Business Driven MIS Competing in the Information Age

Flashcards covering key concepts and definitions from the lecture notes on Business Driven MIS Competing in 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 that has been transformed into a meaningful context.

Business Intelligence (BI)

Information from multiple sources analyzed for trends and decision-making.

Business Analytics

The scientific process of transforming data into actionable insights.

Knowledge

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

Knowledge Worker

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

Transformation Flow

The process from Data to Information to Business Intelligence to Knowledge.

Systems Thinking

Monitoring an entire system by viewing inputs, processes, outputs, and feedback.

Management Information Systems (MIS)

A business function that moves information across the company to aid decision-making.

Data Silos

Instances when departments cannot freely share data, preventing collaboration.

Data Democratization

Making data accessible to all users for gathering and analysis.

Critical Success Factors (CSFs)

Actions required to achieve organizational goals.

Key Performance Indicators (KPIs)

Quantifiable measures that evaluate success in achieving CSFs.

Efficiency

Doing things right and measuring system performance.

Effectiveness

Doing the right things and measuring business impact.

Decision Support Systems

Systems that support decision-making at various organizational levels.

Operational BI

Real-time, daily decisions based on data insights.

Tactical BI

Medium-term planning decisions based on analyzed information.

Strategic BI

Long-term decision-making support that guides organizational goals.

Business Process

A standardized set of activities accomplished to complete a specific task.

Business Process Management (BPM)

Optimizing processes for efficiency.

As-Is Model

Current state representation of a business process.

To-Be Model

An improved future state of a business process.