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Data An Exam 1
| Term | Definition |
|---|---|
| Business Process | Set of coordinated activities that lead to a specific goal or outcome |
| Data | Raw symbols (unconnected facts) |
| Decision Making | Process of choosing among alternative courses of action |
| Information | Data that has been processed so that it is useful |
| Information Literacy | The ability to know when information is needed, and to be able to locate, evaluate, and effectively use that information |
| Information System | A combination of technology, data, people, and processes that is directed toward the collection, manipulation, storage, organization, retrieval, and communication of information |
| Information Technology | The hardware, software, and media used to store, organize, retrieve, and communicate information |
| Knowledge | Information that is applied to a decision or action. |
| Wisdom | The use of knowledge for the greater good |
| Business Rule | A statement that defines or constrains an aspect of a business with the intent of controlling behaviors within the business |
| Control | A set of functions intended to ensure the proper operation of a system |
| Electronic Data Interchange | A B2B e-business model focusing on the electronic exchange of information among two or more organizations using a standard format |
| Equifinality | The idea that in an open system, there are many different potential paths to the final outcome |
| Feedback | A process by which a system regulates itself by monitoring its own output |
| Open System | A system that interacts with its environment |
| Subsystem | A system that is part of a larger system |
| System | A set of interacting components that work together to form a complex whole by taking inputs and processing them to produce outputs |
| Transaction Processing System | A system that collects, monitors, processes, reports, and stores data generated by an organization’s transactions |
| Accurate (Info) | The degree to which information is correct and free from error |
| Believable (Info) | The degree to which information is regarded as true and credible |
| Comprehensive (Info) | The degree to which information is of sufficient depth and breadth for the task at hand |
| Consistent (Info) | The degree to which information is compatible with previous information |
| Current (Info) | The degree to which information is sufficiently up-to-date for the task at hand |
| Information Evaluation | The systematic determination of the merit and worth of information |
| Information Overload | Being faced with more information than one can effectively process |
| Information Quality | The degree to which information is suitable for a particular purpose |
| Objective (Info) | The degree to which information is free from bias |
| Relevant (Info) | The degree to which information is applicable and useful for the task at hand |
| Timely (Info) | The degree to which information is available in time to perform the task at hand |
| Understandable (Info) | The degree to which information is easily comprehended |
| Bargaining Power of Supplies | In Porter’s Five Competitive Forces Model, determines what is the ability of the organization’s suppliers to reduce its competitive position |
| Evaluate | In a priority matrix, the initiatives that need to be discussed and evaluated thoroughly by managers |
| Imperatives | In a priority matrix, the initiatives that should be relatively easy to implement and have the potential to bring high returns to the organization |
| Industry Competitive Rival | In Porter’s Five Competitive Forces Model, determines the current level of competition in the industry |
| Potential Threat of New Entrants | In Porter’s Five Competitive Forces Model, determines how easy it is for new companies to enter the market in which the organization operates |
| Potential Threat of Substitutes | In Porter’s Five Competitive Forces Model, determines the likelihood that other products of equal or superior value are available. |
| Priority Matrix | Framework that allows managers to evaluate potential initiatives and prioritize them along two key dimensions: the ease of implementation and the potential returns |
| Quick Wins | In a priority matrix, the initiatives that do not have much upside potential but are easy to implement |
| Shifting the Rules of Competition | n D’Aveni’s 7 Ss framework, a strategy about finding new ways to serve customers, thereby transforming the industry |
| Signaling Strategic Intent | In D’Aveni’s 7 Ss framework, a strategy about communicating intentions in order to stall responses by competitors |
| Simultaneous and Sequential Strategic Thrusts | In D’Aveni’s 7 Ss framework, a strategy about taking steps to stun and confuse competitors to disrupt or block their efforts |
| Strategic Soothsaying | n D’Aveni’s 7 Ss framework, a strategy for using new knowledge to predict or create new windows of opportunity |
| Stay Away | In a priority matrix, the initiatives that would be difficult to implement and would have limited potential returns |
| Strengths | In SWOT analysis, asks what gives the organization advantages over others in its industry |
| Superior Stakeholder Satisfaction | In D’Aveni’s 7 Ss framework, a strategy about maximizing customer satisfaction by adding value strategically |
| SWOT Analysis | Framework used by managers to identify strengths, weaknesses, opportunities, and threats for the organization |
| Threats | In SWOT analysis, determines what activities or factors could create disadvantages or troubles for the organization relative to others in its industry |
| Weaknesses | In SWOT analysis, determines what activities create disadvantages for the organization relative to others in its industry |
| Opportunities | In a SWOT analysis, determines the activities or factors that could help the organization get new advantages over others in its industry |
| Porter's Five Competitive Forces Model | Framework to help managers analyze the organization’s competitive position looking at five forces in the firms’ competitive environment: threats of new entrants and substitutes, bargaining power of buyers and suppliers, and industry rivalry |
| Positioning for Speed | In D’Aveni’s 7 Ss framework, a strategy about preparing the organization to react as fast as possible |
| Positioning for Surprise | In D’Aveni’s 7 Ss framework, a strategy about preparing the organization to respond to the marketplace in a manner that will surprise competitors |
| What is sorting? | Rearranging records according to a specified set of criteria |
| What are the two types of sorting and when should they be used? | Ascending (A to Z or smallest to largest) and Descending (Z to A or Largest to Smallest) (Numbers, text and dates) |
| What is filtering? | Only displaying the values or records that meet a specified criteria |
| What is a piece of information that is collected about an element in a data table? This is displayed as a row in the table | A Record |
| What is a piece of information that is collected for each observation in a data table? These are stored as columns in the table | A Field |
| What is the name of the Excel object that was used to quickly summarize and analyze data from a large data table by pulling fields into the appropriate boxes in the grid showing Filters, Columns, Rows, and Values? | A PivotTable |
| Which option in Excel allowed us to optimize profits for a lemonade stand and CD/Record sales problems? | Data Table |
| Which option in Excel allowed us to perform a break-even analysis for a lemonade stand and CD/Record sales problems? | Goal Seek |
| Bargaining Power of Buyers | In Porter’s Five Competitive Forces Model, determines the ability of the organization’s buyers (customers) to reduce the organization’s competitive position |
Created by:
Erika.Meakins
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