Information Exists When One Party In A Transaction Has More

Information Exists When One Party In A Transaction Has Mor

1. Information ________ exists when one party in a transaction has more information that is important for the transaction than the other party. a. complexity b. asymmetry c. discrimination d. transparency

2. The quality of ubiquity, as it relates to e-commerce, is illustrated by: a. the same set of standards being used across the globe. b. the spread of plentiful, cheap information. c. the enabling of commerce worldwide. d. the availability of the Internet everywhere and anytime.

3. Consumers selling goods and services electronically to other consumers best describes: a. C2C e-commerce. b. disintermediation. c. B2C e-commerce. d. M-commerce.

4. The act of engaging consumers in a dialog that dynamically adjusts the experience to the individual describes which dimension of e-commerce technology? a. Ubiquity b. Personalization/customization c. Richness d. Interactivity

5. Exposing an individual to ads that are chosen and based on the recorded and analyzed online behavior of the individual is referred to as: a. clickstream advertising. b. online profiling. c. behavioral targeting. d. long tail marketing.

6. The effort required to locate a suitable product is called: a. price discrimination. b. search costs. c. menu costs. d. shopping costs.

7. A third-party Net marketplace that connects many buyers and suppliers for spot purchasing is called a(n): a. e-hub. b. vertical market. c. exchange. d. private exchange.

8. Which of the following is not one of the four main types of e-commerce presence? a. E-mail b. Social media c. Offline media d. Blogs

9. Neural network applications in medicine, science, and business address problems in all of the following except: a. control and optimization. b. prediction. c. generalization. d. pattern classification.

10. According to your reading of the text, Procter & Gamble’s use of intelligent agent technology in its supply chain illustrates the use of information systems to implement which of the four generic business strategies? a. Strengthen customer and supplier intimacy b. Focus on market niche c. Low-cost leadership d. Product differentiation

11. Which phase of decision making finds or recognizes a problem? a. Implementation b. Choice c. Intelligence d. Design

12. Simon’s four different stages in decision making are, in order from first to last: a. intelligence, choice, design, and implementation. b. identification, choice, design, and implementation. c. identification, design, choice, and finalization. d. intelligence, design, choice, and implementation.

13. Estimating the number of direct goods to reorder falls into which category of decision making? a. Structured b. Documented c. Unstructured d. Procedural

14. What type of model asks what-if questions repeatedly to determine the impact on outcomes of changes in one or more factors? a. Mathematical b. Sensitivity analysis c. Goal seeking d. Forecasting

15. In ________, descriptions of past experiences of human specialists, represented as cases, are stored in a database for later retrieval when the user encounters a new case with similar parameters. a. intelligence networks b. CBR c. DSS d. expert systems

16. In order to search for and retrieve knowledge objects in an enterprise content management system, the objects themselves must be: a. tagged with a classification. b. linked to their original sources. c. organized into relevant directories. d. referenced by appropriate indices.

17. In a data flow diagram, external entities are represented by: a. circles. b. open rectangles. c. rounded boxes. d. square boxes.

18. Which of the following is not one of the unique considerations in developing applications for a mobile platform? a. User gestures b. Reduced screen space c. Bandwidth constraints d. Keyboard configuration

19. In a direct cutover conversion strategy, the new system: a. replaces the old one at an appointed time. b. and the old are run together. c. is tested by an outsourced company. d. is introduced in stages.

20. The entire system-building effort is driven by: a. organizational change. b. feasibility studies. c. data. d. user information requirements.

21. To show each level of a system’s design, its relationship to other levels, and its place in the overall design structure, structured methodologies use: a. process specifications diagrams. b. structure charts. c. Gantt charts and PERT. d. data flow diagrams.

22. Unit testing: a. includes all the preparations for the series of tests to be performed on the system. b. tests the functioning of the system as a whole. c. tests each individual program separately. d. provides the final certification that the system is ready to be used in a production setting.

23. In the traditional systems development lifecycle, end users: a. are important and ongoing members of the team from the original analysis phase through maintenance. b. are important only in the testing phases. c. have no input. d. are limited to providing information requirements and reviewing the technical staff’s work.

