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57 terms

MIS 309 Chapter 2

STUDY
PLAY
Structured Decisions
Arise in situations where published processes offer potential solutions
Semistructured Decisions
Occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommend decision
Unstructured Decisions
Occur in situations in which no procedures or rules exist to guide decision makers towards the right choice
Project
A 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 (CSFs)
The crucial steps companies perform to achieve their goals and objectives and implement their strategies
Key Performance Indicators (KPIs)
The quantifiable metrics a company uses to evaluate progress toward critical success factors
Market Share
The proportion of the market that a firm captures
Return of 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 processes and activities, including customer satisfaction and customer conversion rates
Benchmarks
Baseline values the system seeks to attain
Benchmarking
A process of continuously measuring system results, comparing those results to optimal system performance, and identifying steps and procedures to improve system performance
Model
A 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 daily operational or structured decisions
Online Transaction Processing (OLTP)
The capture of transaction and event information using technology to process the information according to defined business rules, store the information, and update existing information to reflect the new information
Transaction Processing System (TPS)
The 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)
Provides assistance in evaluating and choosing among different courses of action
What-if Analysis
Check the impact of a change in a variable or assumption on the model
Sensitivity Analysis
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
Finds the optimum value for a target variable repeatedly changing other variables, subject to specified constraints
Executive Information System (EIS)
A specialized support DSS that supports senior-level executives and unstructured, long-term, nonroutine decisions requiring judgement, evaluation, and insight
Granularity
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 Dashboard
Tracks KPIs and CSFs by compiling 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, details of details, of information
Slice-and-Dice
The ability to look at information from different perspectives
Artificial Intelligence (AI)
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 of experts in solving difficult problems
Neural Network
A category of AI that attempts to emulate the way the human brain works
Fuzzy Logic
A mathematical method of handling imprecise or subjective information
Genetic Algorithm
An artificial intelligence system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem
Intelligent Agent
A special-purpose knowledge-based information system that accomplishes specific tasks on behalf of its users
Shopping Bot
Software that will search several retailer websites and provide a comparison of each retailers' offerings including price and availability
Virtual Reality
A computer-simulated environment that can be a simulation of the real world or an imaginary world
Customer-facing Processes
Result in a product or service received by an organization's external customer
Bussiness-facing Processes
Invisibile to the external customer but essential to the effective management of the business
Mapping
The activity of creating a detailed flowchart or process map of a work process that shows its inputs, tasks, and activities in a structured sequence
Business Process Model
A 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 the results of applying change improvement opportunities to the current process model
Swim Lane
A 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
The process of computerizing manual tasks, making them more efficient and effective and dramatically lowering operational costs
Streamlining
Improves business process efficiencies by simplifying or eliminating 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