Management Information Systems PDF

Quick Notes Management Information Systems MIS What is MIS, and why is it important in today’s business environment? MIS stands for Management Information Systems. It integrates computer science,...

Quick Notes Management Information Systems MIS What is MIS, and why is it important in today’s business environment? MIS stands for Management Information Systems. It integrates computer science, management science, operations research, and behavioral sciences to improve business decisions. MIS helps businesses develop new products and services, improve efficiency, and supports strategic decision-making. What are the six strategic business objectives companies aim to achieve with information systems? 1. Operational excellence 2. New products, services, and business models 3. Customer and supplier intimacy 4. Improved decision making 5. Competitive advantage 6. Survival How does MIS create a competitive advantage for businesses? MIS enables businesses to optimize processes, make real-time decisions, and respond quickly to market demands. MIS improves communication by providing real-time data flow between departments, enhancing collaboration, transparency, and decision- making. For example, Walmart uses MIS to manage inventory and supply chains, ensuring cost efficiency and product availability. Retail Link is a powerful system that connects Walmart to its suppliers. It Quick Notes 1  allows suppliers to track sales data, inventory levels, and other critical metrics in real time. What are the different types of Information Systems, and who uses them? 1. Transaction Processing Systems (TPS): Used by operational management to record daily transactions. 2. Management Information Systems (MIS): Provides reports for middle management to monitor operations. 3. Decision Support Systems (DSS): Helps middle and upper management with non-routine decision-making. 4. Executive Support Systems (ESS): Used by senior management for strategic decision-making. 5. Enterprise Applications: Integrates business functions (e.g., ERP, SCM, CRM). Can DSS be automated? Yes, Decision Support Systems (DSS) can be automated to some extent. DSS are designed to help managers make complex, non- routine decisions by providing them with data analysis, modeling tools, and simulations. Automation can be integrated into certain DSS functions, such as: 1. Data Collection and Processing Quick Notes 2  2. Data Analysis and Reporting 3. Scenario Modeling and Simulation 4. Recommendation Engines However, full automation of DSS is typically limited because many decisions require human judgment, especially for non-routine and strategic decisions where context and intuition play a significant role. Why do you have to secure Information Systems? Securing Information Systems is essential to: Protect sensitive and confidential data from breaches and theft. Ensure business continuity by preventing disruptions to IT services. Comply with regulatory requirements like GDPR. Maintain trust with customers and stakeholders by preventing data leaks and cyberattacks. What are global information systems, and what challenges do they face? Global information systems manage data and operations across different regions. Challenges include dealing with different languages, cultures, and legal regulations, which must be accounted for to ensure smooth global operations. Example: Companies like Coca-Cola use global information systems to manage supply chains, coordinate marketing, and comply with local regulations while operating across continents. What is an ERP system, and how does it benefit organizations in managing their core business processes? An Enterprise Resource Planning system integrates various business functions such as finance, human resources, supply chain, and manufacturing into a single platform, providing real-time data access and improving efficiency, collaboration, and decision-making across the organization. The three most famous ERP systems are: 1. SAP S/4HANA Quick Notes 3  2. Oracle ERP Cloud 3. Microsoft Dynamics 365 ERP is considered a MIS IS. What are the key steps in implementing an ERP system, and what challenges do organizations face during this process? Key steps in ERP implementation include 1. project planning 2. process analysis 3. system design 4. data migration 5. training 6. go-live Challenges often involve high costs, resistance to change, data migration issues, and the need for extensive employee training. How do cloud-based ERP systems differ from on-premise ERP systems, and what are the advantages of each? Cloud-based ERP systems are hosted on remote servers and accessed via the internet, offering greater flexibility and lower upfront costs. 1. Lower upfront costs: No need for expensive hardware or infrastructure. 2. Accessibility: Can be accessed from anywhere via the internet. 3. Scalability: Easily scalable to match growing business needs. 4. Automatic updates: Software updates are handled by the provider. 