CIS Chapter 1
Data
Are raw facts that describe the characteristics of an event or object.
Finance:
Deals with strategic financial issues including money, banking, credit, investments, and assets.
Fact
Is the confirmation or validation of an event or object. In the past, people primarily learned facts from books. Today, by simply pushing a button people can find out anything, from anywhere, at any time
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
Accounting
Records, measures, and reports monetary transactions.
Marketing
Supports sales by planning, pricing, and promoting goods or services.
Knowledge workers
are individuals valued for their ability to interpret and analyze information
goods
are material items or products that customers will buy to satisfy a want or need. Clothing, groceries, cell phones, and cars are all examples of goods that people buy to fulfill their needs.
services
are tasks performed by people that customers will buy to satisfy a want or need. Waiting tables, teaching, and cutting hair are all examples of services that people pay for to fulfill their needs
Knowledge
includes the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources.
Management information systems
is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. MIS incorporates systems thinking to help companies operate cross-functionally. For example, to fulfill product orders, an MIS for sales moves a single customer order across all functional areas including sales, order fulfillment, shipping, billing, and finally customer service.
system
is a collection of parts that link to achieve a common purpose. A car is a good example of a system, since removing a part, such as the steering wheel or accelerator, causes the entire system to stop working.
variable
is a data characteristic that stands for a value that changes or varies over time.
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. Having the right information at the right moment in time can be worth a fortune
Business intelligence
is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.
Feedback
is information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions. Feedback helps the system maintain stability.
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. Just think about making a hamburger
Productivity
is the rate at which goods and services are produced based upon total output given total inputs. Given our previous example, if a business could produce the same hamburger with less expensive inputs or more hamburgers with the same inputs it would see a rise in productivity and possibly an increase in profits.
information age
when infinite quantities of facts are widely available to anyone who can use a computer.