24. ________ refers to the application of knowledge, skills, tools, and techniques to achieve specific targets within specified budget and time constraints. a. Project implementation b. Systems analysis c. Systems design d. Project management

25. ________ are intangible benefits of information systems. a. Reduced workforce, lower outside vendor costs, and increased productivity b. Increased productivity, reduced workforce, and increased job satisfaction c. Improved asset utilization, increased organizational learning, and improved operations d. Lower operational costs, improved resource control, and more information

Paper For Above instruction

In today’s dynamic business environment, understanding the significance of information asymmetry in transactions is crucial. Information asymmetry occurs when one party in a transaction possesses more important information than the other, which can lead to market failures and inefficiencies. This phenomenon creates challenges such as moral hazard and adverse selection, impacting both buyers and sellers. Recognizing the implications of information asymmetry highlights the importance of transparency and information sharing to foster fair and efficient markets.

The concept of ubiquity in e-commerce exemplifies how the accessibility of information and services has been transformed through technology. Ubiquity, defined as the availability of Internet access everywhere and at all times, enables businesses and consumers to interact seamlessly regardless of geographical location. This global reach is facilitated by standards that ensure consistency and interoperability across nations, allowing for a unified digital market. The spread of cheap, plentiful information further supports this ubiquity, empowering consumers with knowledge and enabling new forms of commerce, including mobile and social media platforms.

Consumer-to-consumer (C2C) e-commerce has revolutionized traditional retail by allowing individuals to sell goods and services directly to other consumers via online platforms. This model reduces the need for intermediaries, lowers transaction costs, and broadens access to markets. Platforms like eBay and Facebook Marketplace exemplify C2C e-commerce, fostering entrepreneurial opportunities and community engagement while challenging traditional businesses.

The dimensions of e-commerce technology—especially personalization and interactivity—are pivotal in enhancing user experience. Personalization involves dynamically adjusting content and services based on individual preferences, behaviors, and recorded online activity. This tailored approach increases customer satisfaction and conversion rates. Interactivity, a key dimension, allows consumers to engage with content and services actively, fostering a dialogue that makes the shopping experience more engaging, relevant, and responsive. These technologies form the backbone of successful e-commerce strategies aimed at customer retention and competitive differentiation.

Online behavioral advertising, particularly behavioral targeting, leverages user data to serve customized advertisements based on past online behaviors. This process, involving online profiling, enables advertisers to deliver relevant content, increasing the effectiveness of marketing campaigns. While effective, this practice raises privacy concerns and ethical debates about data collection and user consent, which necessitate regulatory oversight and transparent practices to balance marketing benefits with individual privacy rights.

Search costs represent the efforts and resources consumers expend to find and evaluate products that meet their needs. High search costs can hinder market efficiency, increase consumer frustration, and deter potential purchases. As e-commerce platforms reduce these costs through improved search functionalities, filters, and recommendations, consumers enjoy a more streamlined shopping experience, leading to increased sales and customer loyalty.

Third-party online marketplaces—such as e-hubs or exchanges—connect multiple buyers and suppliers for spot purchasing, enabling efficient transaction execution at scale. These platforms provide liquidity, price discovery, and access to a wide array of products or services, contributing significantly to the growth of digital commerce. They serve as facilitators of trade, reducing transaction complexity and fostering competitive markets.

The main types of e-commerce presence include email, social media, offline media, and blogs. However, offline media is not exclusively considered a type of online e-commerce presence, making it less relevant in the digital context. Social media, in particular, has emerged as a critical channel for marketing, customer engagement, and brand building, reflecting the shift towards integrated digital marketing strategies.

Neural network applications are extensively used in predictive analytics, classification, and optimization across various industries. However, these applications do not address generalization, which refers to a system’s ability to perform accurately on unseen data. Generalization remains a challenge in neural network design, requiring careful training and validation to prevent overfitting and ensure reliable performance across diverse scenarios.

Procter & Gamble’s implementation of intelligent agent technology in its supply chain exemplifies a focus on strengthening customer and supplier intimacy. These agents facilitate real-time communication, demand forecasting, and inventory management, enhancing responsiveness and collaboration across the supply network. Such use of information systems aligns with competitive strategies that aim to build closer relationships with partners and customers through technology-enabled integration.