5. Reduced IT burden: Less reliance on in-house IT teams for maintenance. On-premise ERP systems are installed locally on a company’s own servers, providing more control over data and customization. Quick Notes 4  1. Greater control: Complete control over data, security, and system management. 2. Customization: Easier to tailor to specific business needs with full control over the software. 3. Data security: Sensitive data stays within the company’s own servers. 4. Long-term cost savings: After the initial investment, ongoing costs may be lower compared to subscription fees for cloud- based ERP. What is the difference between a Data Warehouse and an ERP? A Data Warehouse is a centralized repository of historical data from multiple sources used for reporting and analysis. An ERP (Enterprise Resource Planning) system integrates and manages core business processes (e.g., finance, HR, supply chain) in real time. The key difference is that ERPs focus on transaction processing, while data warehouses focus on data analysis. What are the five moral dimensions of information systems? 1. Information Rights: This dimension focuses on who has the right to access, control, and use information. It addresses questions of privacy and how personal or sensitive data should be protected. 2. Property Rights: This relates to intellectual property issues and the ownership of data, software, and digital content. It covers copyrights, patents, trademarks, and how the use of such property should be regulated. 3. Accountability and Control: This dimension is about who is held responsible when information systems cause harm or errors. It deals with liability for system failures, breaches, or misuse of data. 4. System Quality: Quick Notes 5  This focuses on the quality of the data and systems used. It addresses issues like data accuracy, system reliability, and security to ensure that systems provide accurate, timely, and secure information. 5. Quality of Life: This dimension considers the broader social impact of information systems on people’s lives. It addresses how technology affects employment, equity, and overall quality of life, including the digital divide and accessibility issues. How do information rights and property rights differ in an IS context? Information Rights refer to the rights individuals or organizations have concerning access to and control over information. This covers privacy concerns, the collection, sharing, and storage of personal data, and the obligations of those who collect and manage information to protect it from unauthorized use. Property Rights, on the other hand, deal with ownership of intellectual property, such as data, software, and digital content. This involves legal rights to create, distribute, and control the use of intellectual creations. Property rights aim to protect the creators or owners of digital assets (e.g., copyrights for software or data) and ensure that unauthorized use is prevented. In short, information rights focus on who controls access to data, while property rights concern the ownership and protection of intellectual property related to information systems. Why is system quality a key moral dimension in IS? System quality is a key moral dimension because it directly impacts accuracy, reliability, security, and performance of information systems. Poor system quality can lead to data inaccuracies, system failures, or security breaches, which can harm individuals and organizations. For example: Inaccurate data might lead to incorrect decision-making or unfair treatment of individuals (e.g., miscalculations in credit ratings). System vulnerabilities could lead to data breaches where sensitive information is exposed. Quick Notes 6  Poor reliability can cause downtime or interruptions, which could disrupt critical operations, especially in industries like healthcare, finance, or transportation. What is HCM? Human Capital Management (HCM) refers to the system that helps manage an organization’s human resources more effectively. It focuses on the tools, processes, and software used to handle employee-related tasks, integrating HR functions into the broader business operations. HCM in MIS includes: 1. Recruitment and Hiring: Automates job postings, candidate management, and onboarding processes. 2. Payroll and Benefits: Manages employee salaries, benefits, and compensation. 3. Performance Management: Tracks employee performance, sets goals, and manages appraisals. 4. Learning and Development: Offers training programs and tracks employee development. 