Summary
Summary Chapter 6 - Business Management 114
- Course
- Institution
Summary of 4 pages for the course Business Management 114 at SUN
[Show more]
Seller
Follow
BMX
Content preview
Chapter 6 – Understanding information and e-Business
Information rule – same outcome emerges every time with similar
set of circumstances e.g. lower price = more sales
Data – numerical and verbal descriptions resulting from
measurements
Information – Data presented in a useful way.
Database – single collection of data and information that can be
used throughout organization to make decisions
Knowledge Management (KM) – how data is collected, used and
shared.
Management information system (MIS) – system that provides
managers and employees with the information needed to preform
jobs effectively. Size and complexity tailored for each business
Information technology (IT) officer – manager responsible to ensure
that an organization has necessary equipment to supply managers
and employees with info needed for effective decisions.
5 areas of management that require information
Financial managers
Operations managers
Marketing managers
Human resources managers
Administrative managers
How do employees use a MIS
Step 1: Collecting Data
o Internal sources – company records etc.
o External sources – customers etc.
o Cautions to take when collecting data
1. Cost
2. Accuracy of data
3. If data disagrees with your data re-check data
Step 2: Storing data
Step 3: Updating Data
Step 4: Processing Data
o Transformation of data into useful format
Step 5: Presenting information
o MIS must be capable of presenting information in a
useful format
, o Verbally presented – business reports
o Visually presented – types of graphs
Systems needed to make smart decisions
o Decision support systems – Computer program that only
presents relevant information.
o Executive Information system – Computer program that
facilitates and supports decision making needs by allowing
access to internal and external information.
o Expert system – uses artificial intelligence to think like human
and assist in decisions.
Groupware – allows large projects between geographically dispersed
employees.
Collaborative learning system – allows problem solving by using
entire team by posting a question on groupware system.
Telecommuting, Virtual Offices and Technology
Virtual offices – allows employees to work from anyplace with access
to computers and Internet.
Advantages of telecommuting
o Higher job satisfaction thus increased productivity
o Greater independence and flexibility
o Lower employee turnover
o New employment opportunities for employees with physical
disabilities
Types of networks
WAN – connects computers in different geographical areas
LAN – connects computers in close proximity
E-Business – organized effort by individuals to produce and sell for a
profit whilst satisfying societies needs online
Outsourcing – where outside vendors/suppliers provide professional
help/parts/materials at a lower cost.
Creating profit by using e-Businesses
Increasing sales revenue
Using intelligent information systems to display products
relevant to customers preferences
People all over the world has access to products 24/7
Exsistance of website could lead to increased sale in physical
stores
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BMX. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.84. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now