Information Management

Question 1

Assess Information Needs

Answer 1

Demographics

Target your search, but search thoroughly

Should address problem at hand, gather info on various solutions to find best one

Question 2

Obtain needed information efficiently

Answer 2

Primary - more costly, time consuming but more accurate

Choose primary or secondary depending on needs

Govt. census (external), internal databases
( 2 types of secondary data)

Question 3

Evaluate quality and source of information

Answer 3

PROVEN test

Question 4

Draw conclusions based on info analysis

Answer 4

Conclusion - a deduction based on evidence

Data mining, regression

Significance tests: P-value represents the probability of the occurrence of a given event.

If the probability is lower, that suggests an anomaly that shows that the data proves the hypothesis.

Question 5

Apply information to accomplish a task

Question 6

Store information for future use

Answer 6

Storing historical data helps form trends

Data Preservation: Data storage allows you to preserve and retain information over time. Ensures that it can be accessed.

Make sure to encrypt data for data security

Question 7

Identify ways that technology impacts business

Answer 7

Word
Excel
Powerpoint

Databases, tools to manage information

Decreases cost, increased efficiency, better communication with customers

Question 8

Explain the role of information systems

Answer 8

information systems - Set of tools for collecting, storing, processing data

Interact with customers, operations, horizontal and vertical trend analysis

Typically consists of database, program, and user interface