5. Workforce Analytics: Provides insights on workforce trends, employee engagement, and retention. In the context of MIS, HCM is a subset of ERP that manages all company resources, including financials, supply chain, and operations, but specifically focuses on the people management aspect. IS & Enterprise Architecture What is Information Systems (IS) Architecture and what are it’s Key Components? IS Architecture refers to the design and structure of an organization’s information systems. The Key Components are: data architecture (how data is stored and managed) application architecture (how software applications are structured and interact), Quick Notes 7  technology architecture (the underlying hardware and networks that support these systems). IS architecture is focused on ensuring that the IT systems within the organization are efficient and support specific business functions. What is Enterprise Architecture (EA) and what are it’s Key Components? Enterprise Architecture is a framework used to align a company's IT strategy with its business objectives. The Key Components are: Business Architecture: Describes the organization’s processes, structure, and strategy. Information Architecture: Defines how information flows and is managed within the organization. Technology Architecture: Includes the IT infrastructure, hardware, and networks that support business processes. Security Architecture: Ensures the protection of data and IT systems. EA focuses on how the systems are designed, integrated, and aligned with the organization’s strategy. How does IS Architecture differ from Enterprise Architecture? Scope IS Architecture focuses on the IT systems and how they support specific business processes EA covers the entire organization, including business strategy, processes, and IT infrastructure. Focus IS Architecture is more operational, focusing on the efficiency of individual IT systems EA is more strategic, ensuring the entire IT and business structure align with long-term business goals. Goal Quick Notes 8  IS Architecture aims to optimize IT systems for performance and efficiency EA’s goal is to align IT with business strategy to support long- term organizational growth. What is the role of security in IS Architecture and Enterprise Architecture (EA)? In IS Architecture, security ensures that individual systems, data, and networks are protected from threats. This includes measures such as firewalls, encryption, and access controls to safeguard IT infrastructure. In Enterprise Architecture, security is a holistic concern. It involves creating a security architecture that spans the entire organization, ensuring that both business processes and IT systems are secure and compliant with legal and regulatory standards. EA ensures that security is integrated into the broader strategy. What is the Zachman Framework? The Zachman Framework is a matrix that provides a structured way to view and organize an enterprise’s architecture. It helps align business goals with IT by examining the organization from different perspectives (e.g., executive, business, architect, engineer) and addressing components such as data, function, and network. Key Perspectives: What (Data) How (Processes) Where (Network) Who (People) When (Timing) Why (Motivation) What is TOGAF? TOGAF (The Open Group Architecture Framework) is a comprehensive framework used for developing, managing, and implementing Enterprise Architecture (EA). It provides organizations with a structured approach to align IT with business goals, ensuring Quick Notes 9  that both the IT infrastructure and business processes work together effectively. TOGAF is designed to help organizations build a comprehensive enterprise-wide architecture that integrates business strategy, information systems, and technology infrastructure. What are the four layers of the TOGAF framework? The four layers of TOGAF's enterprise architecture are: 1. Business Architecture: Defines business strategy, governance, and organization. 2. Data Architecture: Manages the organization's data resources and flows. 3. Application Architecture: Outlines how software applications interact and support the business. 4. Technology Architecture: Provides the infrastructure (hardware, networks) that supports the other layers. What is International IS Architecture and it’s Strategy? International IS Architecture refers to the structure and integration of IT systems that operate across different countries. It accounts for varying regulations, languages, and technical requirements to ensure smooth global operations. The International Strategy involves aligning a company's IT systems and architecture with its global business strategy. It requires coordination across different regions, ensuring compliance with local regulations, and optimizing the flow of data and services globally. IT Infrastructure What is IT infrastructure, and how has it evolved over time? IT infrastructure forms the foundation for information systems. It has evolved from standalone mainframes in the 1950s to modern cloud-based and mobile platforms. What are the key components of IT infrastructure? 1. Computer hardware platforms 2. Operating system platforms Quick Notes 10  3. Enterprise software applications 4. Data management and storage 5. Networking/telecommunications platforms 6. Internet platforms 7. Consulting and system integration services Name an example for each and explain why are they important. 