ISM 3011 Test #1 Vocab

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  1. Business Intelligence: (8)
    Information collected from multiple sources such as suppliers, customers, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.
  2. Business process: (20)
    Standardized set of activities that accomplish a specific task, such as processing a customer�s order.
  3. Business strategy: (14)
    A leadership plan that achieves a specific set of goals or objectives such as: developing new products, entering new markets, increasing customer loyalty, attracting new customers, increasing sales, decreasing sales.
  4. Buying Power: (16)
    The ability of buyers to affect the price they must pay for an item.
  5. Chief Information Officer �CIO (13):
    Responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives.
  6. Chief Knowledge Officer�CKO (13):
    Responsible for collecting, maintaining, and distributing company knowledge.
  7. Chief Privacy Officer�CPO (13):
    Responsible for ensuring the ethical and legal use of information within a company.
  8. Chief Security Officer�CSO (13):
    Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses.
  9. Chief Technology Officer�CTO (13):
    Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS.
  10. Competitive Advantage (14):
    A feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.
  11. Competitive Intelligence (14):
    The process of gathering information about the competitive environment, including competitors� plans, activities, and products, to improve a company�s ability to succeed.
  12. Data (6):
    Raw facts that describe the characteristics of an event or object.
  13. Entry Barrier (17):
    • A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival.
    • Fact (5):
    • The confirmation or validation of an event or object.
  14. Feedback (12):
    Information that returns to its original transmitter (input, transform, or output) and modifies the transmitter�s actions.
  15. First-mover advantage (14):
    Occurs when a company can significantly increase its market share by being first with a new competitive advantage.
  16. Information (8):
    Data converted into a meaningful and useful context.
  17. Information Age (5):
    Infinite quantities of facts are widely available to anyone who can use a computer.
  18. Knowledge (9):
    Includes the skills, experience, and expertise, coupled with information and intelligence that creates a person�s intellectual resources.
  19. Knowledge Worker (9):
    Individuals valued for their ability to interpret and analyze information.
  20. Loyalty Program (16):
    Reward customers based on their spending.
  21. Management Information Systems (MIS) (13):
    A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving.
  22. Porter�s Five Forces Model (15):
    Analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry.
  23. Primary Value Activities (21):
    Acquire raw materials and manufacture, deliver, market, sell and provide after-sales services (receive and store raw materials, make the product or service, deliver the product or service, market and sell the product or service, service after the sale).
  24. Product Differentiation (18):
    Occurs when a company develops unique differences in its products or services with the intent to influence demand.
  25. Rivalry Among Existing Competitors (18):
    High when competition is fierce in a market and low when competitors are more complacent.
  26. Supplier Power (16):
    The suppliers� ability to influence the prices they charge for supplies (including materials, labor, and services).
  27. Supply Chain (16):
    Consists of all parties involved, directly or indirectly, in obtaining raw materials or a product.
  28. Support Value Activities (21):
    Include firm infrastructure, human resource management, technology development, and procurement (it supports the primary value activities).
  29. Switching Costs (16):
    Costs that make customers reluctant to switch to another product or service.
  30. System (11):
    A collection of parts that link to achieve a common purpose.
  31. Systems Thinking (12):
    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.
  32. Threat of New Entrants (17):
    Is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market.
  33. Threat of Substitute Products or Services (17):
    Is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.
  34. Value Chain Analysis (21):
    Views a firm as a series of business processes that each add value to the product or service.
  35. Variable (8):
    A data characteristic that stands for a value that changes or varies over time.
  36. Analytical Information (52):
    Encompasses all organizational information, and its primary purpose is to support the performance of managerial analysis or semi structured decisions.
  37. Artificial Intelligence (57):
    Simulates human thinking and behavior, such as the ability to reason and learn.
  38. As-Is Process Model (64):
    Represent the current state of the operations that has been mapped, without any specific improvements or changes to existing processes.
  39. Automation (69):
    The process of computerizing manual tasks, making them more efficient and effective and dramatically lowering operational costs.
  40. Benchmarking (50):
    A process of continuously measuring system results, comparing those results to optimal system performance (benchmark values), and identifying steps and procedures to improve system performance.
  41. Benchmarks (50):
    Baseline values the system seeks to attain.
  42. Bottlenecks (70):
    Occur when resources reach full capacity and cannot handle any additional demands; they limit throughput and impede operations.
