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COMPLETE Computers in Management Notes (got 90% on the final exam)

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Information Systems
ISYS 1021
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World is Flat Outsourcing: It is getting someone else to do a process for you (it includes outsourcing, offshoring & insourcing) (Doesn't matter about the specifics of the 3)An example is the Gap: they make their clothes offshore in Asia because it is cheaper for them to do so but it can result in sweatshops(Alison Kooistra) Opensourcing Getting non-employees to perform work for you. (ex. Wikipedia allows the public to edit pages) (Kyle Nakamura) Alternative answer:Open source: creating intellectual property and giving it away for free. (Yetong Li) Fast Follower Problem Exists when savvy rivals watch a pioneer's efforts, learn from their successes and missteps, then enter the market quickly with a comparable or superior product at a lower cost before the first mover can dominate. Example- TiVo started out as the industry leader, and soon fell behind the more powerful cable competitors. (Kyle Nakamura) Market Making Using IT platform to reach customers in new ways. Ex: Zara's use of PDA's and Point of Sale Systems (Ted Davenport) Ex. eBay creating a medium for collectors of unique items to find these items or Netflix creating a market for obscure movies. Core Competency What a company does better than anyone else. Ex: Walmart's supply chaining is much more efficient than other companies, and is vital for the company's success. (Jeff Martin) Brand The symbolic embodiment of all the information connected with a product or service. Ex: Google is the world's most dominant search engine due to its strong brand. People say they're going to "Google" something when they are going to use a search engine. (John O'Leary) Economies of Scale When costs can be spread across increasing units of production or in serving multiple customers. Businesses that have favorable economies of scale are referred to as being highly scalable. Ex: The internet firm BlueNile sold as many diamond rings with 115 employees and one website as a traditional jewelry retailer would sell through 116 stores with lower operating costs, BlueNile can sell at prices brick-and-mortar stores can't match, thereby attracting more customers and further fueling its scale advantages. (John O'Leary) Web 2.0/ Crowdsourcing Web 2.0 -2nd generation web based communities and hosted services that aim to facilitate creativity, collaboration, and sharing between users. Example: wikis, social networking sites, blogs(Alex Rosenblit) Metcalfe's law -the value of a telecommunications network is proportional to the squareof the number of connected users of the system Example- As the number of users of Facebook increase, the value of the network increases exponentially. Users of Facebook get more out of the netowrk when more of their friends join Facebook (Eddie Pierce) Wisdom of crowds -The concept that a group of individuals (mostly untrained amateurs), collectively has more insight then a single or small group of trained professionals. Example- Wikipedia can be more reliable then the encyclopedia Britannica because of the amount of people collectively adding to Wikipedia is totaled into one idea using the combined knowledge of many. This wiki page is also an example of the Wisdom of Crowds because we as a group will certainly be able to guess more of the questions that will be on the final then any one of us individuals could. (Connor McKelvey) This theory is only true if four premises are true: there is diversity in opinion, people have independence and are not lobbying for ideas, there is no single leader controlling the discussion (decentralization), and appropriate ways of assembling the opinions (aggregation). (Garrett Kingston) Peer Production Definition: When users collaboratively work to create content, products, and services. Includes social media sites, open source software, and peer-produced software. Example: Skype and BitTorrent are examples of peer production, since they are locations where the participation of users provide the infrastructure and computational resources that enable the service. Peer-produced services like Skype and BitTorrent leverage users' computers instead of a central IT resource to forward phone calls and video.(Ross Fishman) Groupthink Definition: Groupthink is the opposite of the “wisdom of crowds”; it is when the group is in fact dumber than the individuals that comprise it. Groupthink will often occur in a crowdwith directive leadership, a group is ideologically and socially homogenous, or the group is isolated from outside sources. Example: One example would be the NASA Challenger disaster, in which a group of NASA officials decided to ignore the advice of an engineer and allow the ship to take off under unsafe conditions after convincing themselves it would be ok. (John Gonneville) Crowdsourcing Definition: The act of taking a job traditionally performed by a designated agent (usually an employee) and outsourcing it to an undefined generally large group of people in the form of an open call. Example: Threadless is hands-down one of the best case studiesin crowdsourced retail, allowing visitors to decide which designsshould be created and sold. Anyone can visit the site, download the templates and submit a design. Then, the designs are voted on. Threadless uses the power of online crowds. (Kailun Yang) Additional example: A goldmining group called GoldCorp made geological data available to the public and offered a large cash prize to anyone who could provide an accurate estimate of where gold deposits could be found. Submissions proved to be around 80% successful. (Matt Richardson) Open Source Definition: creating intellectual property and allowing users to access, study, change, and improve it. Allows for the innovation and propagation of knowledge vital for networks. Network position determines knowledge creation and spread. Centrality=access, timing, approval, referral. Peripheral= Knowledge creativity and innovation. Example: Wikipedia is an example of an open source project. 