MIS chapter 2 content Review Flashcards
What is the definition of data in a business context?
Raw facts that have not been processed or given meaning.
Examples include sales figures and lists of customer names.
Provide two examples of data.
- Sales figures for a company
- List of customer names
What is the definition of information in a business context?
Processed or organized data that provides meaning.
Information is crucial for effective decision-making.
Provide two examples of information.
- Monthly sales reports
- A list of top-selling products
What is business intelligence (BI)?
The analysis of information to make strategic business decisions.
BI helps organizations understand their data better.
Provide two examples of business intelligence applications.
- Identifying customer purchasing trends from sales reports
- Predicting market demand based on consumer behavior patterns
What is the definition of knowledge in the context of business?
The application of information and experience to make decisions.
Knowledge enables informed decision-making.
Provide two examples of knowledge application.
- A manager deciding which marketing campaign to use based on past success
- A doctor diagnosing a patient based on symptoms and medical history
What is a fact?
A fact is a statement that can be proven true through evidence.
Facts are objective, verifiable, consistent, and free from bias.
What are the qualities of a fact?
- Objective
- Verifiable
- Consistent
- Free from bias
These qualities ensure that facts can be trusted and relied upon.
What is the difference between a true/useful fact and a false/misleading fact?
True/Useful Fact: Based on credible sources and verifiable evidence.
False/Misleading Fact: Lacks reliable verification and may distort perception.
True facts provide valuable insight for decision-making, while false facts can lead to misinformation.
What is triangulation?
Triangulation is the process of validating information by cross-referencing multiple independent sources.
Example: A journalist verifying a news story by checking reports from three different sources before publishing.
What is corroboration?
Corroboration is confirming a claim by using supporting evidence from another reliable source.
Example: A researcher verifying study results by comparing them with previous findings from peer-reviewed articles.
What does it mean to be ‘information literate’?
Being able to locate, evaluate, and effectively use information.
Information literacy is crucial in today’s information-rich environment.
