What is e-commerce? Exchange or buying and selling of products and services by electronic means.
What are the electronic payment systems? EFT (Electronic Funds Transfer) Electronic checks Electronic credit cards Electronic wallets
What is EFT? Electronic transfer of money to and from financial institutions using telecommunications networks.
What is an electronic wallet? An e-wallet is a software that is downloaded to a user’s PC and in which the user stores credit card numbers and other personal information.
What are the categories of Electronic Commerce? business-to-consumer, business-to-business, and consumer-to-consumer M-commerce
What is Business-to-consumer (B2C) e-commerce? Retailing products and services to individual shoppers
What is Business-to-business (B2B) e-commerce? Involves sales of goods and services among businesses.
What is Consumer-to-consumer (C2C) e-commerce? Involves consumers selling directly to consumers.
What is m-commerce? Conduct of e-commerce via wireless devices.
What are the Benefits of E- commerce to organizations? Expands a company’s marketplace to national and international markets. Enables companies to procure material and services from other companies, rapidly and at less cost. Lower telecommunications costs Helps small businesses compete against large companies. Allows lower inventories.
What are the Benefits of E- commerce to customers? Provides less expensive products and services by allowing the consumers to conduct quick online comparisons. Give consumers more choices than they could easily locate otherwise. Enables customers to shop or make other transactions 24 hours a day, from almost any location. Delivers relevant and detailed information in seconds. Enables consumers to get customized products, from PCs to cars, at competitive prices. Makes possible electronic auctions.
What are the technical limitations of e-commerce? Insufficient telecommunications bandwidth. Need for special Web servers in addition to the network servers. Expensive and/or inconvenient Internet accessibility for many would-be users.
What are the non-technical limitations of e-commerce? Unsolved legal issues Lack of national and international government regulations and industry standards Customer resistance to changing from a real to a virtual store. Perception that EC is expensive and unsecured. An insufficient number of sellers and buyers exists for profitable EC operations.
What are the major categories of B2C applications? Major categories of B2C applications are electronic retailing, electronic storefronts, and electronic malls
What is e-tailing? Electronic retailing (e-tailing) is the direct sale of products through electronic storefronts or electronic malls.
What is an electronic mall? An electronic mall, also known as a cybermall or e-mall, is a collection of individual shops under one internet address.
What are the examples of service industries online? cyberbanking, trading of securities (stocks, bonds), job matching, auctions travel,and real estate.
What are the major categories of B2B Applications? sell-side marketplace, buy-side marketplace, and electronic exchanges.
What is Sell-side marketplace? The sell-side marketplace is a model in which there are many buyers but one seller.
What is a buy-side marketplace? The buy-side marketplace is a model in which there are many sellers but one buyer.
What is an electronic exchange model? The electronic exchanges refer a model in which there are many sellers and many buyers.
What are the three levels of management activity? Operational Tactical Strategic
Operational management level? Composed of supervisory managers that develop short-range plans such as weekly production schedules.
Tactical management level? Composed of middle managers that develop short- and medium-range plans
Strategic management level Composed of a board of directors and an executive committee of the CEO who develop overall organizational goals, strategies, policies as a part of a strategic planning process.
What is a Structured decision? Repetitive and routine problems for which standard solution exist. The procedures to follow can be specified in advance.
What is a Semi-structured decision? Some decision procedures can be pre-specified, but not enough to lead to a definite recommended decision.
What is an Unstructured Decision? The procedures cannot be specified in advance. Unstructured problems are novel and non-routine, complex. Ex: new business planning
Decisions made at the operational management level tend to be more Structured
Decisions made at the tactical management level tend to be more Semi-structured
Decisions made at the strategic management level tend to be more Unstructured
What are the management support systems? Management Information systems Decision support systems Executive information systems
What is an exception report? Exception reports, highlighting only exceptional conditions, such as when a customer exceeds their credit limit, a manager would probably get an exception report.
What are the characteristics of the Decision Support Systems? Interactive Supports semi-structured and unstructured decisions
What is a What-if analysis? What-if analysis attempts to check the impact of a change in the assumptions on the proposed solution. What if we cut advertising by 10 percent?
What is a Sensitivity Analysis? When the value of one variable is changed repeatedly and the resulting changes in other variables are observed.
What is a goal-seeking model? Attempts to find the value of the inputs necessary to achieve a desired level of outputs.
What is Data Visualization? Data visualization refers to presentation of data in graphical form instead of traditional form of text and table.
What is Geographical Information System (GIS)? A GIS is a data visualization technology that captures, stores, checks, integrates, manipulates, and displays data using digitized maps.
What are the characteristics of Executive Information Systems (EIS)? Provide management with immediate and easy access to information about the firm’s critical success factors. Are most useful to managers at the strategic level of management. Support unstructured decision- making process.
What is drill down? provides details behind any given information.
What is Data mining? organizing valuable business information in a large database
What is Artificial Intelligence? AI is the effort to develop computer based systems that behave as humans.
What are the major areas of AI? Cognitive science Robotics Natural interfaces
What are the major areas of Cognitive science? intelligent agents, neural networks, fuzzy logic.
What is an Intelligent agent? It is a software surrogate for end user or process that fulfills a stated need or activity.
Systems that use massively parallel processors whose architecture is based on the human brain’s neuron structure are called Artificial Neural Networks
What is a Fuzzy Logic system? system that can process ambiguous data and quickly provides approximate, but acceptable solutions to problems.
What are the characteristics of an Expert system? They are designed to replicate and then to replace a human advisor. They transfer expertise from an expert and documented sources to a computer and then to the user.