IB Business Management Quiz: IT Concepts and Operations Management

Questions and Answers

What is the primary focus of customer loyalty programs?

Encouraging repeat purchases

Which of the following is NOT mentioned as a drawback of loyalty programs?

Data collection for personalized offerings

What are the primary drawbacks of data mining as outlined in the text?

Time-consuming processes and high costs

Which management concept is a modern application of Taylor Scientific Management focusing on performance-related pay and division of labor?

Digital Taylorism Signup and view all the answers

What is the main focus of big data analysis as mentioned in the text?

Revealing consumer behavior trends Signup and view all the answers

What is the main focus of the last class in the IB Business Management course?

Understanding IT concepts and their relevance to businesses Signup and view all the answers

Which type of analytics involves analyzing raw data to make judgments?

Descriptive analytics Signup and view all the answers

What is a key element of critical infrastructure as discussed in the class?

Data centers Signup and view all the answers

In the context of databases, what are relational and non-relational examples of?

Data models Signup and view all the answers

What activities are encompassed by cybercrime as mentioned in the text?

Ad/click fraud Signup and view all the answers

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.