MIS 301 Exam 1

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  1. MIS
    A system that helps manage organizations efficiently and effectively; the study of people, technology and organizations, teaches how to use technology to improve life and business
  2. What does IT do?
    adds efficiency and competitive advantage
  3. CAS
    Complex Adaptive Systems: contain a large number of elements, no one element understands the entire system, have rich interaction, operate in an open system, operate far from equilibrium, any agent can influence and be influenced by other agents, demonstrate emergent behavior, affected by positive or negative feedback loops, unknowable and unpredictable, self organize into patters, can experience big change from small causes (Think basketball team)
  4. Feedback Loop
    A pathway formed by an effect returning its cause and generating either more (positive) or less (negative) of the same effect
  5. Path Depedance 
    Small random changes can lead to radically different outcomes
  6. Punctuated Equilibrium
    long periods where nothing changes followed by short revolutionary transitions (stock market, weather, music industry, media delivery)
  7. Edge of Chaos
    Where a business should manage innovation; a CAS characteristic between a stable business structure and changing
  8. Outsourcing
    contracting out of a business process, which an organization may have previously performed internally or has new need for
  9. Crowdsourcing
    Outsourcing a job traditionally performed by a designated agent to an undefined large group of people in the form of an open call 
  10. P=R-C
    Price equals Revenue minus Cost
  11. Porter's Five Forces Model
    Focused externally describing how a firm is positioned within its industry:

    • -Potential New Entrants
    • -Power of buyers
    • -Threat of substitute products/services
    • -Power of Suppliers
    • -Rivalry among existing competitors 
  12. Competitive Strategy
    Deliberately chosing a different set of activities to deliver a unique mix of value

    Sustainable Competitive Advantage-ability to consistently outperform industry peers 
  13. Operational Effectiveness v. Strategic Positioning
    Operational Effectiveness: margin eroding, sameness, technology is imitable; performing the same tasks better than rivals can perform them 

    Strategic Positioning: performing different tasks than rivals or the same task in different ways 
  14. Resource Based View (RBV) of Competitive Advantage
    Resources must be: Valuable, Rare, Imperfectly Imitable, Nonsubstitutable 
  15. Powerful Resources Examples
    Imitation resistant value chain, brand, scale, switching cost/data, differentiation, network effect, patent (legal power)
  16. Barriers to Entry
    make is difficult for other firms to enter an industry and compete; this provides a more likely sustainable profit (NFL)
  17. Example Resources that provide Barriers to Entry
    Brand, Regulation, Distribution Channels, Capital Intensity, Switching Cost, Network Effects
  18. Switching Cost
    A cost that a consumer incurs when switching from one product to another (Gmail)
  19. Network Effects
    exist if the value of a network increases with the number of users

    *adds value:exchange value, complementary benefits, staying power
  20. Ways to create Competitive Advantage
    Develop a new product or service, enhance products or services, differentiate products/services, lock in customers, lock in suppliers, raise barriers to market entry, establish alliances, reduce costs
  21. Porter's Model of Competitive Strategy 
    • Industry Wide Scope:
    • Cost-lowest cost across the industry
    • Differentiation-Better product/service across the industry

    • Focused Scope:
    • Cost-Lowest cost within an industry segment
    • Differentiation-better product/service within an industry segment 
  22. Organizational Strategy, IS and Competitive Advantage
    Industry Structure-Competitive Advantage-Value Chains-Business Processes-Information Systems 

    Examine, Choose, Link, Streamline, Design 
  23. Value Chain
    set of activities through which a product or service is created and delivered to customers
  24. Porter's Value Chain Model
    • Internally focused, showing how products or information flow through an organization
    • *improvement in any step has the potential to increase profitability 

    • Support Fuctions:
    • Infrastructure-GM, planning, finance, IS
    • HRM-recruiting, hiring, training, development
    • Technology-research and development
    • Procurement-buying power

    • Primary Fuctions:
    • Inbound logistics-Operations-Outbound Logistics-Marketing and Sales- Service
  25. Sample Business Process Model
    Log on to website-Place order- Save order- pay for order- Assemble order-Ship order-Update customer shopping list 
  26. 5 Part Information System Model

    • Actors-Hardware and People
    • Instructions-Software and Process
    • <-Automation moves work from human to computer side
    • ->increasing degree of difficulty to change

    Automation speeds up process unless a complex decision is needed 
  27. Vertical Integration
    when a company owns more if its value (Zara)
  28. Knowledge
    • knowledge is derived from Data 
    • Data-(context)-Information-(meaning)-Knowledge-(insight)-Wisdom
  29. Supply Chain
    network of organizations and facilities that transforms raw materials into products delivered to customers 

