ITM 309 Lecture Notes - Lecture 5: Opportunity Cost, Workflow, Business Process
Document Summary
4 drivers of the information age from the lowest to the highest. Data: raw facts that are described the characterisstic of an event. Information: data constructed into a meaningful and useful context. Effectiveness: how well you achieved your goals; the degree to which something is successful. Efficiency: how costly it was to achieve your goals; achieving maximum productivity with minimum wasted effort or expense. Productivity: how much of a product is being produced with a finite resources; a measurement in terms of the rate of output per unit of input output/productivity a number. Definition: how much you"ve gained from your asset from the original cost of the asset. Ex: new products, new demands that you can produce. All of 5 porters are in external threats. When you find a weakness you need to focus on opportunities. Focus on how they are related to eachother.
