Term
5 parts of management information system |
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People
Procedure
Hardware
Software
Data |
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| Raw facts that describe the characteristics of an even or object |
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| includes the skills, experience, and expertise, that creates a person's intellectual ---------. |
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· Why do businesses build info systems: |
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| solves a problem and creates a competitive advantage |
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o Knowledgeable customers can force down prices by pitting rivals against each other
o Influential suppliers can drive down profits by charging higher prices for supplies
o Competition can steal customers
o New market entrants can steal potential investment capital
o Substitute products can steal customers |
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Definition
· 5 competitive forces model |
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includes the company format, or departmental structures, environment, and systems
o Human resource management- provides employee training, hiring, and compensation
o Technology development- applies MIS to processes to add value |
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o employees develop, control, and maintain core business activities required to run the day-to-day operations. Examples: reordering inventory, weekly production schedules |
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o employees are continuously evaluating company operations to hone the firm’s abilities to identify, adapt to, and leverage change. Examples: schedules, budgets, policies |
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o managers develop overall business strategies, goals, and objectives as part of the companies strategic plan. They also monitor the strategic performance of the organization. Examples: entering a new market, or new industry |
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o the amount of info that can travel through a system at any point in time
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the amount of time a system takes to perform a transaction
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Transaction speed- efficiency
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- the number of hours a system is available for users |
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System availability-efficiency |
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the extent to which a system generates the correct results when executing the same transaction numerous times. |
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Info accuracy-efficiency |
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o the time it takes to respond to user interactions such as a mouse click |
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Response time- efficiency
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o the ease with which people perform transactions and/or find information |
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o measured by satisfaction surveys, percentage of existing customers retained, and increases in revenue dollars per customer |
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| Customer satisfaction-effective |
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o the number of customers an organization ‘touches’ for the first time and persuades to purchase its products or services. This is a popular metric for evaluating the effectiveness of banner, pop-ip, and pop-under ads on the internet |
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| Conversion rates-effective |
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osuch as return on investment (the earning power of an organization’s assets), cost-benefit analysis (the comparison of projected revenues and costs including development, maintenance, fixed, and variable), and break even analysis (the point at which constant revenues equal ongoing costs) |
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o the extent to which a system generates the correct results when executing the same transaction numerous times. |
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o the time it takes to respond to user interactions such as a mouse click |
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