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