5.9 Management Information Systems (MIS)

Data Analytics

Data Analytics

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

Descriptive Data Analytics

Examines what has happened in a dataset.

Diagnostic Data Analytics

Examines why something has happened in a dataset.

Predictive Data Analytics

Examines what is likely to happen based on data trends.

Prescriptive Data Analytics

Examines what actions should be taken based on data analysis.

Data

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

Information

Organized and interpreted data that provides knowledge.

Database

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

Data Overload

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

Data Breach

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

Data Security

Protection of data against unauthorized access or theft.

Cybercrime

Illegal activities using electronic methods to attack computer systems.

Artificial Neural Networks (ANN)

Advanced computing systems simulating human brain processes.

Data Centers

Physical facilities supporting data storage and processing.

Cloud Computing

Virtual space for data storage, processing, and retrieval.

Virtual Reality (VR)

Computer-generated environment for realistic simulations.

Internet of Things (IoT)

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

Smart Devices

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

Artificial Intelligence (AI)

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

Internet of Things (IoT)

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

Global Positioning System (GPS)

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

Machine Learning

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

Big Data

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

Customer Loyalty Programs

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

Management Information Systems (MIS)

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

Digital Taylorism

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

Data Mining

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

Advantages of Digital Taylorism

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

Disadvantages of Digital Taylorism

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

Benefits of Data Mining

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

Risks of Data Mining

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

Benefits of MIS

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

Risks of MIS

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

Ethical Implications of MIS

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