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Management Information System
Chapter 1:
Fact: is the confirmation or validation of an event or an object.
Information Age: when infinite quantities or facts are widely available to anyone who can use a computer.
Data: are raw facts that describe the characteristics of an event or objects.
Information: data converted into a meaningful and useful context.
Variable: is a data characteristic thatstands for a value that changes or varies over time.
Business Intelligence: is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationship for strategic decision making.
Knowledge: includes the skills, experience, and expertise, coupled with information and intelligence that creates a person’sintellectual resources.
Knowledge Workers: are individuals valued for their ability to interpret and analyze information.
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 goods and services.
Operations management: manages the process of converting or transforming resources into goods or services.
Sales: performs the function of selling goods or services.
System: a collection of parts that link to achieve a common purpose.
System thinking: is a way of monitoring the entire system by viewing multiple inputsbeing processed or transformed to produce outputs while continuously gathering feedback on each part.
Feedback: information that returns to its original transmitter.
Management information system (MIS): is a business function like accounting and human resources, which moved information about people, products and processes across the company to facilitate decision making and problem solving.
ChiefInformation 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.
Chief Privacy Officer(CPO): is responsible for ensuring the ethical and legal use of information within a company.
Chief SecurityOfficer (CSO): is responsible for ensuring the security of a business system 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.
Business Strategy: is a leadership plan that achieves a specific set of goals or objectives such as: 1) developing newproducts or services 2) entering new markets 3) increasing customer loyalty.
Competitive advantage: is a feature of a product or service on which customer place a greater value than they do on similar offerings from competitors.
First mover advantage: occurs when a company can significantly increase its market share by being first with a new competitive advantage.
Competitive Intelligence: isthe process of gathering information about the competitive environment, including competitors plans, activities, and products to improve a company’s ability to succeed.
Five Force Model: (1) Knowledgeable customers can force down prices by pitting rivals against each other (2) influential suppliers can drive down profits nu charging higher prices for supplies (3) competition can steal customers (4)new market entrants can steal potential investment capital (5) substitute products can steal customers.
Buyer Power: the ability of buyers to affect the price they must pay for an item.
Switching cost: cost that make customer reluctant to switch to another product or service.
Supply Chain: consists of all parties involved, directly or indirectly, in obtaining raw materials or a product....