  43. Business-facing Process (62):
    Processes invisible to the external customer but essential to the effective management of the business; they include goal setting, day-to-day planning, giving performance feedback and rewards, and allocating resources.
  44. Business Process Improvement (69):
    Attempts to understand and measure the current process and make performance improvements accordingly.
  45. Business Process Management (BPM) System (74):
    Focus on evaluating and improving processes that include both person-to-person workflow and system-to-system communications.
  46. Business Process Model (63):
    A graphic description of a process, showing the sequence of process tasks, which is developed for a specific purpose and from a selected viewpoint.
  47. Business Process Modeling (or mapping) (63): The activity of creating a detailed flowchart or process map of a work process that shows its inputs, tasks, and activities in a structured sequence.
  48. Business Process Reengineering (BPR) (72):
    The analysis and redesign of workflow within and between enterprises.
  49. Consolidation (56):
    The aggregation of data from a simple roll-ups to complex groupings of interrelated information.
  50. Critical Success Factors (CSF�s) (47):
    The crucial steps companies perform to achieve their goals and objectives and implement their strategies (create high-quality products, retain competitive advantages, reduce product costs, increase customer satisfaction, hire and retain the bet business professionals).
  51. Customer-Facing Process (62):
    (Also called front-office processes) result in a product or service received by an organization�s external customer.
  52. Cycle Time (71):
    The time required to process an order.
  53. Decision Support System (DSS) (52):
    Model information using OLAP, which provides assistance in evaluating and choosing among different courses of action.
  54. Digital Dashboard (55):
    Tracks KPIs and CSFs by compiling information from multiple sources and tailoring it to meet user needs.
  55. Drill-down (57):
    Enables users to view details, and details of details, of information.
  56. Effectiveness MIS metrics (49):
    Measure the impact MIS has on business processes and activities, including customer satisfaction and customer conversion rates.
  57. Executive Information System (EIS) (54):
    A specialized DSS that supports senior-level executives and unstructured, long-term, non-routine decisions requiring judgment, evaluation and insight.
  58. Expert System (58):
    Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems.
  59. Fuzzy Logic (59):
    A mathematical method of handling imprecise or subjective information.
  60. Genetic Algorithm (59):
    An artificial intelligence system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem.
  61. Goal-Seeking Analysis (53):
    Finds the inputs necessary to achieve a goal such as a desired level of output.
  62. Granularity (54):
    Refers to the level of detail in the model of the decision-making process.
  63. Intelligent Agent (60):
    A special-purpose knowledge-based information system that accomplishes specific tasks on behalf of its users.
  64. Intelligent System (57):
    Various commercial applications of artificial intelligence.
  65. Key Performance Indicators (KPI�s) (47):
    The quantifiable metrics a company uses to evaluate progress toward critical success factors. (Ex: turnover rates of employees, percentage of help desk calls answered in the first minute, number of product returns, number of new customers, average customer spending).
  66. Market Share (48):
    The proportion of the market that a firm captures.
  67. Metrics (47):
    Measurements that evaluate results to determine whether a project is meeting its goals.
  68. Model (51):
    A simplified representation or abstraction of reality.
  69. Neutral Network (58):
    (Also called �Artificial Neural Network�) is a category of AI that attempts to emulate the way the human brain works.
  70. Online Analytical Processing (OLAP) (52):
    The manipulation of information to create business intelligence in support of strategic decision making.
  71. Online Transaction Processing (OLTP) (52):
    The capture of transaction and event information using technology to (1) process the information according to defined business rules, (2) store the information, and (3) update existing information to reflect the new information.
  72. Optimization Analysis (53):
    An extension of goal-seeking analysis, finds the optimum value for a target variable by repeatedly changing other variables, subject to specified constraints.
  73. Project (46):
    A temporary activity a company undertakes to create a unique product, service, or result.
  74. Redundancy (70):
    Occurs when a task or activity is unnecessarily repeated, for example, if both swales department and the accounting department check customer credit.
  75. Return on Investment (ROI) (48):
    Indicates the earning power of a project.
  76. Semi structured Decision (46):
    These occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision.
  77. Sensitivity Analysis (53):
    A special case of what-if analysis, is the study of the impact on other variables when one variable is changed repeatedly.
  78. Shopping Bot (60):
    A software that will search several retailer websites and provide a comparison of each retailer�s offerings including price and availability.