  30. Metcalfe's Law
    • Applies to the Network Effect
    • Value=Users2
  31. Exchange Value
    the size of network you can connect with (Xbox live)
  32. Complimentary Benefits
    products and services that add value to the product to provide complementary benefits 
  33. Two Sided Markets
    more positive feedback loops as an increase in the number of users on one side of the market creates a rise in the other side (users attract developers)
  34. One Sided Market 
    market in which there are potential buyers or potential sellers, not both (IM)
  35. Tipping Points
    When network effects are present, markets may reach a tipping point where network effects become so valueable that one winner emerges 
  36. How do you compete in Networked Markets?
    move early, subsidize adoption, refine the market (blue ocean strategy), form alliances and partnerships, establish distribution channels, seed the market with complements, maintain backward capability, use open standards
  37. Input Hardware
    keyboard, mouse, scanners, barcode scanners, video cameras, microphones 
  38. Processing Devices
    Central Processing Unit (CPU)- selects instructions, processes them, performs arithmetic and logical comparisons and stores operations in memory 

    Main Memory (RAM)-volatile 

    Special Function Cards- enhance basic capabilities on things like video cards 
  39. Output hardware
    video displays, printers, audio speakers, overhead projectors
  40. Storage Software
    • Magnetic Disks (hard drives)
    • Optical Dicks (CD, DVD)
    • Magnetic Tape
    • Flash Drives
    • Storage Area Network (SAN)
  41. Binary Digits
    • bits: 0 and 1 
    • represent switches, orientation, holes
  42. Moore's Law
    • Applies to chips
    • The speed of a computer doubles at half the price every 18 months

    *exponential growth 
  43. Supercomputing
    Massively Parallel- computers designed wit many microprocessors that work together simultaneously to solve problems 
  44. Grid Computinig
    uses special software to enable several computers to work together as if they were massively paralleled 
  45. E Waste
    electronic waste that typically ends up overseas with high environmental and human costs
  46. Software
    a computing program or a collection of programs, a precise set of instructions that tells hardware what to do 
  47. Operating System
    the software that controls the computer hardware and established standards for developing and executing applications; interface between hardware and user applications; responsible for managing and coordinating tasks and sharing the computer's resources (Windows, Linux, Mac OSx)

    *Every computing device has an operating system

    User-Application-Operating System-Hardware
  48. Platform
    products and services that allow for the development and integration of software products and other complementary goods 

    Platform Competition- competing for both consumers and applications developers 
  49. Application
    include desktop applications, enterprise software and other programs, perform specific tasks with a specific operating system and utilize specific hardware
  50. Firmware
    • typically involved with very basic low level operations; software (control programs) stored on nonvolatile, often read only, memory chips
    • *many products allow for firmware to be upgraded online or by connecting to another device 
  51. Embedded Systems
    Special purpose software designed and included inside physical products (often as firmware)
  52. Application Software
    performs the work that users and firms are directly interested in accomplishing
  53. Desktop Applications
    Applications used on a personal computing decide typically supporting tasks performed by a single user
  54. Enterprise Applications
    Applications that address the needs of multiple users throughout an organization or work group

    *ERP, SCM, CRM, BI
  55. ERP
    • Enterprise Resource Planning
    • software package that integrates the many functions of a business
  56. CRM
    Customer Relationship Management

    Systems used to support customer related sales and marketing activities 
  57. SCM
    • Supply Chain Management
    • Systems that can help a firm manage aspects of its value chain, from the flow of raw materials into the firm, through delivery of finished products and services and the Point of Consumption
  58. BI
    • Business Intelligence 
    • systems that use data created by other systems to provide reporting and analysis for organizational decision making 
  59. Database Management System (DBMS)
    • sometimes referred to as database software, it is software used for creating, maintaining and manipulating data 
    • *most enterprise software works in conjunction with DBMS
  60. Writing Software
    programmers write software in a programming language- provides the standards, syntax, statements, and instructioons for writing computer software 
  61. Hello World Example Codes
    • Python
    • JAVA
    • PHP
    • C++
    • Assembly Language
    • C
    • Binary 
  62. How does Software sales generate such high profits?
    Marginal Cost=$0
  63. How is MS so profitable?
    • Complementary Products
    • Upgrades
    • Original Equipment Manufacturers (OEMS)
    • Independent Software Vendors (ISV)
    • Bundling
    • Network Externalities 
  64. Apple Competitive Advantages
    • Ease of Use
    • Proprietary Environments
    • Design
    • Buyer Loyalty 
    • Strong Brand
    • Dominance SW Segments (desktop publishing, education)
  65. Open Standards
    allow any company to use a technology, helps drive penetration, growing the networks users
  66. Open Source Software (OSS)
    • software that is free and where anyone can look at and potentially modify the code
    • Users freedom to run, copy, distribute, study, change and improve the software (firefox, open office, MySQL)

