5.9 Management Information Systems (MIS)

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34 Terms

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Data Analytics

The process of examining raw data to find trends and patterns for business decision-making.

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Descriptive Data Analytics

Examines what has happened in a dataset.

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Diagnostic Data Analytics

Examines why something has happened in a dataset.

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Predictive Data Analytics

Examines what is likely to happen based on data trends.

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Prescriptive Data Analytics

Examines what actions should be taken based on data analysis.

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Data

Raw facts or statistics that need interpretation to become meaningful information.

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Information

Organized and interpreted data that provides knowledge.

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Database

A system used to store, organize, and retrieve data electronically.

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Data Overload

Too much data available, causing inefficiencies in decision-making.

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Data Breach

The loss or theft of important data due to system vulnerabilities.

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Data Security

Protection of data against unauthorized access or theft.

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Cybercrime

Illegal activities using electronic methods to attack computer systems.

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Artificial Neural Networks (ANN)

Advanced computing systems simulating human brain processes.

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Data Centers

Physical facilities supporting data storage and processing.

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Cloud Computing

Virtual space for data storage, processing, and retrieval.

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Virtual Reality (VR)

Computer-generated environment for realistic simulations.

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Internet of Things (IoT)

Network of connected devices sharing data for real-time insights.

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Smart Devices

Devices equipped with advanced technology to perform tasks autonomously, such as cooking, traffic management, and health monitoring.

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Artificial Intelligence (AI)

Computer systems capable of tasks requiring human intelligence, like decision-making and speech recognition, by learning from data.

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Internet of Things (IoT)

Interconnected devices that collect and exchange data to perform tasks efficiently, like monitoring soil moisture levels in agriculture.

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Global Positioning System (GPS)

Satellite-based navigation system used in smartphones and vehicles to provide real-time location information and directions.

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Machine Learning

Subset of AI where computers learn and adapt without explicit programming, often used for tasks like facial recognition and fraud detection.

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Big Data

Large volumes of structured and unstructured data from various sources, processed by sophisticated systems to derive insights and improve decision-making.

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Customer Loyalty Programs

Marketing strategies rewarding customers for repeat purchases to enhance customer retention and engagement, ultimately leading to increased profitability.

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Management Information Systems (MIS)

Systems like data analytics and big data used by businesses to understand customer spending habits, sales patterns, and preferences.

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Digital Taylorism

Utilizing Management Information Systems to systematically monitor employee behavior and performance, inspired by Frederick W. Taylor's scientific management principles.

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Data Mining

The process of using MIS to analyze large datasets for trends and patterns to make predictions and improve decision-making.

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Advantages of Digital Taylorism

Efficiency, cost savings, precision, and data-driven decision-making.

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Disadvantages of Digital Taylorism

Monotony, skills erosion, depersonalization, and limited scope for creativity.

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Benefits of Data Mining

Predicting future situations, understanding customers, increasing sales revenue, and improving risk management.

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Risks of Data Mining

Privacy concerns, security issues, complexity in finding data, and high costs.

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Benefits of MIS

Improved decision-making, operational efficiency, enhanced customer services, and competitive advantages.

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Risks of MIS

Cybercrime, high set-up and maintenance costs, and regulatory compliance challenges.

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Ethical Implications of MIS

Considerations like data protection, respect for privacy rights, improved decision-making, data manipulation, and lack of human touch.