MSIS 1.1

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Kilobyte

1024 bytes

Megabyte

1024^2 bytes

Gigabyte

1024^3 bytes

Terabyte

1024^4 bytes

Petabyte

1024^5 bytes

Exabyte

1024^6 bytes

Zetabyte

1024^7 bytes

Yottabyte

1024^8 bytes

MIS has been around (formally) for

40 years

Byte

8 bits

Management Information Systems (MIS)

A business function which move information about people, products, and processes across the company to facilitate decision making and problem solving

System

A collection of parts that link to achieve a common purpose

Variable

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

Systems Thinking

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

The Internet of Things (IoT)

A world where interconnected, internet-enabled devices can collect and share data without human intervention

How we measure data

Bit B 0 or 1

Fact

Confirmation/validation of an event or object

Information

Data converted into a meaningful and useful context

Finance

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

Predictive Analytics

Extracts information from data and uses it to predict future trends and identify behavioral patterns

Knowledge

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

Knowledge Workers

Individuals valued for their ability to interpret and analyze information

Business Intelligence (BI)

Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends, ad relationships for strategie decision making

Feedback

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

Human Resources

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

Goods

Material items/products that customers will buy to satisfy a want or need

Amazon, Zappos, Netflix

Not technology companies

Successful Companies

Operate cross-functionally

Sales

Performs the function of selling goods or services

Data

Raw facts that describe the characteristics of an event/object

Accounting

Records, measures, and reports monetary transactions

Machine to Machine (m2m)

Refers to devices that connect directly to other devices

Marketing

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

Services

Tasks people perform that customers will buy to satisfy a want or need

Information Age

The present time; when infinite quantities of facts are widely available to anyone who can use a computer

Production

The process by which a business precesses raw materials or converts them into a finished product for its goods or services

Productivity

The rate at which goods and services are produced based on total output given total inputs

The key to finding success in business

Using data, information, business intelligence, and knowledge to make decisions and solve problems


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