MIST 2090: FINAL
21 Cards in this Set
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ERP
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Enterprise Resource Management which manages inventory and production, store info in data warehouses and mine that data to spot trends, creates business intel, helps supply chain management, helps accounting by providing real time data
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How is IT-enabled change started?
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usually follow a System Development Lifecycle (SDLC) consisting of goals and requirements, design and development, and implement and analyze
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What does a business model entail?
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a canvas which lists revenue streams, cost structure, key resources, channels, customer relationships, customer segments, value proposition, key resources, key activities, and key partners
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bait and hook
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way digital age has complicated business models, free razorblades if you buy a razor, printers and toner
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freemium
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digital transformation of business models, give yo something free to get a subset of the customers to use premium services, Dropbox or Skype
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two sided market
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neither group benefits unless both groups are involved, visa/mastercard and Groupon
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project
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unique endeavor, def. start and stop, creates value (unique product or service), it is not current operations, ex. self ehckout was a project but soon was current operations
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what are the three restraints of a project?
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scope (at the base, what are we creating value for?), resources (how much will it cost?), and schedule (how long will it take?)
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what can go wrong with the three constraints?
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scope grope (project team can't define scope), scope creep (most comon, adding features little by little, sometimes being nice or "good ideas"), scope leap (drastic change or increase in scope)
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examples of IT-enabled change projects in organizations
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Enterprise Resource Planning (ERP) systems to manage financial info, social media campaign to spread awareness of a new product, business process redesign effort to comply w/ govt regulations on a business
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six steps to project management according to PMI
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initiating, planning, executing, controlling, closing, success
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important documents of a new project
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Project Charter, Work Breakdown Structure, Project Schedule
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Project Charter
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mainly ask who? what? when? why? how?
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work breakdown structure
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after translating goals w/ a project charter, create hierarchical arrangement of major tasks that need to occur, diagram or model which shows first layer of boxes and lowest layer is a numbered list
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project schedule
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Gantt Chart breaking project into tasks and subtasks
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old marketing paradigm
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company controls message, company to customer, 4 P's (product, price, place, promotion), assume majority is target market
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new marketing paradigm
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people control message, not company, 4 C's (customer, cost, convenience, communication), experiences with the product create message between peers
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UGC
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user generated content which gets message out about products
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CRM
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customer relationship management, may increase revenue or profitability,
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data model
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way to organize, communicate, and define data to be used by an application, used for software development and comm., has several boxes labeled with entities, also attributes and relationships
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Use Case
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description of sequences of interactions between system and its actor, very descriptive w/ natural language, must read many use cases and alternatives together to get overall sense, not good for meetings
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MIST 2090: EXAM 3