Business Terminology Quiz #4 MIS/SCMT

Information systems

Systems that allow users to leverage technology, information, and people to further organizational goals.

Information technology

The equipment and techniques used to manage and process information.

Data

Raw, unorganized facts that can be moved and stored.

Information

Data that has been processed, interpreted, organized, structured, or presented in a way that makes it meaningful or useful.

Spreadsheet

A computer application that enables a user to save, sort, and manage data in rows and columns. It allows the entry, calculation, and storage of data in columns and rows.

Database

An organized collection of data stored and accessed electronically.

Database management system

Software that allows you to enter, store, organize, and retrieve data in a database. It tracks the data and allows users to query the database for the information they need.

Enterprise Resource Planning (ERP) Systems

A computerized resource-planning system that incorporates information about the firm’s suppliers and customers with its internally generated data.

Cloud Computing

The delivery of computing services over the internet, providing flexible, on-demand access to resources like software and data storage.

Information security

The processes and tools designed to protect sensitive business information from modification, disruption, destruction, and inspection.

Network segmentation

Architectural design of a network to manage security and access.

Cybersecurity

The practice of protecting systems, networks, and programs from digital attacks. These attacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes.

Supply chain management

The process of smoothing transitions along the supply chain to satisfy customers with quality products and services; focuses on developing tight bonds with suppliers. Bringing things in, putting things together, and sending things out.

Operations

The design, execution, and control of operations that convert resources into desired goods and services and implement a company's business strategy.

Logistics

The coordination across the supply chain involving the flow of goods, services, people, facilities, or supplies.

Supply chain

The entire sequence of securing inputs, producing goods, and delivering goods to customers.

a. Raw materials b. Supplier c. Manufacturer d. Distributor e. Retailer f. Customer

Procurement

The action of obtaining equipment or supplies for a business.

Inputs

Natural resources, raw materials, human resources, and capital used in production.

Inventory management

The determination of how much of each type of inventory a firm will keep on hand and the ordering, receiving, storing, and tracking of inventory.

Just-in-time inventory management

An inventory management system that receives goods from suppliers at the exact time they are needed, reducing storage costs.

Production

The creation of products and services by turning inputs, such as natural resources, raw materials, human resources, and capital, into outputs, which are products and services.

Outputs

Products and services created through production.

Supply chain sustainability

The management of environmental, social, and economic impacts, and the encouragement of good governance practices, throughout the life cycles of goods and services.