1% of its users, occupying peripheral nodes on the network database make up the articles and contributions, and the remaining accounts are central nodes who approve, modify, and edit the information for public use.(Christopher Truong) Centrality Definition: Where a node is situated in a network (Centrality can be associated with benefits such as power, promotions, and influence)(Nicole Napolitano) Identify and Explain the FOUR types of centrality. 1. Degree- the number of connections a node has to the network2. Betweenness- connecting point between nodes that are otherwise excluded from the network3. Closeness- shortest path between two nodes4. Eigenvector-"I am only as popular as my friends are"- the connections established by related nodes (Luke Stephan) Six Degree of Separation Theory Definition: If you know friends of friends, you can connect with everybody in the world. Example: Primetime did an experiment in 2006 to test the theory out. First they took 60,000 people from 170 countries and assigned each of them one of 18 random people around the world to connect with them. The average number of connections before they reached their target was six. Then, they took two people who are from different locations and had different lifestyles and tried to connect them to a person dissimilar to both of them. They connected them in 6 tries, confirming the six degree of separation theory.(Garrett Kingston) Node/Tie Node Definition: Any entity in a networkExample: A person, system, group, and organization. These are the concrete items in a network. Tie Definition: A relationship or interaction between two nodes.Example: Relationships with family (strong ties which are better for trust) or Relationships among acquaintances (weak ties which are better for finding jobs). (Katie Barry) Dark Web Definition: Internet content that cannot be accessed or indexed by search engines Example: Facebook's status updates are accessible only among friends, which presents problems for search engines like Google and Bing. Information that is contained in the Dark Web prevents third-party advertising applications (e.g. Google AdSense) from organizing this data for all to view internet. (Michael Marino) Fast Web Definition: Internet content that cannot be indexed by search engines because of the rapid pace at which these sites operate Example: Twitter feeds are posted at such a fast pace that search engines such as Google are not used to find information on sites like Twitter. (Kilbourn Gordon) Throttling Definition: an allocation technique used to give certain customers priority over others.Revision: slowing down the pace at which a certain customer receives their product. (Yvonne Rincon) Example: Netflix slowing down the pace at which it sends movies out to high volume customers. The more movies Netflix churns through, the less money it makes. This is a controversial practice that has made Netflix a subject of scrutiny. (Mark Chou) Convergence Definiton: Different forms of media are becoming part of each other; undercuts the ways to make money; need to make money in new ways Example: Mobile phones now do more than just talking; now people can use their cellphones to talk, text, take/send/watch videos, search the web, etc. Since these new technologies are all combining, network providers are now trying to figure out new ways to charge customers for these new services (ex: charge per MB of data used). (Robert Granara) RSS Definition: ("really simple syndication" or "rich site summary") method for sending/broadcasting data to users who subscribe to a service's RSS feed, making it easy to scan headlines and click to access relevant news and information Example: Many online newspapers will have it. For example, the New York Times has an RSS feed that will send out e-mails with various headlines that you can click on and will bring you directly to the site.(Sarah Gately) Search Engine Optimization (SEO) Definition: The process of using natural or organic search to increase a Web Site's traffic volume and visitor quality.Example: PageRank (implemented by Google)(Nicole Napolitano) Enriching Definition: An example of click fraud when site operators collect payments from "bogus" clicksExample: Ad networks on the side of the google page will receive payment for accidental clicks.(Christina Fusilli) Correction of Example: People who host the website with the Google Ads will receive payment for intentionally (not accidentally) fraudulent clicks.(Ryan Rafeh) Social Graph Defintion: The global mapping of users and organizations, and how they are connected. Example: The heart of Facebook’s appeal lies within its social graph and its ability to collect, express, and leverage the connections between the site’s users. (Rob Garrett) Gartner Hype Cycle Definition: Graphical representation of the maturity, adoption, and social application of new technologies. Goes through 5 phases: Technology trigger/positive hype, Peak, Disillusionment, enlightenment, and productivity. Example: The Xbox 360 was extremely hyped up when it was first released and then it got a lot of negative press due to bugs in the system. Eventually, it was adopted as a major player in the mainstream market for gaming. (Michael LaTorre) Click Farms Definition: Networks of users engaging in click fraud with the goal of spreading IP addresses across several systems making a fraud effort more difficult to detect Example: In India, housewives were receiving up to 25 cents for each ad click made on fraudster-run Web sites, but an unusually large number of clicks from Indian IP addresses foiled these schemes. (Victoria Oh) Click Fraud Definition: Generating bogus clicks, either for financial gain or to attack rivals, by draining their online ad budgetExample: Recently, officials found a California man who had created a software program that he claimed could let spammers swindle millions of dollars out of Google through fraudulent clicks. (Victoria Oh) Free Rider Problem Definition: When others take advantage of a user or service without providing and sort of reciprocal benefit. Example: