IB Business Management Quiz: IT Concepts and Operations Management

Study Notes

The main point of the last class in the IB Business Management course was to understand IT concepts and their relevance to businesses, specifically focusing on operations management in the music industry.
The class was divided into three parts based on skills to obtain rather than theoretical concepts: defining, explaining, and evaluating/discussing.
In the first part, students learned about data analytics, databases, cyber security, and cyber crime.
Data analytics involves analyzing raw data to make judgments, with types including descriptive, diagnostic, predictive, and prescriptive analytics.
Databases are structured data sets, with types including relational, non-relational, hierarchical, and network databases.
Cybersecurity refers to measures against criminal electronic data use, while cybercrime includes activities like hacking, phishing, DDoS attacks, and ad/click fraud.
The second part of the class covered critical infrastructure, virtual reality, Internet of Things, artificial intelligence, and big data.
Critical infrastructure includes systems and assets necessary for operations, with key elements being data centers and cloud computing.
Virtual reality simulates 3D environments and finds applications in training, architecture, media and entertainment, and research and development.
The Internet of Things (IoT) involves a network of devices collecting and processing data, used in home automation, healthcare, transportation, and agriculture.
Artificial intelligence (AI) refers to computer systems performing human-like functions, applied in commerce, self-driving vehicles, search engines, and text processing.
Big data involves analyzing large datasets to reveal consumer behavior trends, useful in adjusting production methods, quality management, pricing strategies, and contingency planning.
The last part focused on evaluating customer loyalty programs, data usage for employee management, benefits/risks of management information systems, and the impact of technological innovation on decision-making and stakeholders.
Customer loyalty programs aim to encourage repeat purchases through rewards like airline miles, cashback, reward points, and subscriptions.
The pros of loyalty programs include customer retention, cost-effectiveness over acquiring new customers, data collection for personalized offerings, and word-of-mouth promotion.
However, the cons involve costs associated with managing data, increased competition as many businesses offer loyalty programs, and the need to differentiate programs to attract customers effectively.- Loyalty programs like Muji Passport and subscription discounts are examples of incentivizing repeat purchases
Payment methods like using a specific card can offer discounts compared to other bank cards
Airline miles and frequent flyer programs, like in Air Asia, allow customers to earn and redeem points across a network of airlines
Digital Taylorism is the modern application of Taylor Scientific Management, focusing on performance-related pay and division of labor
Examples of digital Taylorism include CCTV monitoring, screen monitoring, recording voice calls, and computerized clocking in/out systems
Benefits of data management for employees include increased efficiency, productivity measurement, and improved control
Drawbacks include demotivation, lack of trust, and potential privacy violations if employees are monitored without consent
Data mining involves analyzing big data to extract valuable information for decision-making, different from data analytics which focuses on making sense of data
Data mining can help with customer profiling, product development, strategic planning, HR planning, cash flow forecasting, budgeting, marketing planning, and contingency planning
Drawbacks of data mining include potential privacy violations, ethical issues, the need for specialized analysts, time-consuming processes, and high costs
Management Information Systems (MIS) encompass various elements including data analytics, databases, cybersecurity, IoT, AI, loyalty programs, digital Taylorism, and data mining
It is important to consider the advantages, risks, and ethical implications of MIS components when implementing them in business operations.

Description

Test your knowledge on IT concepts and their relevance to operations management in the music industry, as covered in the last class of the IB Business Management course. Explore topics like data analytics, databases, cybersecurity, critical infrastructure, virtual reality, AI, big data, customer loyalty programs, digital Taylorism, and data mining.