Information Systems for Business Review Flashcards

Exactly 50 vocabulary-style flashcards covering the core concepts of Information Systems for Business based on the Parul University lecture notes.

Data

A collection of unprocessed, raw facts and information, such as text, observations, numbers, symbols, and object descriptions, which is expressed in terms of bits and bytes.

Information

Organized, structured data that has been processed to give it context and make decision-making possible.

Timeliness

The degree of up-to-date information, which can be viewed objectively or as task-dependent for use in a particular task.

Accuracy

The degree to which information in an automated system accurately and precisely represents states of the real world.

Completeness

The degree to which information is not missing; however, what is considered complete for one user may be incomplete for another.

Accessibility

The degree to which information is available, easily obtainable, or quickly retrievable when needed, typically within constraints of policy and confidentiality.

Relevancy

The attribute of being applicable and useful for the specific activity or end user at hand.

Validity

The requirement that information must be true and verifiable while meeting other criteria like correctness and security.

Format

The manner in which information is presented to make it simple for the end user to read and understand.

Information System

A collection of interconnected parts that gather, process, store, and disseminate information to enable decision-making and control inside an organization.

Input

The activity in an information system used to acquire or collect raw data from internal or external sources.

Processing

The stage where raw input is converted into a useful form, often involving calculations or assumptions by computers.

Output

The transfer of processed information to users or for the purposes for which it will be used.

Feedback

Output that is sent back to the appropriate individuals in the organization to help analyze or improve the input stage.

End Users

Human resources who utilize an information system to carry out a task or job function, such as a pupil using a spreadsheet.

Hardware Resources

Physical tools and components utilized in information processing, including machines like CPUs and media like secondary storage.

Software Resources

Includes programs and procedures; specifically categorized into system software and application software.

Network Resources

Communications media and network support, including telecommunications equipment like modems and fiber optics.

System Software

An operating system that allows users to manage hardware and resources through a graphical user interface (GUI).

Application Software

Software designed to manage specific user duties, such as Microsoft Excel, to carry out user tasks.

Database

A method of organizing data to store processed and organized information for retrieval and analysis.

Knowledge Base

A storage method for information in several formats, including facts and rules of inference about a specific subject.

Unstructured Decisions

Decisions where the maker must use discretion and insight to find solutions for novel and nonroutine issues with no predetermined method.

Structured Decisions

Routine and repetitive decisions that can be addressed consistently using a predetermined method.

Semi-structured Decisions

Decisions where only a part of the problem has a clear-cut answer provided by an accepted procedure, combining structured and unstructured elements.

Business Process

An ordered series of tasks carried out to create a good or deliver a service successfully.

Transaction Processing System (TPS)

A computerized system that performs and records daily routine transactions necessary for the conduct of business, such as payroll or shipping.

Management Information System (MIS)

A system providing middle management with reports on the firm's current performance based on compressed data from a TPS.

Decision-Support Systems (DSS)

Systems focused on unique, rapidly changing problems for which the solution process is not fully foreseen, combining models and data.

Executive Support Systems (ESS)

Specialized systems supporting senior management in making ad hoc, unstructured decisions using internal and external data like stock analyses.

Enterprise Applications

Computer programs that function across functional boundaries, focusing on carrying out business activities throughout an entire corporate organization.

Business Intelligence (BI)

The process of organizing, analyzing, and disseminating data using software tools to help managers make more informed decisions.

Knowledge Management (KM)

The act of amassing, disseminating, and effectively applying an organization's collective body of information and expertise.

Tacit Knowledge

Implicit knowledge obtained via experience that exists in the heads of workers and has not been recorded; it is difficult to codify.

Explicit Knowledge

Knowledge that has been recorded or codified in documents, reports, or mathematical equations.

Business Process Reengineering (BPR)

The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed.

Total Quality Management (TQM)

A management philosophy aiming to integrate all functions to satisfy customers by ensuring processes are completed correctly the first time.

Enterprise Resource Planning (ERP)

A system that integrates and automates cross-functional functions like manufacturing, logistics, and accounting into a single software suite.

Supply Chain Management (SCM)

The management of a network of organizations and processes for acquiring raw materials and distributing finished products to end users.

Bullwhip Effect

The distortion of demand information as it passes along the supply chain, leading to excess inventory and increased costs.

Customer Relationship Management (CRM)

Systems that integrate customer data from all organization touch points to consolidate and analyze the data for sales and service improvement.

Electronic Commerce (E-commerce)

Commercial transactions conducted over the internet between companies or private individuals, involving the exchange of value.

Business-to-Consumer (B2C)

The form of e-commerce involving the retailing of goods and services directly to individual consumers, such as BarnesandNoble.com.

Business-to-Business (B2B)

Online transactions between companies for the procurement of goods and services, such as a marketplace for chemicals.

Consumer-to-Consumer (C2C)

Transactions where consumers sell products directly to other consumers, facilitated by sites like eBay or Craigslist.

Mobile Commerce (m-commerce)

The process of purchasing and selling goods and services through wireless handheld devices like smartphones and cellular telephones.

Ubiquity

A characteristic of e-commerce where the marketplace is available almost everywhere and at all times, extending beyond conventional confines.

Information Asymmetry

A situation in a transaction where one party possesses more information relevant to the transaction than the other party.

Disintermediation

The removal of organizations or business process layers, such as wholesalers or retailers, responsible for intermediate steps in a value chain.

Digital Goods

Products that can be expressed, stored, delivered, and sold over a digital network, characterized by a marginal cost of almost $0$ per unit.