Chapter 1: Management Information Systems: Business Driven MIS Flashcards
Information Age
when infinite quantities of facts are widely available to anyone who can use a computer
Data
raw facts that describe the characteristics of an event or object
ex. amount sold
Business Intelligence (BI)
info collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
ex. lowest sales per week compared to the economic interest rates
Information
data converted into a meaningful and useful context
ex. best-selling product
Knowledge
the skills, experience, and expertise, coupled with info and intelligence, that create a person’s intellectual resources
ex. choosing not to fire someone underperforming knowing they’re having family problems
Variety
different forms of structured and unstructured data
Veracity
the uncertainty of data
ex. biases, noise, and abnormalities
Volume
scale of data
Velocity
the analysis of streaming data as it travels around the internet
System
a collection of parts that link to achieve a common purpose
ex. removing the wheel from a car causes the entire system to stop working
Systems thinking
is a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
Management information systems (MIS)
- a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving
- incorporates systems thinking to help companies operate cross-functionally
ex. fulfilling product orders includes sales,
order fulfillment, shipping, billing etc