1. Computer Hardware Platforms Example: Including client machines (desktops, laptops, mobiles), servers, and mainframe Why it’s necessary: Provides the computing power needed to run applications, store data, and process large volumes of transactions, supporting critical business operations. 2. Operating System Platforms Example: Windows Server or Linux Why it’s necessary: Manages hardware resources, provides an environment for applications, and ensures the efficient use of system resources, file management, and security. 3. Enterprise Software Applications Example: ERP, CRM, and SCM Why it’s necessary: Integrates core business processes (e.g., finance, supply chain, HR) into one platform, improving operational efficiency and decision-making across the organization. 4. Data Management and Storage Example: Systems for storing and managing data, including databases and storage area networks (SANs) Why it’s necessary: Stores and manages business data securely and efficiently, ensuring easy access to structured and unstructured data for business operations and analytics. 5. Networking/Telecommunications Platforms Example: Networks, routers, and communication lines Quick Notes 11  Why it’s necessary: Enables data communication and collaboration by connecting different parts of the organization’s IT infrastructure, allowing data and resources to be shared across multiple locations. 6. Internet Platforms Example: Technologies supporting company websites, intranets, and web services Why it’s necessary: Provides cloud infrastructure for hosting websites, applications, and databases, allowing businesses to scale services, improve reliability, and reduce reliance on on- premises hardware. 7. Consulting and System Integration Services Example: Expertise for implementing and integrating IT systems (Accenture Consulting) Why it’s necessary: Ensures seamless integration of hardware, software, and network components, helping businesses implement and maintain complex IT solutions that meet their operational needs. What are the current trends in IT infrastructure? Current trends in computer hardware platforms include: Consumerization of IT and BYOD Quantum computing Virtualization Software-defined storage (SDS) Cloud computing Green computing High performance, power-saving processors Current trends in computer software platforms include: Linux and open-source software Web services and service-oriented architecture (SOA) Software outsourcing and cloud services Quick Notes 12  Mashups and apps What is the significance of cloud computing in IT infrastructure? Cloud computing fundamentally shifts how businesses approach IT infrastructure, moving from a traditional model of owning and managing hardware to a more flexible, on-demand service that adjusts to the organization’s needs. By outsourcing infrastructure management, companies can focus on their core activities, innovate faster, and achieve greater operational efficiency. 1. No On-Premise Hardware: Businesses don’t need to buy, maintain, or upgrade physical servers or storage; everything runs in the cloud, managed by third-party providers. 2. Elasticity: IT resources can be scaled up or down based on demand, offering flexibility and avoiding over-provisioning. 3. Outsourced Maintenance: Cloud providers handle all maintenance, updates, and security, freeing businesses from managing complex infrastructure. 4. Access Anywhere: Cloud-based systems allow employees and users to access applications and data from anywhere with internet access. 5. Cost Efficiency: Pay-as-you-go pricing ensures businesses only pay for what they use, reducing upfront investments and energy costs. 6. Disaster Recovery: Built-in disaster recovery and backup solutions offer strong data protection without the need for dedicated infrastructure. 7. Faster Deployment: Applications and services can be deployed quickly without physical setup, allowing faster innovation. What are the System Development Steps? Software development for MIS requires careful planning, requirements analysis, and rigorous testing. The V-Model approach and risk assessments are crucial for ensuring software quality and validating its functionality The V-Model emphasizes testing at every stage of development, ensuring that each phase is verified and validated. Quick Notes 13  Unlike more flexible models (like Agile), the V-Model is linear and rigid, meaning phases are completed sequentially. What are the differences between the Waterfall and Agile methodologies? Waterfall is a linear, phased approach to software development, where each phase (requirements, design, coding, testing) is completed before the next begins. It’s rigid and assumes all requirements are known upfront, with limited customer involvement until the end. Agile, on the other hand, is iterative and flexible. Development happens in small, time-boxed sprints, allowing for continuous customer feedback and adaptation to changing requirements. Agile promotes incremental delivery, with testing and revisions in each sprint, reducing risks and improving responsiveness to customer needs. How has software development