TweetDeck. The free application allows users to access their Facebook feeds and post status updates- alongside Twitter updates and more- all from one interface. This is great for the users but bad for Facebook since users are "off- site" not looking at ads, and therefore not increasing revenue. (Christina Vail) Types of Click Fraud Enriching click fraud: When site operators generate bogus ad clicks to earn PPC income.Enriching impression fraud: When site operators generate false page views in order to boost their site’s CPM earnings.Depleting click fraud: Clicking a rival’s ads to exhaust their PPC advertising budget.Depleting impression fraud: Generating bogus impressions to exhaust a rival’s CPM ad budget.Disbarring fraud: Attempting to frame a rival by generating bogus clicks or impressions that appear to be associated with the rival, in hopes that this rival will be banned from an ad network or punished in search engine listings.Link fraud: Creating a series of bogus web sites, all linking back to a page, in hopes of increasing that page’s results in organic search.Keyword stuffing: Packing a web site with unrelated keywords in hopes of either luring users who wouldn’t normally visit a web site or attacking higher-value contextual ads.(Ian Clark) Prediction Market Definition: Polling a diverse crowd and aggregating opinions in order to form a forecast of an eventual outcome. Example: The Hollywood Stock Exchange allows participants to buy and sell prediction shares of movies, actors, directors, and film-related options. The exchange, now owned by investment firm Cantor Fitzgerald, has picked Oscar winners with 90 percent accuracy. (Kristy Sidor) Supply Chaining -Getting goods and services efficiently and quickly starting from the supplier and ending with the customer, which results in more savings for the company. Example: As one of the largest public companies, Wal-Mart has a lot of power and is able to maintain strong relationships with suppliers. Wal-Mart can demand merchandise from suppliers at the lowest prices and give customers the low prices they guarantee. By starting with low prices from the supplier, Wal-Mart's supply chain will be more efficient and cheaper, which is why they can afford low prices for their customer and save money for the company. (Laura Salibello) Point of Sale Systems (POS) Definition: A fancy term for cash-register. Tracks how items in the store are selling. In other words, it keeps track of what the store already has that people want, so they can keep it in stock.Example: Zara uses this to ensure that they only restock what they sell.-Real-time data from PDAs and POS are whisked to 300+ designers who crank out more than 12,000 fresh items each year at Zara. Use it to decide on the fabric, cute, and price points. (Jordana Greenfield) Personal Digital Assistant (PDA) Definition: It is a handheld computer for the managers in a store. The manager inputs items that people came in looking for but the store didn't have. The PDA keeps track of what people are looking for but couldn't find.Example: Zara uses PDA to better their IT competency. If ten people come in every day looking for a pink sweatshirt, but Zara doesn't have one, the PDA keeps track of this, and soon enough, Zara will be selling a pink sweatshirt.-Real-time data from PDAs and POS are whisked to 300+ designers who crank out more than 12,000 fresh items each year at Zara. Use it to decide on the fabric, cute, and price points. (Jordana Greenfield) Radio Frequency Identification (RFID) tags Definition: Small chip-based tags that wirelessly emit a unique identifying code for the item that they are attached to, similar to a highly developed bar code. Example: By wirelessly reading the tags on each garment, dressing rooms in clothing stores can recognize what is brought in and make recommendations of matching accessories as well as similar products that patrons might consider. Customers could check inventory, and staff using PDAs could do the same.(Ross Fishman) Just-In-Time (JIT) Manufacturing Definition: Scheduling materials to arrive exactly when they are needed in the production process. Example: Zara uses just-in-time manufacturing to keep inventory low, thus cutting costs. (Joe Bourque) Forecasting Definition: Paying attention to customer buying and upgrade patterns and using that quantitative data to more accurately predict what types of products consumers will want in the future. Example: Dell, in accordance with its just-in-time manufacturing, requires its suppliers to be able to ship supplies to its factories in no longer than ninety minutes after the order is placed. In order to help its suppliers meet this demand and better understand what supplies will be needed in the future, Dell uses forecasting and is accurate seventy-five percent of the time. (Rob Garrett) Moore's Law Processing power per dollar doubles every 18 months. This law demonstrates how technology products can quickly depreciate over time. For example, Dell specifically pays attention to customer buying and upgrade patterns in an effort to avoid any waste of technology (e-waste), including discarded, obsolete computer systems. (Christina Fusilli) Cash Conversion Cycle The0 period of time between an outlay of cash for parts and the collection of payments for goods made from them. Example: Dell collects payment from customers at the same time they sell their products. Therefore, their cash is on the balance sheet before they have to pay suppliers. In turn, Dell pays its suppliers 1% less (after a week of depreciation), 36 days after they receive payment from the customers. They have a negative cash conversion cycle, and this saves the company billions of dollars!(Andrew Jankowski) Moore's Wall Eventually the processing power of computers or any electronic device will be become so advanced that technology will not allow any further advances to these electronic devices. A future example of this could be the ipod nano, it is already so small that Apple will probably not be able to make iPods smaller than the nano in the future. (Kelly Gor
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