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Lecture Exam 2 Study Guide - The Computer in Business | BUS, Study notes of Introduction to Business Management

Lecture Exam 2 Study Guide Material Type: Notes; Professor: Anderson; Class: THE COMPUTER IN BUSINESS; Subject: Business; University: Indiana University - Bloomington; Term: Fall 2011;

Typology: Study notes

2011/2012

Uploaded on 09/29/2012

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Topics Covered in Lecture 8 Slides
Material Covered
1. Knowledge Management
2. Strategic Initiatives & Enterprise Information Systems
a. Supply Chain Management
b. Customer Relationship Management
c. Enterprise Resource Planning
Knowledge Management and Strategic Initiatives
Information & Knowledge
Data Information Knowledge
*Data = Raw facts
*Information = Data with organization, meaning, and relevance
*Knowledge = Applied Information
Decisions based on Information can lead to competitive advantage
Knowledge Management
Knowledge Management Systems – Collect, Organize, Maintain, and Distribute:
Human Capital/Tacit Knowledge
Intellectual Assets/Explicit Knowledge
Intellectual Property
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Download Lecture Exam 2 Study Guide - The Computer in Business | BUS and more Study notes Introduction to Business Management in PDF only on Docsity!

Topics Covered in Lecture 8 Slides

Material Covered

  1. Knowledge Management
  2. Strategic Initiatives & Enterprise Information Systems a. Supply Chain Management b. Customer Relationship Management c. Enterprise Resource Planning

Knowledge Management and Strategic Initiatives

Information & Knowledge Data Information Knowledge *Data = Raw facts *Information = Data with organization, meaning, and relevance *Knowledge = Applied Information  Decisions based on Information can lead to competitive advantage Knowledge Management Knowledge Management Systems – Collect, Organize, Maintain, and Distribute:  Human Capital/Tacit Knowledge  Intellectual Assets/Explicit Knowledge  Intellectual Property

Knowledge Management Challenges  Costly (time consuming + resources)  Must overcome people’s natural resistance  Employees prefer competition  Must create Corporate Structure Texas Instruments Story: 13 semiconductor manufacturing facilities. Each facility excelled in certain areas. The procedures from these areas were shared with all other plants. This allowed production to be increased to a level where an additional plant would have been needed under the old system without KM. Texas Instruments saved $1 billion dollars.

Knowledge Management Systems

Enterprise Information Systems (EIS)  Supply Chain Management (SCM)  Customer Relationship Management (CRM)  Enterprise Resource Planning (ERP)

Topics Covered in Lecture 9 Slides

Material Covered

  1. Software Development
  2. Project Management a. The Triple Constraint b. Change Management
  3. IT and Strategic Planning a. SWOT Analysis

Systems Development, Project Management, and

Strategic Planning

Systems Development Life Cycle (SDLC)

Developing Software - Consequences of software Success and Failure:  Increase or Decrease Revenue  Repair or Damage Reputation  Prevent or Incur Liabilities  Increase or Decrease Productivity

Systems Development Life Cycle

Traditional Waterfall Methodology Agile Software Development  Traditional approach  Each SDLC phase performed sequentially  Doesn’t accommodate midcourse changes  Success Rate: 1 in 10  Iterative  Continuous Delivery to Clients  Get rapid feedback as functionality is introduced  Fewer features, shorter projects

SDLC Methodologies

Principles for developing successful Agile Software Development:

 Slash the budget

 If it doesn’t work, Kill it

3. Lack of Support from Business Management

4. Lack of Resources

5. Lack of Support from IT Management

6. Change in Technology during project

Managing Change

Efficiently Managing Change

1. Institute Change Management Policies

2. Anticipate Change

3. Seek Change

IT and Strategic Planning

Reactionary IT Strategic IT

Desired Outcome : Revenue Growth through improved customer

retention and new customers.

Strategy = Long Term Planning

The SWOT Matrix

Strengths (Good Now)

 Maintain

 Build

 Leverage

Weaknesses (Bad Now)

 Remedy

 Stop Altogether

Opportunities (Good in Future)

 Prioritize

 Optimize

Threats (Bad in Future)

 Counter

Project Management

Choosing Strategic Projects

Steps:

1. Focus on Organizational Goals

2. Categorize Projects

3. Perform a Financial Analysis

Why Use Decision-Making Information Systems? (DMIS)Analyze Large Amounts of InfoMake Decisions QuicklyApply Sophisticated Analysis TechniquesProtect the Corporate Asset of Organizational Info. Strategy = Long term direction and scope of an organization to achieve Competitive Advantage.

Decision-Making Process

Basic Steps to Decision Making:

  1. Define the problem and develop goals.
  2. Gather necessary data and convert it to information.
  3. Develop Alternatives.
  4. Using Information, rate Alternatives.
  5. Make Decision Step 1: Define Problem & Develop Goals  Gather Info about current Problem.  Create a Descriptive Model.  Use SWOT Analysis Results. Step 2: Gather Data & Convert to Information  Consult those who will be affected and those who implement the decision.

 Methods o Statistical Analysis (Min, Max, Median, Standard Deviation) o Graphing/Charting o Spreadsheet Modeling  Forecasts/Simulation  Optimization  Sensitivity Analysis Step 3: Develop Alternatives  Current Available Alternatives  Non-Existent Alternatives (you develop)  DO NOTHING Step 4: Rate Your Alternatives  Use information (charts) from Step 2  Rate your Alternatives by how well they meet your goals from Step 1 Step 5: Make Your DecisionThings to Consider  Change Management  Evaluation  Use Acquired Knowledge! Remember Knowledge = Applied Information

Finding Opportunities Using BPR

How to do a SWOT Analysis: Strategic Planning Made Easy Step 1: In the here and now…  List all Strengths  List all Weaknesses Step 2: What might be…  List all Opportunities (Potential Future Strengths)  List all Threats (Potential Future Weaknesses) Step 3: Plan of Action…  Review your SWOT Matrix with a view of creating an action plan to address each element of SWOT.

 Strengths – Maintain, Build, Leverage

 Weaknesses – Remedy or Stop

 Opportunities – Prioritized and Optimized

 Threats – Counter or Minimize

Data Analysis Applied

  1. Define Problem & Develop Goals
  2. Gather Data and Convert to Information (Charts)
  3. Develop Alternatives
  4. Using Information, Rate Alternatives
  5. Make Decision *Graphing/Charting is important because it reveals trends

Tips  Go through all of the PowerPoints online while you look over this guide.  Go over the podcasts and any other links on that page after LE1.  If you like definitions go to studyblue.com or quizlet.com and search k201 to get premade notecards for the class.