evolved from the 1950s to today? IT infrastructure has evolved from standalone mainframes to cloud- based and mobile platforms. Cloud computing, in particular, provides flexibility and scalability, allowing businesses to adjust resources based on demand. Quick Notes 14  1950s: Software was custom-designed for each application and for specific computer hardware. Minicomputers (1960s) and Personal Computers (1981): A software industry emerged to create prepackaged software for specific applications that would run on the hardware sold by the computer manufacturers. Client/server era (early 1990s): Computing work was split between clients (users’ PCs) and servers. Software applications also needed to be designed for these computing environments. Cloud computing (2008-present): Today, software applications are designed to run over the Internet and on mobile platforms as well as traditional PC hardware Organizations and IT How do IT systems influence organizations? IT systems influence organizational structures, business processes, politics, and culture. They flatten organizations, enabling faster decision-making, and enhance collaboration through social networking platforms. IT affects the cost and quality of information and changes economics of information. What is a system landscape, and why is it important? A system landscape refers to the overall structure of an organization’s IT environment, including hardware, software, and networks. It ensures that systems work together efficiently, supporting business processes and data flows. What are the Pros and Cons of BYOD (Consumerization of IT)? Pros: Potential Cost Savings: Allowing employees to use their own devices can potentially save companies money on hardware and software costs. However, this assumption should be carefully examined, as BYOD can introduce new expenses related to security, support, and management. Increased Employee Satisfaction and Productivity: Employees often prefer using their own devices due to familiarity and Quick Notes 15  personal preferences, which can lead to increased satisfaction and potentially higher productivity. Cons: Security Risks: BYOD introduces significant security challenges. Companies need to implement robust policies and procedures to protect sensitive data on personal devices, including measures for data encryption, remote wiping, and access control. Management Complexity: Managing a diverse range of personal devices can create logistical and technical challenges for IT departments. Compatibility issues, software updates, and varying security levels need careful consideration. Support Costs: Providing support for a wide array of devices and operating systems can be costly. Companies may need to invest in new support tools or increase their IT staff to handle BYOD- related issues. Legal and Compliance Issues: BYOD can raise legal and compliance concerns, particularly regarding data privacy and security regulations. Companies need to ensure their BYOD policies comply with relevant laws and industry standards. How do collaboration and teamwork impact modern businesses, and what factors contribute to their increasing importance? Collaboration and teamwork increase productivity, quality, innovation, and customer service in modern businesses. This is driven by the changing nature of work, the growth of professional roles, and shifts in organizational structures. What is social business, and how does it benefit organizations in terms of employee and customer engagement? Social business uses social networking platforms to engage employees, customers, and suppliers. It deepens interactions, increases information sharing, and promotes the exchange of information, benefiting organizations by enhancing collaboration and customer intimacy. How do information systems influence organizational politics, and why is this significant? Quick Notes 16  Information systems can become entangled in organizational politics because they control access to critical information, a key resource for decision-making. This influence can affect power dynamics within organizations, impacting decision-making and resource allocation. What is Total Cost of Ownership (TCO), and why is it important in evaluating IT systems? TCO analyzes both the direct and indirect costs of owning and operating an IT system. It is important because it helps organizations understand the full financial impact of a system over its lifecycle, including hardware, software, support, and maintenance costs. What is Total Benefit of Ownership (TBO), and how does it complement TCO in decision-making? TBO focuses on the overall benefits that an IT system brings to an organization, including increased productivity, efficiency, and revenue generation. Together with TCO, it provides a complete picture of both the costs and the potential value of an IT investment. What are some ethical concerns related to the use of computers and automation? Ethical concerns include decline of cognitive skills due to automation data privacy issues misuse of LLMs like ChatGPT to create harmful content Database Systems What is Database Management System (DBS)? Database Management System DBMS is software that manages and organizes data in a structured way. It provides the ability to store, retrieve, and manipulate data while ensuring security and integrity. Example: Companies use DBMS like Oracle or MySQL to manage large volumes of customer data and ensure that it is accurate and secure for operations like e-commerce or financial transactions. Define Database, Entity, RDBMS and it’s Attributes. 