MIS Chapter 1

Knowledge Workers

Are individuals valued for their ability to interpret and analyze information.

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.

Knowledge

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

System

Is a collection of parts that link to achieve a common purpose.

Variable

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

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

Chief Privacy Officer (CPO)

Is responsible for ensuring the ethical and legal use of information within a company

Chief Security Officer (CSO)

Is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses.

Chief Technology Officer (CTO)

Is responsible for ensuring the speed, accuracy, availability, and reliability of the MIS.

Fact

Is the confirmation or validation of an event or object.

Competitive Intelligence

Is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed.

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.

First-Mover Advantage

Occurs when a company can significantly increase its market share by being first with a new competitive advantage.

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.

Information Age

When infinite quantities of facts are widely available to anyone who can use a computer

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.

Competitive Advantage

is a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.

Business Strategy

is a leadership plan that achieves a specific set of goals or objectives

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.

Chief Information Officer (CIO)

is responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives.

Chief Knowledge Officer (CKO)

is responsible for collecting, maintaining, and distributing company knowledge.