MIS Chapter 1 terms

Data

raw facts that describe the characteristics of an event or object.

dynamic report

Changes automatically during creation. _____ ______ can include updating daily stock market prices or the calculation of available inventory.

Business Intelligence

Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making

Unstructured data

Is not defined and does not follow a specified format and is typically free-form text such as emails, Twitter tweets, and text messages

Human Resources

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

Operations Management

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

Sales

Performs the function of selling goods or services

Marketing

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

Data, Information, Business intelligence, Knowledge

The core drivers of the information age include:

Knowledge

The skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources.

variable

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

report

a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information

business unit

a segment of a company (such as accounting, production, marketing) representing a specific business function

snapshot

a view of data at a particular moment in time

Knowledge assets

also called intellectual capital, are the human, structural, and recorded resources available to the organization

Knowledge workers

are individuals valued for their ability to interpret and analyze information

Finance

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

Accounting

Records, measures, and reports monetary transactions

static report

created once based on data that does not change

information

data converted into a meaningful and useful context

Machine to Machine (M2M)

devices that connect directly to other devices

Structured data

has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address

Knowledge facilitators

help harness the wealth of knowledge in the organization.

Management information systems (MIS)

is a business function, such as accounting and human resources, that moves information about people, products, and processes across the company to facilitate decision making and problem solving

Big data

is a collection of large complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools.

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

Machine-generated data

is created by a machine without human intervention. Machine- generated structured data includes sensor data, point-of-sale data, and web log data.

Human-generated data

is data that humans, in interaction with computers, generate. Human- generated structured data includes input data, click-stream data, or gaming data.

Business intelligence (BI)

is information collected from multiple sources such as supplier customers, competitors, partners, and industries that analyzes patterns, trends, and relation ships for strategic decision making

Feedback

is information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions.

business analytics

is the scientific process of transforming data into insight for making better decisions.

information silo

occurs when one business unit is unable to freely communicate with other business units making it difficult or impossible for organizations to work cross-functionally

Analytics

the science of fact-based decision making

Prescriptive analytics

uses techniques that create models indicating the best decision to make or course of action to take.

Descriptive analytics

uses techniques that describe past performance and history

Predictive analytics

uses techniques that extract information from data and use it to predict future trends and identify behavioral patterns.

Internet of Things (IoT)

world where interconnected Internet-enabled devices or "things" have the ability to collect and share data without human intervention