  79. Slice-and-Dice (57):
    The ability to look at information from different perspectives.
  80. Source Document (52):
    The original transaction record.
  81. Streamlining (70):
    Improves business process efficiencies by simplifying or eliminating unnecessary steps.
  82. Structured Decision (44):
    Operational decisions; arise in situations where established processes offer potential solutions.
  83. Swim Lane (65):
    This layout arranges the steps of a business process into a set of rows depicting the various elements.
  84. To-Be Process Model (64):
    Shows the results of applying change improvement opportunities to the current (As-Is) process model.
  85. Transaction Processing System (TPS) (52):
    The basic business system that serves the operational level (analysts) and assists in making structured decisions.
  86. Transactional Information (51):
    Encompasses all the information contained within a single business process or unit of work, and its primary purpose is to support the performance of daily operational or structured decisions.
  87. Unstructured Decision (46):
    Occurring in situations in which no procedures or rules exist to guide decision makers toward the correct choice.
  88. Virtual Reality (60):
    A computer-simulated environment that can be simulation of the real world or an imaginary world.
  89. Visualization (55):
    Produces graphical displays of patterns and complex relationships in large amounts of data.
  90. What-if Analysis (53):
    Checks the impact of a change in a variable or assumption on the model.
  91. Workflow (68):
    Includes the tasks, activities, and responsibilities required to execute each step in a business process.
  92. Application Programming Interface (API) (112):
    A set of routines, protocols, and tools for building software applications.
  93. Asynchronous Communication (108):
    Communication such as email in which the message and the response do not occur at the same time.
  94. Blog (Web Log) (111):
    An online journal that allows users to post their own comments, graphics, and video.
  95. Business Model (97):
    A plan that details how a company creates, delivers, and generates revenues.
  96. Business-to-Business (B2B) (98):
    Applies to businesses buying from and selling to each other over the Internet.
  97. Business-to-Consumer (B2C) (98):
    Applies to any business that sells its products or services directly to consumers online.
  98. Clickstream Data (96):
    Data that an organization uses that observes the exact pattern of a consumer�s navigation through a site.
  99. Collaboration System (106):
    A set of tools that supports the work of teams or groups by facilitating the sharing and flow of information.
  100. Collective Intelligence (106):
    Collaborating and tapping into the core knowledge of all employees, partners, and customers.
  101. Consumer-to-Business (C2B) (99):
    Applies to any consumer to sells a product or service to a business on the Internet.
  102. Consumer-to-Consumer (C2C) (99):
    Applies to customers offering goods and services to each other on the Internet.
  103. Content Management System (CMS) (103):
    Helps companies manage the creation, storage, editing, and publication of their website content.
  104. Crowdsourcing (107):
    The wisdom of the crowd.
  105. Cyber mediation (96):
    The creation of new kinds of intermediaries that simply could not have existed before the advent of ebusiness, including comparison-shopping sites such as Kelkoo and bank account aggregation services such as Citibank.
  106. Digital Darwinism (90):
    Implies that organizations that cannot adapt to the new demands placed on them for surviving in the information age are doomed to extinction.
  107. Disintermediation (95):
    Occurs when a business sells directly to the customer online and cuts out the intermediary.
  108. Disruptive Technology (90):
    A new way of doing things that initially does not meet the needs of existing customers.
  109. Ebusiness (92):
    Includes ecommerce along with all activities related to internal and external business operations such as servicing customer accounts, collaborating with partners, and exchanging real-time information.
  110. Ebusiness Model (97):
    A plan that details how a company creartes, delivers, and generates revenues on the Internet. Four categories: (1) B2B (2) B2C (3) C2B (4) C2C
  111. Ecommerce (92):
    The buying and selling of goods and services over the Internet.
  112. Egovernment (115):
    Involves the use of strategies and technologies to transform government(s) by improving the delivery of services and enhancing the quality of interaction between the citizen-consumer within all branches of the government.
  113. Eshop (estore or etailer) (98):
    An online version of a retail store where customers can shop at any hour.
  114. Explicit Knowledge (107):
    Consists of anything that can be documented, archived, and codified, often with the help of IT.
  115. Folksonomy (109):
    Similar to taxonomy except that crowdsourcing determines the tags or keyword-based classification system.
