ITM 102 Lecture Notes - Lecture 3: Sociotechnical System, Loose Coupling, Mass Customization

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 102
• Professor: Shikui Wu

Document Summary

Agency theory: economic theory that views the firm as a nexus of contracts among self-interested individuals who much be supervised and managed. Benchmarking: selling strict standards for products, services, or activities and measuring organizational performance against those standards. Best practices: the most successful solutions or problem-solving methods that have been developed by a specific organization or industry. Business ecosystem: loosely coupled but interdependent networks of suppliers, distributors, outsourcing, transpiration service firms and technology manufacturers. Competitive forces model:model used to describe the interaction of external influences, specifically threats and opportunities, that affect an organization"s strategy and ability to compete. Core competency: activity at which a firm excels as a world-class leader. Disruptive technologies: technologies with disruptive impact on industries and businesses, rendering existing products, services and business models obsolete. Efficient customer response system: system that directly links consumer behaviour back to distribution, production and supply chains. Mass customization: capacity to offer individually tailored products or services using mass production resources.