MIS Chapter 1 REVIEW: Information, Systems, and Decision Making

Flashcards cover key MIS Chapter 1 topics: definitions of information and information systems, the MIS focus, the five-component model, data vs information vs knowledge, decision processes, structured vs unstructured decisions, biases and information vetting, nonroutine cognition skills, major tech laws, decision environments, and chapter focus areas.

What is Information?

facts processed for decision making

What is an Information System?

TOOLS and PROCESSES that help us manage information and enhance our information literacy skills.

What does MIS stand for and mean?

Management Information Systems; a field focused on MANAGING and ORGANIZING information in professional life.

5 Component Model

Hardware, Software, Data (Database), Procedures, and People.

What is Data?

Raw facts collected like temperature and precipitation

What is Information in decision making?

Processed data used to support decision making; data becomes information through processing and analysis.

What is the Data–Information–Knowledge progression?

Data are raw facts

information is data processed for decision making

knowledge is the understanding derived from information.

What is a Decision Process?

1. Define the problem/goal gather good information

2. apply applicable skills

3. develop and execute a solution

4. monitor and evaluate

5. learn from the solution and process

What is the difference between Structured and Unstructured decisions?

Structured: quantifiable, predictable,

Unstructured: difficult to quantify, not predictable, draw from personal experience

What are cognitive biases that impede good decision making?

Selective perception/confirmation bias; stereotyping/heuristics; cheerleader effect; repetitive bias.

What is the Hawthorne Effect?

People change their behavior because they know they are being observed.

What criteria should information be vetted on?

Source;

Motives of the source;

Timeliness;

Verification of information.

Abstract Reasoning (nonroutine cognition)

Construct a model or representation; think abstractly about how to apply AI/ML.

Systems Thinking (nonroutine cognition)

Model system components and show how INPUTS and OUTPUTS relate to one another.

Collaboration (nonroutine cognition)

Develop ideas and plans with others; provide and receive critical feedback.

Ability to Experiment (nonroutine cognition)

Create and test promising new alternatives within available resources; manage fear of failure.

Moore's Law

The number of transistors per square inch on an integrated chip doubles every 18 months; computers get faster and data processing costs approach zero.

Metcalfe's Law

The value of a network equals the square of the number of users connected; more devices connected increases value exponentially.

Nielsen's Law

Network connection speeds for high-end users increase by about 50% per year; faster speeds enable new products and platforms.

Kryder's Law

Storage density on magnetic disks increases exponentially; storage capacity grows and the cost of storing data approaches zero.

Immediate vs Extended; Personal vs Enterprise in decision environments

Immediate: directly experienced;

Extended: perceived from symbolic information.

Personal: individual world;

Enterprise: organizational world requiring efficiency.

Bridge in the Five-Component Model

The Bridge connects the computer side (hardware/software) to the human side (people/procedures); automation moves work from human to computer.

What are the Dual Channels of the Decision Making Process?

Structured vs Unstructured decisions;

5 questions for data collection

1. is it accurate

2. is it timely

3. is it relevant

4. is it sufficient

5. is it worth the cost

what happens as you move left to right in the 5 component model

things get harder to change because of refusal to adapt from humans

intentional bias

political influence, advertising, misinformation

unintential bias

poor research, unknown factors, observation principle, hawthrone effect

2 types of symbolic info

immediate and extended

2 types of enviormental info

personal and enterpise

Jan is deciding on ordering inventory for the next two months for her auto parts store.  She is using historical sales data from previous years for this time period and projected demand from her industry trade group.  Jan is making her decision primarily as a(n) ________________ decision.

structured

Structured decision making has the following 2 characteristics:

quantifiable and predictable

Unstructured decision making has the following 2 characteristics:

incomplete information and draws heavily from your experience and general knowledge

In any decision making process, what is the first step?

 

define the problem or goal

T OR F: all info has some bias

true

Ida is putting together a proposal for her organization regarding expanding its digital network. One of her key arguments is that as the network grows, it increases its value exponentially. Which law is she referring to in her proposal?

 

Metcalfe's Law

Hairy

Students

Dont

Pull

People

hardware, software, data, procedures, people