  116. Hypertext Markup Language (HTML) (92):
    A special formatting language; links documents, allowing users to move from one to another simply by clicking on a hot spot or link.
  117. Hypertext Transport Protocol (HTTP) (92):
    The Internet protocol Web browsers use to request ad display web pages using universal resource locators.
  118. Information Architecture (103):
    The set of ideas about how all information in a given context should be organized.
  119. Information Reach (94):
    Measures the number of people a firm can communicate with all over the world.
  120. Information Richness (94):
    Refers to the depth and breadth of details contained in a piece of textual, graphic, audio, or video information.
  121. Instant Messaging (IM) (102):
    A service that enables instant or real-time communication between people.
  122. Interactivity (96):
    Measures advertising effectiveness by counting visitor interactions with the target ad, including time spent viewing the ad, number of pages viewed, and number of repeat visits to the advertisement.
  123. Intermediaries (95):
    Agents, software, or businesses that provide a trading infrastructure to bring buyers and sellers together.
  124. Internet (91):
    A massive network that connects computers all over the world and allows them to communicate with one another.
  125. Internet Service Provider (ISP) (101):
    A company that provides access to the Internet for a monthly fee. (AOL, AT&T, Comcast, Earthlink, and NetZero).
  126. Knowledge Management (KM) (106):
    Involves capturing, classifying, evaluating, retrieving, and sharing information assets in a way that provides context for effective decisions and actions.
  127. Knowledge Management System (KMS) (106):
    Supports the capturing, organization, and dissemination of knowledge (i.e.: know how) throughout an organization.
  128. Long Tail (94):
    Referring to the tail of a typical sales curve.
  129. Mashup (112): A website or web application that uses content from more than one source to create a completely new product or service.
  130. Mashup Editor (112):
    WYSIWYG tools (What-you-see-is-what-you-get).
  131. Mass Customization (94):
    The ability of an organization to tailor its products or services to the customers� specifications.
  132. Microblogging (111):
    The practice of sending brief posts (140 to 200 characters) to a personal blog, either publically or to a private group of subscribers who can read the posts as IMs or text messages.
  133. Mobile Business (mcommerce, mbusiness) (116):
    The ability to purchase goods and services through a wireless Internet-enabled device.
  134. Network Effect (112):
    Describes how products in a network increase in value to users as the number of users increases.
  135. Open Source (105):
    Refers to any software whose source code is made available free for any third party to review and modify.
  136. Open System (105):
    Consists of nonproprietary hardware and software based on publicly known standards that allows third parties to create add-on products to plug into or interoperate with the system.
  137. Paradigm Shift (92):
    Occurs when a new radical form of business enters the market that reshapes the way companies and organizations behave.
  138. Personalization (94):
    Occurs when a company knows enough about a customer�s likes and dislikes that it can fashion offers more likely to appeal to that person, say by tailoring its website to individuals or groups based on profile information, demographics, or prior transactions.
  139. Podcasting (102):
    Converts an audio broadcast to a digital music player.
  140. Real Simple Syndication (RSS) (112):
    A Web format used to publish frequently updated works, such as blogs, news headlines, audio, and ideo, in a standardized format.
  141. Real-time communication (101):
    Occurs when a system updates information at the same rate it receives it.
  142. Reintermediation (96):
    Steps are added to the value chain as new players find ways to add value to the business process.
  143. Reputation System (106):
    Where buyers post feedback on sellers.
  144. Semantic Web (115):
    A component of Web 3.0 that describes things in a way that computers can understand.
  145. Social Bookmarking (110):
    Allows users to share, organize, search, and manage bookmarks.
  146. Social Media (108):
    Refers to websites that rely on user participation and user-contributed content, such as Facebook, YouTube and Digg.
  147. Social Network (108):
    An application that connects people by matching profile information.
  148. Social Networking (108):
    The practice of expanding your business and/or social contacts by constructing a personal network.
  149. Social Networking Analysis (SNA) (109):
    Maps group contacts (personal and professional) identifying who knows each other and who works together.
  150. Social Tagging (109):
    Describes the collaborative activity of marking shared online content with keywords or tags as a way to organize it for future navigation, filtering, or search.
  151. Source Code (105):
    Contains instructions written by a programmer specifying the actions to be performed by computer software.
  152. Sustaining Technology (90):
    Produces an improved product customers are eager to buy, such as a faster car or a larger hard drive.
