from different perspectives |
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| Transactional Information |
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| encompasses all the information contained within a single business process or unit of work, meant to support he performance of daily operational or structured decisions |
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| Online Transaction Processing(OLTP) |
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| the capture of transaction and event information using technology |
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| Transaction Processing System(TPS) |
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| is the basic business system that serves the operational level and assists in making structured decisions |
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| Executive Information System(EIS) |
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| is a specialized DSS that supports senior-level executives and unstructured, long-term, non-routine decisions requiring judgement, evaluation, and insight |
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| Online Analytical Processing(OLAP) |
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| is the manipulation of information to create business intelligence in support of strategic decision making |
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| model information using OLAP, which provides assistance in evaluating and choosing among different courses of action |
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| checks the impact of a change in a variable or assumption |
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| produces graphical displays of patterns and complex relationships in large amounts of data |
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| Artificial Intelligence(AI) |
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| simulates human thinking and behavior, such as the ability to reason and learn |
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| are various commercial applications of artificial intelligence |
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| expert systems, neural networks, genetic algorithms, intelligent agents, virtual reality |
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| layout arranges the steps of a business process into a set of rows depicting the various elements |
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| is the process of computerizing manual task, making them more efficient and effective and dramatically lowering operational cost |
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| improves business process efficiencies by simplifying or eliminating unnecessary steps |
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| Business Process Re-engineering(BPR) |
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| the analysis and redesign of workflow within and between enterprises |
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| Business Process Management(BPM) |
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| focus on evaluating and improving processes that include both person-to-person workflow and system-to-system communications |
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