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MIS Chapter ONE
Definitions
35
Business
Undergraduate 3
02/09/2016

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Term
Business Intelligence(BI)
Definition
Information collected from multiple sources [such as suppliers, customers, competitors, partners, and industries] that analyzes patterns, trends, and relationships for strategic decision making.
Term
Business Strategy
Definition
A leadership plan that achieves a specific set of goals or objective.
Term
Buyer Power
Definition
The ability of buyers to affect the price they must pay for an item, to drive down prices.
Term
Chief Information Officer (CIO)
Definition
Responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals.
Term
Chief Knowledge Officer (CKO)
Definition
Responsible for collecting, maintaining, and distributing company knowledge.
Term
Chief Privacy Officer (CPO)
Definition
Responsible for ensuring the ethical and legal use of information within a company.
Term
Chief Security Officer (CSO)
Definition
Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses.
Term
Chief Technology Officer (CTO)
Definition
Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS
Term
Competitive Advantage
Definition
a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.
Term
Competitive Intelligence
Definition
The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed.
Term
Data
Definition
Raw facts that describe the characteristics of an event or object.
Term
Fact
Definition
The confirmation or validation of an event or object.
Term
First-mover advantage
Definition
Occurs when a company can significantly increase its market share by being first with a new competitive advantage.
Term
Information
Definition
Data converted into a meaningful and useful context.
Term
Information Age
Definition
Infinite quantities of facts are widely available to anyone who can use a computer.
Term
Knowledge
Definition
includes the skill, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources.
Term
Management Information Systems (MIS)
Definition
A business function, [like accounting and HR], which moves information about people, products, and processes across the company to facilitate decision making and problem solving.
Term
Porter's Five Forces Model
Definition
analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry.
1. Buyer power
2. Supplier power
3. Rivalry among existing competitors
4. Threat of substitute products of services
5. Threat of new entrants
Term
Product differentiation
Definition
occurs when a company develops unique differences in its products or services with the intent to influence demand.
Term
Rivalry among existing competitors
Definition
The power of competitors. High when competition is fierce in a market and low when competitors are more complacent.
Term
Supplier power
Definition
The supplier's ability to drive up prices.
Term
Systems Thinking
Definition
is a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part.
Term
Threat of new entrants
Definition
The power of competitors to enter a market. High when it is easy for new competitors to enter a market and low when there are significant barriers to entry to joining a market.
Term
Threat of substitute products or services
Definition
The power of customers to purchase alternatives. High when there are many alternatives and low when there are few alternatives.
Term
Value Chain Analysis
Definition
Views a firm as a series of business processes that each add value to the product or service.
Term
Knowledgable worker
Definition
Individual valued for their ability to interpret and analyze information.
Term
Human Resources
Definition
Maintains policies, plans, and procedures for the effective management of employees.
Term
Sales
Definition
Performs the function of selling goods or services.
Term
The solution
Definition
To create a feedback system with information systems.
Term
Business process
Definition
a standardized set of activities that accomplish a specific task, such as processing a customer's order.
Term
Entry barrier
Definition
A feature of a product that customers have come to expect and entering competitors must offer the same for survival.
Term
Inbound Logistics
Definition
Acquires raw materials and resources and distributes to manufacturing as required.
Term
Operations
Definition
transforms raw materials or inputs into goods and services.
Term
Outbound Logistics
Definition
distributes goods and services to customers
Term
The Three Generic Strategies
Definition
1. Broad cost leadership
2. Broad differentiation
3. Focused strategy
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