FSU ISM 3003 - Chapter 4 - IT for Decision Support

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Chapter 4 - IT for Decision Support - Agent-based technology (software agent)- small piece of software that acts on your behalf performing tasks assigned to it. [Works like movie star agent working for actor]o Autonomous agent - can adapt and alter the manner in which it attempts to achieve its assigned tasko Distributed agent - works on multiple distinct computer systems o Mobile agent – can relocate itself onto different computer systems o Intelligent agent – incorporates artificial intelligence capabilities such as learning and reasoningo Data-mining agent – operates in a data warehouse discovering informationo Information agents – search for info of some kind and bring it back (buyer agents/shopping agents)o Monitoring-and-surveillance agents – constantly observe and report on some entity of interest, a network, or manufacturing equipmento User agents (personal agents) – take action on your behalf (spam folder on email)o Multi-agent system – group that have ability to work independently but must also work with each other in order to achieve their assigned task- Artificial intelligence (AI) – science of making machines imitate human thinking and behavioro Expert system (knowledge based systems)- applies reasoning capabilities to reach a conclusion. Good for diagnostic and prescriptive problemso Neural network (artificial neural network)- capable of finding and differentiating patterns. Learns by example and can adapt to new concepts and knowledge.o Fuzzy logic - mathematical method of handling imprecise or subjective informationo Genetic algorithm – mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem; an optimizing system o Agent-based technology [see above]- Decision support system (DSS) - designed to support decision making when the situation includes nonstructural elements o Data management – performs the functions of storing and maintain information and also that of giving you access to information you want your DSS to useo Model management – consists of a wide variety of statistical and analytical tools, techniques, and models- Geographic information systems - decision support system designed specifically to analyze spatial information (info in map form)- Implementation (apply the fix) - Carry out the chosen solution, monitor the results, and make adjustments as necessary - Knowledge management system – system that supports the capturing, organization, and dissemination of knowledge throughout an organization- Predictive analytics - Highly computational data-mining technology that uses information and business intelligence to build a predictive model for a given business application. Uses historical information to predict future outcomes- Swarm (collective) intelligence – the collective behavior of groups of simple agents that are capable of devising solutions to problems as they arise, eventually leading to coherent global patterns- Structured decision – involves processing a certain kind of information in a specified way so thatyou will always get the right answer - Recurring decision – one that happens repeatedly, and often periodicallyChapter 5 - Ecommerce - E-commerce - commerce accelerated and enhanced by IT, in particular the internet- B2B (Business to Business) – when a business sells products and services to customers who are primarily other businesseso Indirect materials (maintenance repair, and operations (MRO) materials) – materials that are necessary for running a modern corporation, but do not relate to the company’s primary business activities (repair parts, pens, lubricating oils)o Direct materials – materials that are used in production in a manufacturing company or are placed on the shelf for sale in a retail environment; used for primary business activities o Reverse auction – buyer posts its interest in buying a certain quantity of items with notations concerning quality, specification, and delivery timing, and sellers compete for business by submitting successfully lower bids until there is only one seller left o E-Markets (EM) – interactive business providing a central market space where multiple buyers and suppliers can engage in e-commerce and/or other e-commerce business activities o Horizontal e-marketplace – connects buyers and sellers across many industries, primarily for MRO materials commerceo Vertical e-marketplace – connects buyers and sellers in a given industry- B2B e-marketplace - virtual marketplaces in which businesses buy from and sell products to eachother, share information, and perform other important activities- B2C (Business to Consumer) – when a business sells products and services to customers who areprimarily individualso Commodity-like - merchandise that is the same regardless of where it is purchased (books)o Convenience goods – low-priced but frequently needed items (cereal) o Specialty – higher priced, less frequently needed, often require customization (computer) o Mass customization – ability of an organization to give its customers the opportunity to tailor itsproduct or service to the customer’s specifications - B2G (Business to Government) – when a business sells products and services to a government entity - C2C (Consumer to Consumer) – when an individual sells products and services to another individual (eBay)- G2B (Government to Business) – when a government entity sells products and services to businesses- G2C (Government to Consumer) – refers to the electronic commerce activities performed between a government and its citizens or consumers - Adware - software to generate ads that installs itself on your computer when you download some other (usually free) program from the webo Banner ads (online ads) – small advertisements that appear on other sites o Click-through - count of the number of people who visit one site, click on an ad, and are taken to the site of the advertiser. o Pop-under ad- pop-up you do not see until after you close your current browser windowo Conversion rate – percentage of potential customers who visit your site who actually buy somethingo Viral marketing – encourages users of a product or service supplied by a B2C e-commerce business to encourage friends to join as well- E-Payments – paying for any e-commerce, through an online systemo Digital wallet - software provides security for the transaction and the information includes payment information and delivery

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