MIS213 Test 1

Departmental Companies:

*Accounting*: Records, measures, and reports monetary transactions *Finance*: Deals with strategic financial issues including money, banking, credit, investments, and assets. *Human Resources*: Maintains policies, plans, and procedures for the effective management of employees. *Marketing*: Supports sales by planning, pricing, and promoting good and services. *Operations Management*: Manages the process of converting or transforming or resources into goods or services. *Sales*: Performs the function of selling goods and services.

Services

A business task.

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.

Management Information Systems (MIS)

A general name for the business function and academic discipline covering the application of people, technologies, and procedures - collectively called information systems - to solve business problems.

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.

1

Analytics is the science of fact-based decision making. The Internet of things is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention. Management information systems (MIS) is a business function, like accounting or sales, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. The information age is the present time, during which infinite quantities of facts are widely available to anyone who can use a computer. A big part of business intelligence is called predictive analytics, which extracts information from data and uses it to predict future trends and identify behavioral patterns. A snapshot is a view of data at a particular moment in time. Cars, groceries, and clothing belong in the goods category. The department within a company that records, measures, and reports monetary transactions is accounting. Lettuce, tomatoes, patty, bun, and ketchup are included as inputs of making a hamburger. A variable is a data characteristic that stands for a value that changes or varies over time and can be manipulated to help improve profits.

Information

Data converted into a meaningful and useful context.

Knowledge Workers

Individuals valued for their ability to interpret and analyze information.

Information Age

Infinite quantities of facts are widely available to anyone who can use a computer. Core Drivers: Data, Information, Business Intelligence, and Knowledge

Feedback

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

2

Machine to machine (M2M) refers to devices that connect directly to other devices. Employee data is most commonly found in the human resource department. Finance department tracks strategic financial issues, including money, banking, credit, investments, and assets. The business decisions the operations management department makes includes manufacturing data, distribution data, and production data. Structured data is data that has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address. Information technology can enable departments to more efficiently and effectively perform their business operations. If you could produce more hamburgers with the same input and the price of your hamburgers remains the same, productivity would increase and profits would increase. Cooking a patty and putting the ingredients together are all included in the process category of making a hamburger. The operations management department has manufacturing data, distribution data, and production data. For an organization to succeed, every department or functional area must work together or interdependently sharing common information and not be a "silo."

Goods

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.]

Data

Raw facts that describe the characteristics of an event.

Business Intelligence (BI)

Refers to applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts.

Knowledge

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

Fact

The confirmation or validation of an event or object.

Production

The creation of goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge.

Productivity

The rate at which good and services are produced based upon total output given total inputs.