  153. Synchronous Communication (108):
    Communications that occur at the same time as instant messaging or chat.
  154. Tacit Knowledge (107):
    The knowledge contained in people�s heads.
  155. Tags (109):
    Specific keywords or phrases incorporated into website content for means of classification or taxonomy.
  156. Taxonomy (103):
    The scientific classification of organisms into groups based on similarities of structure or origin.
  157. Universal Resource Locator (URL) (92):
    The address of a file or resource on the Web such as
  158. User-contributed content (106):
    Created and updated by many users for many users (Wikipedia for example).
  159. Web 1.0 (92):
    A term to refer to the World Wide Web during its first few years of operations between 1991 and 2003.
  160. Web 2.0 (Business 2.0) (105):
    The next generation of Internet use�a more mature, distinctive communications platform characterized by new qualities such as collaboration, sharing, and free.
  161. Web browser (92):
    Such as Internet Explorer or Firefox, allow users to access the WWW.
  162. Web Conferencing (Webinar) (103):
    Blends videoconferencing with document sharing and allows the user to deliver a presentation over the Web to a group of geographically dispersed participants.
  163. Website Bookmark (110):
    A locally stored URL or the address of a file or Internet page saved as a shortcut.
  164. Wiki (112):
    A type of collaborative Web page that allows users to add, remove and change content, which can be easily organized and reorganized as required.
  165. World Wide Web (WWW) (92):
    Provides access to Internet information through documents including text, graphics, audio, and video files that use a special formatting language called HTML.
  166. Copyright (135):
    The legal protection afforded an expression o an idea, such as a song, book, or video game.
  167. Intellectual Property (135):
    Intangible creative work that is embodied in physical form and includes copyrights, trademarks, and patents.
  168. Ethics (135):
    The principles and standards that guide our behavior toward other people.
  169. Privacy (135):
    The right to be left alone when you want to be, to have control over your personal possessions, and not to be observed without your consent.
  170. Confidentiality (135):
    The assurance that messages and information remain available only to those authorized to view them.
  171. Information Ethics (135):
    Govern the ethical and moral issues arising from the development and use of information technologies, as well as the creation, collection, duplication, distribution, and processing of information itself (with or without the aid of computer technologies).
  172. Pirated Software (135):
    The unauthorized use, duplication, distribution, or sale of copyrighted software.
  173. Counterfeit Software (135):
    Software that is manufactured to look like the real thing and sold as such.
  174. Information Management (138):
    Examines the organizational resource of information and regulates its definitions, uses, value, and distribution ensuring it has the types of data/information required to function and grow effectively.
  175. Information Governance (138):
    A method or system of government for information management or control.
  176. Information Compliance (138):
    The act of conforming, acquiescing, or yielding information.
  177. Ediscovery (electronic discovery) (139):
    Refers to the ability of a company to identify, search, gather, seize, or export digital information in responding to a litigation, audit, investigation, or information inquiry.
  178. Epolicies (139):
    Policies and procedures that address information management along with the ethical use of computers and the Internet in the business environment.
  179. Ethical Computer Use Policy (139):
    Contains general principles to guide computer user behavior.
  180. Information Privacy Policy (140):
    Contains general principles regarding information privacy.
  181. Acceptable Use Policy (AUP) (140):
    Requires a user to agree to follow it to be provided access t corporate email, information systems, and the Internet.
  182. Nonrepudiation (140):
    A contractual stipulation to ensure that ebusiness participants do not deny (repudiate) their online actions.
  183. Internet Use Policy (140):
    Contains general principles to guide the proper use of the Internet.
  184. Email Privacy Policy (141):
    Details the extent to which email messages may be read by others.
  185. Spam (142):
    Unsolicited Email.
  186. Mail Bomb (142):
    Sends a massive amount of email to a specific person or system that can cause that user�s server to stop functioning.
  187. Anti-Spam Policy (142):
    Simply states that email users will not send unsolicited emails (or spam).
  188. Social Media Policy (142):
    Outlines the corporate guidelines or principles governing employee online communications.
  189. Information Technology Monitoring (143):
    Tracks people�s activities by such measure as number of keystrokes, error rate, and number of transactions processed.
  190. Employee Monitoring Policy (143):
    Stating explicitly how, when, and where the company monitors its employees.
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ISM 3011 Test #1 Vocab
Test #1 Vocabulary
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