Ch.1 MIS

goods

are material items or products that customers will buy to satisfy a want or need

variable

data characteristic that stands for a value that changes or varies over time

finance

deals with strategic financial issues including money, banking, credit, investments, and assets

knowledge

includes the skills, experience, and expertise, coupled with info and intelligence that creates a person's intellectual resources

knowledge workers

individuals valued for their ability to interpret and analyze info

business intelligence

information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns trends and relationships for strategic decision making

management information systems (MIS)

is a business function, like accounting and human resources, which moves info about people, products, and processes across the company to facilitate decision making and problem solving

system

is a collection of parts that link to achieve a common purpose

systems thinking

is a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part

information

is data converted into a meaningful and useful context

feedback

is info that returns to its original transmitter and modifies the transmitter's actions

production

is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services

human resources

maintains policies, plans, and procedures for the effective management of employees

operations management

manages the process of converting or transforming or resources into goods or services

sales

performs the function of selling goods or services

data

raw facts that describe the characteristics of an event or object

accounting

records, measures, and reports monetary transactions

marketing

supports sales by planning, pricing, and promoting goods or services

services

tasks performed by people that customers will buy to satisfy a want or need

fact

the confirmation/validation of an event/object

productivity

the rate at which goods or services are produced based upon total output given total inputs

information age

when infinite quantities of facts are widely available to anyone who can use a computer