Chapter 1 MIS flashcards by anki gpt
What is the Information Age?
A period where vast amounts of data are accessible to anyone with a computer.
What is the Internet of Things (IoT)?
A network of devices that communicate and share data without human intervention.
What are the four core drivers of the Information Age?
Data, Information, Business Intelligence, and Knowledge.
What is data?
Raw facts that describe the characteristics of an event or object.
How does structured data differ from unstructured data?
Structured data follows a defined format, while unstructured data is free-form.
What is business intelligence?
Data analyzed to uncover patterns, trends, and relationships for decision-making.
What is systems thinking?
Monitoring an entire system by viewing inputs being transformed into outputs.
What role does MIS play in organizations?
MIS facilitates decision-making and problem-solving by moving information across departments.
What is a data silo?
When business units cannot communicate freely, making cross-functional work difficult.
What is the role of a Chief Information Officer (CIO)?
Ensures the alignment of MIS with business goals and objectives.
What does the Chief Data Officer (CDO) do?
Manages how data is captured, retained, analyzed, and shared within an organization.
What is the Five Forces Model?
A framework for analyzing a business’s competitive environment.
What is buyer power?
The ability of buyers to affect the price of goods.
What is supplier power?
The influence suppliers have over the price they charge for products.
What is the threat of substitute products?
High when alternatives are available; low when alternatives are scarce.
