WGU - Information Systems Management C724 Questions and Answers(A+ Solution guide)

What are the 6 components of Information Systems? Which ones just belong to Information Systems - Answer-1. People 2. Processes 3. Networks 4. Software 5. Hardware 6. Data People and processes only belong to information systems Executive Support Systems (ESS) - Answer-a type of management support system that facilitates and supports senior executive information and decision-making needs. It provides easy access to internal and external information relevant to organizational goals What is EIS - "Executive Information Systems?" - Answer-a specific class of DSS that support the strategic decision-making process of top-level executives. These systems incorporate summarized information from decision support systems and management information systems, along with external factors to forecast and analyze trends. What is DSS - "Decision Support Systems?" - Answer-focuses on supporting all phases of specific decision-making processes and procedures for arriving at a solution. They are often developed to handle unstructured problems at all levels. What is MIS - "Management Information Systems?" - Answer-represent a category of IS that serve lower to middle managers. They provide performance reports based on the results from transaction processing systems, such as product cost data, sales data, and expense data. What is TPS - "Transaction Processing Systems?" - Answer-collect, store, update, and retrieve transaction data within an organization. Common business transactions include: employee payroll, customer sales, and supplier payments. Developed to: decrease costs, decrease processing time, and increase accuracy. Achieve these benefits by: automating and recording routine business transactions that are too tedious and monotonous for front-line employees to process manually in an effective and efficient manner What is Information Systmes? - Answer-The purpose is to get useful information to the right people within an organization to support decision making and operations. Effective information systems canhelp companies streamline business processes and planning, as well as help with data storage, data management, and data security. Identify the 7 major reasons firms invest in information systems - Answer-1. Achieve operational excellence 2. Develop new products and services 3. Attain customer intimacy and service 4. Improve decision making 5. Promote competitive advantage 6. Ensure long-term survival 7. Develop strong relationships with suppliers What is data? An example. - Answer-Data - Unorganized data that lacks meaning. Example: The number of people below the poverty line in the region is 50,000 What is information? An example. - Answer-Information - Data that has been organized in a meaningful manner. Example: The number of people below the poverty line increases between 2010 and 2018 What is knowledge? An example. - Answer-Knowledge - The practical application of information. Example: The number of pe