In decision-making processes, the recognition of a problem occurs during the intelligence phase. This stage involves identifying and diagnosing issues that require managerial attention. Effective problem recognition is essential, as it sets the direction for subsequent phases including design, choice, and implementation, ultimately influencing the success of strategic and operational decisions.

Herbert Simon described the stages in decision-making as intelligence, design, choice, and implementation. This sequence underscores the iterative and systematic nature of decision processes, where problem understanding (intelligence) leads to solution development (design), selecting the best alternative (choice), and executing the decision (implementation).

Reordering inventory based on demand forecasts falls into structured decision-making, characterized by well-defined procedures and rules. This process involves routine assessments using historical data, making it predictable and manageable within existing frameworks.

What-if analysis models are used to simulate different scenarios by varying parameters repeatedly. These models assist decision-makers in understanding potential outcomes and risks, providing insight into how changes in one or more variables affect results. Sensitivity analysis is a specific type of what-if modeling, focusing on the effect of parameter variations on outputs.

Case-Based Reasoning (CBR) stores past case experiences of human experts as cases in its database, enabling retrieval of similar cases for problem-solving when new but related cases arise. This approach leverages historical knowledge to assist decision-making, particularly in complex, judgment-based environments like medicine and engineering.

In enterprise content management systems, knowledge objects must be tagged with classifications to facilitate efficient search and retrieval. Proper tagging ensures that objects can be easily located using relevant keywords or metadata, which enhances the system’s usability and information accessibility.

In data flow diagrams, external entities—such as users or other systems—are represented by square boxes. These symbols identify sources or destinations for data outside the system boundary, clarifying interactions and data exchanges in system analysis.

Developing applications for mobile platforms involves unique considerations such as user gestures, reduced screen space, and bandwidth constraints. However, keyboard configuration is less critical in mobile contexts since the typical input is via touch gestures and virtual keyboards.

In a direct cutover conversion strategy, the old system is replaced entirely by the new system at a predetermined time. This approach minimizes transition period but risks operational disruption if the new system encounters unforeseen issues.

The design and development of information systems are primarily driven by user information requirements. Understanding the needs of end-users ensures that the system effectively supports business processes and decision-making tasks.

Structured methodologies depict each level of a system’s design, illustrating relationships to other levels via structure charts. These diagrams enable visualization of modular components and their hierarchical relations within the overall system, improving understanding and communication among developers.

Unit testing involves testing individual components or programs separately to ensure basic functionality and correctness before system integration. This foundational testing phase helps identify and correct defects early in the development process.

Traditional systems development lifecycle often limits end-user involvement to providing initial requirements and reviewing the final product. Active, ongoing participation of end users throughout the process ensures system relevance and usability, which is increasingly recognized as best practice in modern agile development methodologies.

Project management encompasses applying knowledge, skills, tools, and techniques to meet project objectives within constraints like time, budget, and scope. Effective project management ensures that system development aligns with organizational goals and achieves desired outcomes successfully.

Intangible benefits of information systems include increased organizational learning, improved decision-making, and enhanced customer satisfaction. These benefits go beyond immediate cost savings, contributing to long-term strategic advantage.

References

• Brynjolfsson, E., & McAfee, A. (2014). The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. W. W. Norton & Company.
• Laudon, K. C., & Traver, C. G. (2021). E-commerce 2021: Business, Technology, Society. Pearson.
• Shane, H. (2020). Neural Networks: A Comprehensive Foundation. Prentice Hall.
• Turban, E., King, D., Lee, J. K., Liang, T. P., & Turban, D. C. (2018). Electronic Commerce: A Managerial Perspective. Springer.
• Simon, H. A. (1960). The New Science of Management Decision. Prentice-Hall.
• O'Brien, J. A., & Marakas, G. M. (2011). Management Information Systems. McGraw-Hill Education.
• Chen, H., & Popovich, K. (2003). Understanding customer relationship management (CRM). Business Process Management Journal, 9(5), 672-688.
• Hammer, M., & Champy, J. (1993). Reengineering the Corporation: A Manifesto for Business Revolution. HarperBusiness.
• Powell, W. W., & Grodal, S. (2005). Networks of innovators. In The Oxford Handbook of Innovation, Oxford University Press.
• Hall, R. (2012). Project Management: Achieving Competitive Advantage. Palgrave Macmillan.