Business Driven MIS: Competing in the Information Age

A collection of vocabulary flashcards to review key concepts from the lecture on Business Driven MIS and the Information Age.

Fact

Confirmation or validation of an event or object

Information Age

Present time where unlimited quantities of facts are extensively available via computers.

Data

Raw facts describing characteristics of an event or object.

Big Data

Large volumes of data characterized by variety, veracity, volume, and velocity.

Information

Data changed into a meaningful context.

Dynamic Report

A report that automatically updates.

Static Report

A report that is fixed and created one-time.

Business Intelligence (BI)

Information from multiple sources analyzed for patterns, trends, and strategic decisions.

Business Analytics

The scientific process of transforming data into actionable insights.

Knowledge

Skills, experience, expertise, along with information and intelligence.

Knowledge Worker

An individual valued for their ability to interpret and analyze information.

Data Silos

When departments cannot freely share data, preventing collaboration.

Data Democratization

Making data accessible to all users for gathering and analyzing.

Mission of Management Information Systems (MIS)

To aid decision-making by moving information across the company.

Decision-Making Process

The six steps include identifying the problem, gathering data, creating a solution, testing it, selecting the solution, and executing it.

Operational Level Decisions

Structured decisions made by front-line employees.

Managerial Level Decisions

Semi-structured decisions made by middle management.

Strategic Level Decisions

Unstructured decisions made by senior executives.

Critical Success Factors (CSFs)

Actions required to achieve an organization's goals.

Key Performance Indicators (KPIs)

Quantifiable measures used to evaluate success based on CSFs.

Efficiency

Doing things right, measures system performance.

Effectiveness

Doing the right things, measures business impact.

Decision Support Systems

Systems that assist in decision-making by providing timely and relevant information.

Transaction Processing Systems (TPS)

Basic business systems that serve the operational level and assist in making structured decisions.

Executive Information Systems (EIS)

Support unstructured decisions by providing relevant external data.

Business Process

A standardized set of activities designed to accomplish a specific task.

Business Process Management (BPM)

A discipline that optimizes processes for efficiency.

Automation

Computerizing manual tasks to improve efficiency.

Streamlining

Simplifying or eliminating steps in a process.

Reengineering

Radical redesign of business processes for efficiency.

Robotic Process Automation (RPA)

AI-driven technology for automating repetitive tasks.