Management Information Systems Flashcards
What is data?
Raw facts
What is information?
Data shaped into a form that is meaningful to human beings
What is information technology?
All the hardware and software that a firm needs to use in order to achieve its business objectives
What is an information system?
A set of interrelated components that collect, process, store, and distribute information to support decision making and control
What are the 3 dimensions of information system literacy?
- technical
- organization
- management
Explain the technical dimension of an information system
processors, memory, secondary storage, servers, databases, networks
Explain the organization dimension of an information system
different groups in a firm have different information needs + rules
Explain the management dimension of an information system
make decisions, formulate action plans, design and deliver new products and services
What is the goal of studying management information systems?
develop broader information systems literacy
What is the mission of MIS? (3)
- improve the performance of people in organizations through the use of information technology
- automate data gathering
- convert business data into information with business intelligence
What is the purpose of business intelligence?
help users make better business
decisions
Compare IS vs MIS
MIS is broader than an IS
for an MIS both technical and behavioral issues are considered
What are 3 reasons to consider an IS?
- create or maintain a competitive advantage
- adapt to (internal and external) change
- cost benefit analysis
What are 3 ways to develop and manage an IS?
- design, implement, and integrate
- training, new business practices
- privacy and security
5 factors that lead to a competitive advantage
- operation excellence (improve efficiency)
- develop new products, services, and business models
- understand customers and suppliers better
- improve decision making using relevant and accurate information
- survival -> respond to changes
What is the key focus when adapting to internal or external change?
focus on the future
incremental improvement will make you obsolete
What is creative destruction?
A new technology that threatens existing business
What are 2 reasons to invest in an IS?
- provides real value to the company
* provides a better return on investment than other options such as buildings, machines, etc
What helps achieve a better return?
complementary assets
Define complementary assets and give 2 examples
assets required to derive value from a primary investment
examples: new business models, new business methods, training, management behaviour etc
What are the 2 contemporary approaches to MIS?
Technical approaches
Behavioural approaches
Name the 3 technical approaches to MIS
Computer Science
Operations Research
Management science
explain the computer science approach to MIS
methods of computation, storage, and
access
explain the operations research approach to MIS
optimizing selected parameters such as
transportation costs, inventory levels