1. A database is a group of related files. A file is a group of records of the same type. A record is a group of related fields, and a field Quick Notes 17  is a group of characters represented as words or numbers 2. An entity is a person, place or thing that information is stored on. An attribute is each characteristic or quality that describes the entity 3. Relational Database Management Systems (RDBMS) represent data as two-dimensional tables, with each table containing data on an entity and attributes. A table is a grid of columns and rows. Rows are records for different entities. Fields are columns that represent attributes for the entity. A key field is used to uniquely identify each record. A primary key is the field in a table used for key fields. A foreign key is a primary key used in a second table as a look-up field to identify records from the original table. What are the three basic operations of a RDBMS? The three basic operations of an RDBMS are: 1. Select, which retrieves data from the database 2. Insert, which adds new data 3. Update, which modifies existing data. RDBMS uses SQL to store, manage, and retrieve data organized into related tables. What role do relational databases play in MIS? Relational databases store and manage data in structured tables. Understanding concepts like entities, attributes, and normalization is critical for effective data management. What is SQL? SQL (Structured Query Language) is a standard language used to manage and manipulate databases by performing tasks like querying data, updating records, and creating tables. What is an Entity-Relationship Diagram (ERD) and why is it important in database design? Quick Notes 18  An ERD visually represents the entities, attributes, and relationships within a database. It serves as a blueprint for database design, helping to ensure data integrity, minimize redundancy, and optimize database structure. Business Intelligence What is Business Intelligence (BI), and what are its key tools? Business Intelligence refers to tools and techniques used to gather, analyze, and report on business data. Key tools include data warehouses, OLAP, and data mining. What is OLAP? Online Analytical Processing (OLAP) allows users to analyze data from multiple dimensions, such as product, region, and time period, to understand complex relationships. It organizes data into cubes with different dimensions (like time, location) and supports fast querying and complex analysis. Key operations include: Roll-up: Aggregating data (e.g., by month instead of day) Drill-down: Breaking data into finer detail Slice and dice: Selecting data subsets Pivot: Changing the view of data. There are three types: MOLAP (multidimensional), ROLAP (relational), and HOLAP (hybrid). OLAP helps with trend analysis, forecasting, and decision-making. How does data mining support businesses? Data mining finds hidden patterns and relationships in data to predict future trends, which helps businesses make informed decisions. Techniques like association, sequence, classification, clustering, and forecasting are employed. Internet of Things What is IoT? IoT (Internet of Things) refers to a network of physical devices (like sensors, appliances, and machines) that are connected to the Quick Notes 19  internet. These devices collect and exchange data with each other and with central systems, often without human intervention. Example: Smart home devices, like thermostats and security cameras, communicate with each other and can be controlled remotely through the internet. Why it matters: IoT enables automation, real-time monitoring, and data-driven decisions across various industries, improving efficiency and convenience. What are IoT Sensors? IoT Sensors are devices that collect physical data (e.g., temperature, humidity, motion) from their environment and send it to other systems or devices for processing. These sensors are integral to IoT applications, enabling real-time monitoring and control. What are the elements/components of IoT? The elements of IoT include: Sensors: For data collection. Actuators: Devices that act on data (e.g., opening a valve). Connectivity: Networks enabling communication. Data Analytics: Processing and analyzing collected data. User Interface: Allowing users to interact with the system. What are examples of IoT? Examples of IoT include: Smart Homes: Devices like smart thermostats and lights controlled remotely. Wearables: Fitness trackers that