INFO Ch. 2

Created by hollybarton2014 

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Structured decisions

operational decisions, arise in situations where established processes offer potential solutions

Semistructured decisions

managerial decisions, arise in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision

Unstructured decisions

strategic decisions, occur in situations in which no procedures or rules exist to guide decision makers toward the correct choice

Project

temporary activity a company undertakes to create a unique product, service, or result

Metrics

measurements that evaluate results to determine whether a project is meeting its goals

Critical success factors (CSF)

crucial steps companies perform to achieve their goals and objectives and implement their strategies

Key performance indicators (KPI)

quantifiable metrics a company uses to evaluate progress toward critical success factors

Market share

proportion of the market that a firm captures

Return on Investment (ROI)

indicates the earning power of a project

Efficiency MIS metrics

measure the performance of MIS itself, such as throughput transaction speed and system availability

Effectiveness MIS metrics

measure the impact MIS has on business process and activities

Benchmarks

baseline values the system seeks to attain

Benchmarking

a process of continuously measuring system results, comparing those result to optimal system performance (benchmark values), and identifying steps and procedures to improve system performance

Model

simplified representation or abstraction of reality

Transactional information

encompasses all the information contained within a single business process or unit of work, and its primary purpose is to support the performance of daly operational or structured decisions

Online transaction processing (OLTP)

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

Transaction processing system (TPS)

basic business system that serves the operational level (analysts) and assists in making structured decisions

Source documents

the original transaction record

Analytical information

encompasses all organizational information, and its primary purpose is to support the performance of managerial analysis or semistructured decisions

Online analytical processing (OLAP)

manipulation of information to create business intelligence in support of strategic decision making

Decision support systems (DSSs)

model information using OLAP, which provides assistance in evaluating and choosing among different courses of action

What-if analysis

checks the impact of a change in a variable or assumption on the model

Sensitivity analysis

a special case of what-if analysis, is the study of the impact on other variables when one variable is changed repeatedly

Goal-seeking analysis

finds the inputs necessary to achieve a goal such as a desired level of output

Optimization analysis

an extension of goal-seeking analysis, finds the optimism value for a target variable by repeatedly changing other variables, subject to specified constraints

Executive information system (EIS)

specialized DDS that supports senior-level executives and unstructured, long-term, non-routine decisions requiring judgement, evaluation, and insight

Granularity

refers to the level of detail in the model or the decision-making process

Visualization

produces graphical displays of patterns and complex relationships in large amounts of data

Digital dashboards

common tool that supports visualization which tracks KPI's and CSF's by compelling information from multiple sources and tailoring it to meet user needs

Consolidation

the aggregation of data from simple roll-ups to complex groupings of interrelated information

Drill-down

enables users to view details, and details or details, of information

Slice-and-dice

the ability to look at information from different perspectives

Artificial intelligence

simulates human thinking and behavior, such as the ability to reason and learn

Intelligent systems

various commercial applications of artificial intelligence

Expert systems

computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems

Neural network

also called an artificial neural network, is a category ofAI that attempts to emulate the way the human brain works

Fuzzy logic

mathematical method of handling imprecise or subjective information

Genetic algorithm

artificial intelligence system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem

Shopping bot

software that will search several retailer websites and provide a comparison of each retailer's offerings including price and availability

Virtual reality

Computer-stimulated environment that can be a simulation of the real world or an imaginary world

Customer-facing processes

front-office processes, result in a product or service received by an organization's external customer

Business-facing processes

back-office processes are invisible to the external customer but essential to the effective management of the business

Business process modeling

mapping, it the activity of creating a detailed flowchart or process map of a work process that shows its inputs, task, and activities in a structured sequence

Business process model

graphic description of a process, showing the sequence of process tasks, which is developed for a specific purpose and from a selected viewpoint

As-is process models

represent the current state of the operation that has been mapped, without any specific improvements or changes to existing processes

To-be process models

shows the results of applying change improvement opportunities to the current as-is process model

Swim lane

layout that arranges the steps of a business process into a set of rows depicting the various elements

Workflow

includes the tasks, activities, and responsibilities required to execute each step in a business process

Business process improvement

attempts to understand and measure the current process and make performance improvements accordingly

Automation

process of computerizing manual tasks, making them more efficient and effective and dramatically lowering operational costs

Streamlining

improves business process efficiencies by simplifying or elimination unnecessary steps

Bottlenecks

occur when resources reach full capacity and cannot handle any additional demands; they limit throughput and impede operations

Redundancy

occurs when a task or activity is unnecessarily repeated

Cycle time

the time required to process an order

Business process reengineering (BPR)

the analysis and redesign of workflow within and between enterprises

Business process management (BPM) systems

focus on evaluating and improving processes that include both person-to-person workflow and system-to-system communications

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