Essay on Information Management

Submitted By cmorton2
Words: 1077
Pages: 5

IM 341 Module 1 Review

1) Agent: perform sales. Agents include humans performing work, but can also include machines that perform business roles in lieu of human operators. Ex. Website, assembly robot, credit card processing, customer, bank -There should be one agent per event, and at least two agents for economic events.

2) Business Event: operating activities performed within a business to provide goods and services to customers.
Ex. Negotiate sales order with customer -Some business events are economic events.

3) Business Event Risk: result in errors and irregularities having one or more of the following characteristics:
-Wrong time or sequence
-Without proper authorization
-Wrong internal/external agent
- Wrong resource
- Wrong amount of resource
- Wrong location

4) Business process: collection of related activities that combine resources and inputs to create an output of value. Outputs can be products. Ex. Three Basic business processes include procurement, conversion, and order to cash -All business processes are interrelated.

5) Conversion Business Process: involves the activities necessary to convert raw inputs into finished products or services. converting resources acquired into goods and services for customers -In general, the objective of any conversion business process is to use a lean set of activities to generate quality products or relevant and reliable services.

6) Data Repository: collection of data
Ex. Database used to generate reports for customers

7) Decision/management event: management and others make decisions
Ex. Managing resources and corporate governance

8) Decomposition: use decomposition guidelines when: 1. Pairs of economic events that constitute duality. 2. There is a time lag between events 3. Events that involve different organizational resources 4. Events that have different triggers or different events that authorize the events. 5. Events that involve different sets of (internal) agents.
Ex. Sale and receipt of payment for that sale

*9) Duality: one event causes resource inflow and outflow
Ex. In order to cash the delivery of a product to the customer event (sale) and receipt of customer payment event and/or sales return -In the procurement process, modeling duality involves inflow of goods/services from vendor event and corresponding outflow event of payment to vendor.

10) Economic Event: increase or decrease in the quantity of a firm’s economical (financial) resources.
Ex. Delivery of Goods.

11) Event: single activity within a business
Ex. Negotiate Sales order -The event answers the question “why” in a business process.

12) Event Trigger: action that initiates or authorizes an event. If prepayment it should be stated in trigger section.
Ex. check inventory levels to create valid open sales order -The event trigger answers the question “when” in a business process.

13) Extended Enterprise Business Processes: processes that span across organizational boundaries
Ex. Car manufacturer JIT system

14) External Agent: Events involving exchange of resources between organization always involves internal and external agents.
Ex. Internal role of salesperson maybe performed by computer that interacts with external agent (customer, vendors)

15) For Profit Organizations: oriented organization that is for profit. These profits can be reinvested into the company or distributed to owners and/or shareholders.
Ex. Proctor and Gamble -For profit organizations can take several legal forms including: sole proprietorship, C corporation, partnership, LLC.

16) Information Processing Event (3 types): 1. Recording data 2. Maintaining reference data 3. Reporting useful information

16) Integrated Value Chain System: set of value chains in entire industry tiers of suppliers, channels, and customers

17) Internal Agent: events internal to an organization involve internal agent only.
Ex. Warehousing event