    Firms chose because: cost, reliability, security, scalability, agility and time to market
  67. LAMP
    • Linux OS
    • Apache Web Server Software
    • MySQL Datable
    • Programing Languages (Perl, Python, PHP)
  68. Why OSS?
    OSS diverts funds that firms would otherwise spend on fixed costs so that these funds can be spent on innovation and other competitive initiatives 
  69. Distributed Computing
    A form of computing where systems in different locations communicate and collaborate to complete a task 
  70. Servers Use
    Hardware context- server is a computer that has been configured to support requests from other computers (clients)

    Software Context- server is a program that fulfills requests 
  71. Web Server
    software that houses websites and its underlying hardware
  72. Application Server
    Software that houses underlying applications along with its underlying harware
  73. Database Server
    Software (and its underlying hardware) provides database services to other computing devices
  74. Why Outsource?
    • lowers costs
    • lowers ongoing investment in internal infrastructure 
    • control of budget more tightly for predictable osts
    • get work done more efficiently/effectively 
    • focus on core competencies 
    • make up for lack of in house resources
    • increase flexibility to meet changing business and commercial conditions 
    • access to innovation and thought leadership
  75. Risk of Outsourcing
    • Loss of Control
    • Benefits outweighed by long term costs
    • No Easy Exit
  76. Cloud Computing
    usually meas computing resources (hardware/software) with services provided over the internet (cloud)
  77. SaaS
    • Software as a Service
    • Software that is made available by a 3rd party called Application Service Provider (ASP) online
    • *don't install software, let someone else run it for you and deliver the results over the internet 
  78. Hardware Cloud
    • a cloud computing model in which a service provider makes computing resources such as hardware and storage along with infrastructure management, available to a customer on an as needed basis 
    • Utility Computing 
  79. Benefits of SaaS usage
    • Lower cost
    • Mitigate Financial Risk
    • Faster deployment times
    • Variable operating expense
    • Scalable Systems
    • Higher Quality and Service Levels
    • Remote Access and Availability 
  80. Cons of SaaS Usage
    • Dependence on a single vendor 
    • Long Term Viability of Partner Firms
    • Users may be forced to migrate, incurring unforeseen switching costs
    • Might not have all features of desktop software
    • Date Assest store off site- security/legal concerns
    • Reliance on a network connection 
  81. TCO
    • Total Cost Ownership
    • Components:
    • software and license support
    • Implementation and Deployment Costs
    • Ongoing Operational Support
    • Strategic Development Costs 
  82. AND()
    Returns true if all of its arguments are true; returns false if one or more arguments are false

    Syntax: AND(logical 1,[logical2],..)

    • A1=85
    • Formula for A2: AND(A1>0,A1>100) A2=False
  83. OR()
    Returns true if any argument is true, returns false if all arguments are false


    • Cell A1=85
    • Formula for A2: OR(A1>0,A1>100) A2=true
  84. IF()
    returns one calue if a condition you specify evaluates true, and another value if that condition evaluates false 

    Syntax: IF(logical test, [value if true],[value if false])

    • Cell A1=85
    • Formula for A2: IF(A1>100,"good","bad")
    • A2:bad
  85. A/B Testing
    When two or more versions are tested simultaneously to measure which works better
  86. Absolute Reference
    • $A$1-column and row reference are fixed
    • $A1-column reference is fixed, row will change
    • A$1-column with chain, row reference is fixed
  87. Co-Evolution
    The joint evolution of two or more systems that interact with each other. For example, Google and Facebook will react to each other’s innovations by creating their own innovations, causing both firms to “evolve.”
  88. Capitol Intensity 
    A measure of the relative use of capital, compared to other factors such as labor, in a production process. Often measured by the ratio of capital to labor, or by the share of capital in factor payments.
  89. Economies of Sale 
    When costs can be spread across increasing units of production or in serving multiple customers. Businesses that have favorable economies of scale (like many Internet firms) are sometimes referred to as being highly scalable.
  90. Straddling
    Attempts to occupy more than one position, while failing to match the benefits of a more efficient, singularly focused rival.
  91. Monolpoly
    A market where there are many buyers but only one dominant seller.
  92. Fixed/Overhead Cost
    business expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such as salaries or rents being paid per month, and are often referred to as overhead costs.
  93. Graphical User Interface 
    The mechanism through which users interact with a computing device. The UI includes elements of the graphical user interface (or GUI, pronounced “gooey”), such as windows, scroll bars, buttons, menus, and dialogue boxes; and can also include other forms of interaction, such as touch screens, motion sensing controllers, or tactile devices used by the visually impaired.
  94. Market Share
    The portion of a market controlled by a particular company or product.
Card Set:
MIS 301 Exam 1
2013-02-13 00:59:16
MIS 301 Lee

MIS 301 UT Exam 1
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