-A market place extended beyond traditional boundaries and removed from a temporal and geographic location.
What is an exchange?
-independently owned third party net market places that connect thousands of suppliers and buyers for spot purchasing.
What are the features of e-commerce technology?
Ubiquity, Global Reach, Universal Standard, Richness, Interactivity, Information Density, Personalization/Customization
4. What are digital goods?
-goods that can be delivered over a digital network.
Compare and contrast traditional goods and digital goods.
-digital goods are relatively cheaper and less expensive to hold in inventory
Compare traditional markets to digital markets?
-Traditional markets are more expensive to uphold and are less reliable.
What do market creators do?
-build a digital environment in which buyers and sellers can meet, display products, search for products, and establish prices.
What is EDI?
-Electronic Data Interchange enables the computer-to-computer exchange between two organizations of standard transactions such as invoices, bills of lading, shipment schedules, or purchase orders.
What are the categories of services that are popular for m-commerce?
-Entertainment, Marketing and Advertising, Banking and Bill Payment, Ticketing, Retail and Peer to Peer Payments.
Why does improving a small, routine decision have business value for a company?
-because when that improved decision affects all the other routine decisions in the business, it will gradually make changes that improve the entire company.
are those in which the decision maker must provide judgment, evaluation, and insight to solve the problem. Each of these decisions is novel, important, and non routine
by contrast are repetitive and routine, and they involve a definite procedure for handling them so that they do not have to be treated each time as if they were new.
only part of the problem has a clear cut answer provided by an accepted procedure.
Know the order of the different stages in decision making.
Intelligence, Design,Choice, Implementation
consists of discovering, identifying, and understanding the problems occurring in the organization- why there is a problem, where, and what effects it is having on the firm.
involves identifying and exploring various solutions to the problem.
consists of choosing among solution alternatives
involves making the chosen alternative work and continuing to monitor how well the solution is working.
Know the difference between the qualities of decisions in the decision making process.
Accuracy, Comprehensiveness, Fairness, Speed(efficiency), Coherence:, Due Process
decision is a result of a known process and can be appealed to a higher authority.
reflects a rational process that can be explained to others and made understandable.
decision making is efficient in respect to time and other resources, including the time and the resources of affected parties, such as customers
decision faithfully reflects the concerns and interests of affected parties
Decision reflects a full consideration of the facts and circumstances.
Decision reflects reality
What are the components of a DSS
A database of data used for query and analysis -A software system with models -Data mining -Other analytical tools -User interface
What type of information system uses data visualization technology to analyze and display data for planning and decision making in the form of digitized maps?
Geographic information systems (GIS)
How do expert systems work?
An expert system captures human expertise in a limited domain of knowledge as a set of rules in a software system that can be used by others in an organization.
What are the two major types of knowledge management systems?
Enterprise wide knowledge management systems, and Knowledge Work Systems
Knowledge Work Systems
specialized systems for engineers, scientists, and other knowledge workers that are designed to promote the creation of knowledge and to ensure that new knowledge and technical expertise are properly integrated into the business.
Enterprise wide knowledge management systems
general-purpose, firm wide systems that collect, store, distribute, and apply digital content and knowledge.
What do CAD workstations do?
Computer Aided Design: capable of generating realistic-looking 3D graphic designs that can be rotated and viewed from all sides.
What is the web standard for virtual reality applications?
Virtual Reality Modeling Language (VRML): a set of specifications for interactive, 3D modeling on the world wide web that organize multiple media types, including animations, images, and audio, to put users in a simulated real world environment.