Investigating MIS
What is a POS system, and how can it integrate with other devices?
Sales tracking system, integrates with RFIDs, barcodes, credit/debit cards, cloud computing.
How does a TPS make the sales process more efficicent?
It allows for money to be exchanged for goods and services more efficiently.
What is a data silo? Why are they not efficient?
Data silos occur when relevant information or data is stored within one department and not shared among the corporation. They often slow down communication and business processes.
What's the prominent theory of John Locke?
People should be free to work and free to control property, i.e. money, that they earn from the work.
What is a Learning Management System, and why is it effective? (Give an example.)
Systems that manage and track academic processes, such as delivering assignments, tracking student performance and activity, grade posting/updates, etc.
Ex: Canvas
What is DSS and how is it used?
Decision Support System: Used to help make sense of a lot of information and make complex decisions (ex: airlines preventing problems/crashes with info loads)
What are 3 cons of using an ERP system? Explain them.
Cost, Learning Curve, Maintenance Costs
Give one of Max Weber's Nine Principles and explain it.
1. Specialization
2. Recruitment based on competency
3. Fairness and uniformity
4. Employment Stability
5. Hierarchy
6. Discipline
7. Supremacy of abstract rules
8. Authority
9. Political neutrality
What is a benefit of Cloud Computing, and explain?
No need for physical storage space, Cost, Scalability, Accessibility, and Updateability.
What is the benefit of using ITPS (AI) to predict fraud?
AI can recognize patterns, i.e. frequent purchases, locations, times, to see when there is a deviation.
If a company does decide to implement an ERP, what are some key goals they should consider?
They'd want to have one integrated system with one copy of data. This helps with reducing time checking and redundancies, and makes much more informed decisions across departments.
What is Adam Smith's concept of "the invisible hand?"
Individual freedom of choice is key; A free, unregulated market operates better than a government-controlled one.
How does remote desktop software work, and how is it used in the business world?
What are EIS's 5 major categories and explain the function of one of them?
Financial Management, Operations Management, Marketing, Human Resources Management (HRM), Supply Chain Management (SCM).
What are most ERP systems offered as? Why is it more beneficial?
Cloud-based ERP's are more popular. They allow for 24-hour access with from any place in the world.
How did Drucker believe corporations work best?
They are decentralized, outsource work they are not skilled in, and focus on areas they do have comparative advantage in. "Do what you do best and outsource the rest."
What is a mainframe computer, and what applications are they used for?
A large-scale data server/physical computer that stores billions of transactions or information for servers to use. Allows for scalability without shutting the full system down.
Used in inventory control, bank records, reservation services etc.
What effect does SCM software help prevent and why is it important?
How do Financial Management Systems help businesses when combined with ERP?
Increases speed and efficiency, maintains compliance and tax liabilities, and measure cashflows
Why are Fayol's fourteen guiding principles important?
Emphasizes order & unity. Employees understand their job, the reporting system, and how they work together to be the best they can be.