Final Exam Notes.docx

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Financial Accounting
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Tim Richardson

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Chapter 1 management information systems (MIS) deals with the planning for, and development, management, and use of information technology tools to help people perform all tasks related to information processing and management information exhibits high quality only if it is pertinent, relevant, and useful to the person using them within an organization, information flows in 4 basic directions: 1. Upward. Upward information flows describe the current state of the organization based on its daily transactions. Along the way, the information takes on a finer level of granularity. Information granularity refers to the extent of detail within the information. At lower organizational levels, information exhibits fine granularity because people need to work with information in great detail. At the upper organizational levels, information becomes coarser because it is summarized or aggregated in some way. 2. Downward. Strategies, goals, and directives that originate at a higher level are passed to lower levels in downward information flows. The upper level of an organization develops strategies; the middle levels of an organization convert those strategies into tactics; and the lower levels of an organization deal with the operational details. 3. Horizontal. Information flows horizontally between functional business units and work teams. The goal here is to eliminate the old dilemma of the right hand not knowing what the left hand is doing. 4. Outward/inward. Information is communicated from and to customers, suppliers, distributors, and other partners for the purpose of doing business. These flows of information are really what electronic commerce is all about. Today, no organization is an island, and outward/inward flows can yield a competitive advantage. information is internal or external, objective or subjective, and various combinations of these 1. Internal information describes specific operational aspects of an organization. 2. External information describes the environment surrounding the organization. 3. Objective information quantifiably describes something that is known. 4. Subjective information attempts to describe something that is unknown. a technology-literate knowledge worker knows how and when to apply technology an information-literate knowledge worker can define what information is needed knows how and where to obtain information; understands the information once it is received (i.e., can transform the information into business intelligence); and can act appropriately based on the information to help the organization achieve the greatest advantage the Five Forces Model helps business people understand the relative attractiveness of an industry and the industrys competitive pressures in terms of the following five forces: (1) buyer power; (2) supplier power; (3) threat of substitute products or services; (4) threat of new entrants; and (5) rivalry among existing competitors buyer power is high when buyers have many choices from which to buy, and low when their choices are few supplier power is high when buyers have few choices from which to buy, and low when their choices are many threat of substitute products or services is high when there are many alternatives to a product or service, and low when there are few the threat of new entrants is high when it is easy for new competitors to enter a market, and low when there are significant entry barriers (product or service feature that customers have come to expect from organizations in a particular industry and that must be offered by an entering organization to compete and survive) to entering a market the rivalry among existing competitors is high when competition is fierce in a market, and low when competition is more complacent Three Generic Strategies to beating competition in any industry(1) overall cost leadership, (2) differentiation; and (3) focus top-line versus bottom-line: (1) top line strategy focuses on increasing revenues by increasing market share, cross-selling complementary products, etc.; and (2) bottom line strategy focuses on decreasing costs by optimizing processes, reducing errors, etc. the following are the aspects of the run-grow-transform (RGT) framework: o Runoptimize the execution of activities and processes already in place. Seek organizational growth through offering products and services faster and cheaper than the competition. o Growincrease market reach and product and service offerings; expand market share; and so on. Seek organizational growth by taking market share from the competition (i.e., get a bigger piece of the pie). o Transforminnovate business processes and/or products and services in a completely new way, move into seemingly different markets, and so on. Seek organizational growth through new and different means. value chain analysis is systematic approach to assessing and improving value of business processes to increase competitive strengths primary value processes takes in the raw materials and makes, delivers, markets, and sells, and services products or services support value processesfirm infrastructure (culture, structure, control systems, accounting, legal, and so on), human resource management, technology development, and procurement (purchasing of raw materials)support the primary value processes Chapter 2 supply chain management (SCM) tracks inventory and information among business processes and across companies a SCM system is an IT system that supports supply chain management activities by automating the tracking of inventory and information among business processes and across companies the primary focus of supply chain management may be described as overall cost leadership (from Porters three generic strategies); bottom-line initiative (cost reduction); and running the organization (run-grow-transform framework) a CRM system uses info about customers to gain insights into their needs, wants, and behaviours in order to serve them better CRM systems include sales force automation, customer service and support, and marketing campaign management and analysis sales force automation (SFA) systems automatically track all the steps in the sales process, including contact management, sales lead tracking, sales forecasting and order management, and product knowledge the primary focus of customer relationship management is differentiation and focus (Porters three generic strategies); top-line initiative (revenue enhancement); and growing the organization (run-grow-transform framework) e-collaboration is the use of technology to support(1) work activities with integrated collaboration environments; (2) knowledge management with knowledge management systems; (3) social networking with social networking systems; (4) learning with e- learning tools; and (5) informal collaboration to support open-source information Chapter 3 on-line transaction processing (OLTP) is the gathering of input information, processing of that information, and updating of existing information to reflect the gathered and processed information databases and database management systems are the technology tools that directly support OLTP on-line analytical processing (OLAP) is the manipulation of information to support decision making a relational database is actually composed to 2 distinct parts: (1) the information itself, stored in a series of two-dimensional tables, files, or relations and (2) the logical structure of that information a database management system (DBMS) helps to specify logical organization for a database and to access and use the info within it a DBMS contains 5 important software components(1) DBMS engine; (2) data definition subsystem; (3) data manipulation subsystem; (4) application generation subsystem; and (5) data administration subsystem a data warehouse is a logical collection of informationgathered from many different operational databasesused to create business intelligence that supports business analysis activities and decision-making tasks a data mart is a subset of a data warehouse in which only a focused portion of the data warehouse information is kept data administration is function in an organization that plans for, oversees the development of, and monitors the information resource this function must be in tune with strategic direction of the firm to assure that all information req
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