Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

ACCA APM > Chapter 5 - Information systems and developments in technology > Flashcards

Chapter 5 - Information systems and developments in technology Flashcards

1
Q

What are the qualities of good information?

A

Accurate
Complete
Cost<benefit
Understandable
Relevant
Adaptable
Timely
Easy to use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a management accounting system?

A

It reports on the information needed by a management accountant such as…
- Inventory values
- Variance analysis
- Assess performance
- Make decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are Management information systems?

A

Systems used to produce information
to allow managers to make effective decisions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the four types of MIS?

A
  • Executive information systems (EIS)
  • Decision support systems (DSS)
  • Transaction processing systems (TPS)
  • Expert systems
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is an EIS?

A

System that gives access to internal and external information presented in s user friendly way (Like performance reports)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a DSS?

A
  • Helps managers make decisions.
  • Accesses and manipulates data to find a decision.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a TPS?

A

Records daily transactions and can summarise in a report.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is an expert system?

A

Can be used by all. Holds a database of knowledge that can be access for information. Like a tax system.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are four features of a quality management system?

A
  • Functionality
  • Reliability
  • Usability
  • Build quality
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a data silo?

A

A data silo is when data exists in separate areas of the organisation and does not connect up with or integrate with other organisational data.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are two issues with data silos?

A
  • Duplication of information
  • Barriers to collaboration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a potential solution to data silos?

A
  • Cloud data
  • Change organisational culture
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is a Network?

A

A group of two or more computer systems linked together.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the three types of network?

A
  • Internet
  • Intranet
  • Extranet
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is cloud computing?

A

A way of delivering on demand computing resources over the internet.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the two types of cloud computing?

A

Public cloud - hosted by 3rd party
Private cloud - Hosted by private infrastructure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are 5 advantages of cloud computing?

A
  • Flexibly and scalable (upgrades)
  • Cost efficient
  • Security (experts/backups)
  • Flexible working
  • Environmental impact
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are four disadvantages of cloud computing?

A
  • Organisational change
  • Contract management
  • Security
  • Reliance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is a data warehouse? (3 things)

A
  • A database
  • A data extraction tool
  • A decision support system
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are three issues with data warehouses?

A
  • Cost of buying, maintaining and staff training.
  • System failure catastrophic
  • Security breach catastrophic
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is data mining?

A

Analysis of data within a data warehouse to unearth relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What might data mining include?

A
  • Associations
  • Sequences (events)
  • Classifications (customer profiles)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is a unified corporate database?

A

An organisational wide database

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is an Enterprise Resource Planning System (ERPS) an example of?

A

Unified corporate database

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What are 6 benefits of a ERPS?
- Snr managers have access to all info in one place - Aids management decision process - Enables collaboration - Helps plan use of resource - Less duplication of data - Can be incorporated to customer and supplier relationship management
26
What are the two types of knowledge?
Explicit Tactic
27
What is explicit knowledge?
Knowledge that the company knows it has, for example customer information.
28
What is tactic knowledge?
Personal knowledge or expertise known by employees that it not written down.
29
What is knowledge management?
The process for the acquisition, sharing, retention and utilisation of knowledge
30
What are the two types of Knowledge management system?
Codified based system Personalisation based system
31
What is a codified based system?
Include formal, technical knowledge such as tax rules or law.
32
What is a Personalisation based system?
Employees input their knowledge so that this can be shared with others within the organisations.
33
What are 6 examples of Knowledge management systems?
- Groupware (email) - Intranets and extranets - Data warehouses - DSS - Content management systems - Document management systems
34
What is a customer relationship management system?
The process an organisation uses to: - Identify attract and win new customers - Retain customers - Entice back past customers
35
What is Radio frequency identification (RFID) used for ?
- Track inventory to retail stores - Tag livestock in farms - Track location of doctors in hospitals
36
What are some benefits of RFID?
- Real time location - Less reliance on physical checks - control easier
37
What is internet of things?
The internet of things describes the network of smart devices with inbuilt internet access.
38
What is AI?
The creation of intelligent machines that work and react like human beings.
39
What are four areas AI can master to help organisations?
* Voice recognition * Planning * Learning * Problem solving.
40
What is machine learning?
A subset of AI where effectively AI computer code is built to mimic how the human brain works.
41
What is big data?
Extremely large collections of data that may be analysed to reveal patterns, trends and associations.
42
What are the five characteristics of big data?
- Volume - Velocity - Variety - Veracity - Value
43
What are six ways McKinsey identified that Big Data can be used to benefit organisations?
- Insight and understanding - Performance improvement - Market segmentation - Decision making - Innovation - Risk management
44
What are 7 risks of big data?
- Skills required - Security of data - Cost>benefit - Incorrect (veracity) data - Old data - Technical problems - Costs
45
What is data analytics?
The process of collecting, organising and analysing large sets of data to discover patterns.
46
What are the four different types of data analytics?
- Descriptive - Diagnostic - Predictive - Prescriptive
47
What is Descriptive analytics the starting point of?
The data analysis process
48
What question does Descriptive analytics answer?
What has happened
49
What does Descriptive analytics do?
Turns historical data and presents it as 'good' information.
50
What is an advantage of descriptive analytics?
Quick and easy way to report performance and gain insights
51
What are two disadvantages of descriptive analytics?
* Doesn’t help understand why or what will happen in the future * Relies on the accuracy of the historic data.
52
What question does Diagnostic analytics answer?
Why did it happen?
53
What does Diagnostic analytics do?
Finds connections between the different sets of data
54
What are two advantages of Diagnostic analytics?
- Helps to understand why something happened and how it happened - Relatively quick and easy compared to forward looking methods.
55
What are three disadvantages of Diagnostic analytics?
- More complex and time consuming than descriptive analysis (the first method). - Doesn’t help understand what will happen in the future. - The creation of ‘good’ information relies on the accuracy of the historic data.
56
What question does predictive analytics aim to answer?
What will happen next?
57
What does predictive analytics aim to do?
Use historical and current data to predict how things may unfold
58
What are three advantages of predictive analytics?
- Helps forecast possible future events. - Informs effective future business strategy. - Helps improve many areas of the business
59
What are three disadvantages of predictive analytics?
- Relies on the accuracy of historic data. - Based on probabilities, these may not be completely accurate. - More complex and time consuming than the methods above.
60
What question does prescriptive analytics aim to answer?
What action should be taken?
61
What does prescriptive analytics do?
Combines AI and machine learning algorithms to predict what, when and why something might happen.
62
What are three examples of what prescriptive analytics could help with?
– capital rationing decisions – replacement analysis – identifying the optimal balance of finance.
63
What are three advantages of prescriptive analytics?
- Invaluable insights to help make the best business decisions. - Can consider multiple decisions and variables. - Reduces the scope for human error.
64
What are three disadvantages of prescriptive analytics?
- Relies on the accuracy of historic data and its ability to predict future events. - Complex and requires specialist data scientist skills - The most complex and time consuming of the methods.
65
What are two advantages of regression analysis?
- Models are simple to use and easily explained to non-financial managers. - Models can be used to predict the impact of changes in estimates
66
What are three disadvantages of regression analysis?
- There will not always be a linear relationship between variables and outcomes. - Correlation vs causation. - Will be less meaningful if the data collected is inaccurate.

ACCA APM (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions