Management Information Systems Chapter 1

New technologies in MIS - answer-- cloud computing - big data - mobile digital platform Management in MIS - answer-- managers use social networks, collaboration - business intelligence applications accelerate - virtual meetings proliferate Organizations in MIS - answer-- social business - telework gains momentum - co-creation of value, collaboration across firms Important business objectives - answer-1. operational excellence 2. new products, services, and business models 3. customer and supplier intimacy 4. improved decision making 5. competitive advantage 6. survival Operational excellence - answer-- improved efficiency results in higher profits - information systems and technologies help improve efficiency and productivity Business model - answer-how a company produces, delivers, and sells its products and services Customer and supplier intimacy - answer-- customers who are served well become repeat customers who purchase more - close relationships with suppliers result in lower costs Improved decision making - answer-- if managers rely on forecasts, best guesses, and luck, they will misallocate employees, services, and inventory - real time data improves ability to managers to make decisions Competitive advantage - answer-- often results from achieving previous business objectives - advantages over competitors: charging less for superior products, better performance, and bettie response to suppliers and customers Survival - answer-businesses may need to invest in information systems out of necessity; simply the cost of doing business - keeping up with competitors - federal and state regulations and reporting requirements Information technology - answer-the hardware and software a business uses to achieve objectives Information system - answer-interrelated components that manage information to: - support decision making and control - help with analysis, visualization, and product creation Data - answer-streams of raw facts Information - answer-data shaped into meaningful, useful form Activities in an information system that produce information: - answer-- input - processing - output - feedback Information systems literacy - answer-includes behavioral and technical approach Computer literacy - answer-focuses mostly on knowledge of IT MIS - answer-- focuses on broader information systems literacy - issues surrounding development, use, impact of information systems used by managers and employees Organizations - answer-- coordinate work through structured hierarchy and business processes - culture embedded in information systems People - answer-- information systems require skilled people to build, maintain, and use them - employee attitudes affect ability to use systems productively Role of managers in information systems - answer-- perceive business challenges