monitor health data. Smart Cities: Infrastructure like traffic lights and surveillance cameras connected to central systems. Industrial IoT: Machines in factories that report maintenance needs or optimize production. How does IoT interact with Databases? Quick Notes 20  IoT generates vast amounts of real-time data from connected devices and sensors. Databases, particularly NoSQL and distributed databases, are essential for storing, processing, and retrieving this massive volume of structured and unstructured IoT data efficiently. How is IoT related to IP Addressing? Each IoT device needs an IP address to connect to the internet and communicate with other devices or systems. The IPv6 protocol allows for a vast number of unique IP addresses, supporting the large-scale deployment of IoT devices. What are the problems of IoT? Common problems with IoT include: Security Risks: Vulnerabilities in connected devices can be exploited by hackers. Interoperability: Ensuring different devices and systems work together. Data Privacy: Managing sensitive data collected by IoT devices. High Costs: Setting up and maintaining IoT infrastructure can be expensive. What technologies are used in IoT (e.g., RFID, NFC)? RFID (Radio Frequency Identification) and NFC (Near Field Communication) are two key technologies used in IoT for wireless communication: RFID: Used for tracking and identifying objects wirelessly using radio waves. NFC: Enables close-range communication between devices, such as in contactless payments. What are the advantages of using Wireless Sensor Networks (WSNs)? WSNs offer advantages such as remote monitoring, real-time data collection, and the ability to operate in harsh environments. They are employed for various applications, including environmental monitoring, security surveillance, and industrial automation. Technology Roadmapping and Development Quick Notes 21  What is a Figure of Merit (FOM) and how does it relate to quantifying technological progress? A Figure of Merit (FOM) is a quantifiable measure used to assess the performance and value of a technology. FOMs help quantify technological progress by tracking improvements over time in areas such as efficiency, performance, or cost-effectiveness. Example: Measuring progress by Computing power - Calculations per second per 1.000$ What are the five categories of FOMs and how do they differ? The five categories are: Performance: Measures how well a technology performs its primary function (e.g., acceleration of a car). Productivity: Measures output relative to input (e.g., crop yield per hectare). Efficiency: Measures the ratio of useful output to total input (e.g., energy conversion efficiency). Sustainability: Measures environmental impact (e.g., CO2 emissions per kWh). Competitiveness: Measures economic aspects (e.g., cost per unit output). How do FPMs differ from KPIs? FPMs (Figure of Merit) focus specifically on the performance of a technology in relation to its function, such as "calculations per second" in computing. KPIs (Key Performance Indicators), on the other hand, are broader metrics used to assess organizational success, such as market share or customer satisfaction. How can an Object Process Diagram (OPD) be used to derive meaningful FOMs in steelmaking? An OPD visualizes the key objects and processes in a technology, such as steel production. By identifying inputs, outputs, and key attributes in this process, meaningful FOMs such as electricity Quick Notes 22  consumption per ton of steel or tap-to-tap time can be derived to assess performance. What are "larger is better" (LIB) FOMs and why are they preferred in technology analysis? LIB FOMs are those where higher values indicate better performance, making it easier to visualize and track progress. They are preferred because they simplify comparisons and highlight areas where performance has improved. What is an S-curve in technology evolution and what are its limitations? An S-curve represents technological growth, with initial slow growth, rapid acceleration, and eventual saturation. It applyes to specific technological solutions. Its limitation is that it assumes technologies have inherent limits, which may not account for breakthroughs or new paradigms. What is Moore's Law and how does it impact long-term technological advancement? Moore's Law observes that the number of transistors on a chip doubles roughly every two years, leading to exponential growth in computing power. This has driven continuous innovation in computing and other industries that depend on processing power. How can both the S-curve model and Moore's Law be relevant in understanding technological progress despite their apparent conflict? The S-curve suggests individual technologies reach a saturation point, while Moore's Law indicates continuous exponential growth. Both models are relevant because as one technology matures and reaches its limit (S-curve), new technologies emerge to sustain long- term exponential growth (Moore's Law). Quick Notes 23 Quick Notes 24