Management Foundations - Sect. 2.3 (INCOMPLETE)

management information system (MIS): (definition)

(1) a computer-based system that stores, organizes, and provides information about a business; (2) integrates data from various departments to make it available to help managers w/day-to-day business operations

what-if analysis: (definition)

systemic way to explore the consequences of specific choices using computer software

problem: (definition)

difficult situation requiring a solution

symptom: (definition)

sign/indication of something that appears to be the problem

contingency plan: (definition)

an alt. course of action to be followed if a specific problem arises

Checkpoint: In addition to conducting their own research, what other sources of business research are available to companies?

Figure 1: The seven steps in problem solving.

1. identify the problem
2. gather relevant information/data
3. determine alt. courses of action
4. evaluate each alt.
5. decide on the best possible alt.
6. implement the alt. chosen
7. evaluate the decision over time, making changes as necessary

Checkpoint: List the seven steps in problem solving. (Hint: Figure 1)