MIS Exam 1 Q&A 2023

Facts collected, recorded, stored, and processed by an information system. A fact could be a #, date, name, etc. - Answer- Data is data which is organized and processed to provide meaning and thus improving decision-making - Answer- Information As the quantity and quality of information increase, users make _____ decisions - Answer- Better Information is _____ when the benefits exceed the costs of gathering, maintaining, and storing the data. - Answer- Valuable Relevant Reliable Complete Timely Understandable Verifiable Accessible - Answer- Characteristics that make information useful: information needed to make a decision (e.g., the decision to extend customer credit would need relevant information on customer balance from an A/R aging report) - Answer- Relevant Reliable - Answer- information free from bias Complete - Answer- does not omit important aspects of events or activities Timely - Answer- information needs to be provided in time to make the decision Understandable - Answer- information must be presented in a meaningful manner Verifiable - Answer- two independent people can produce the same conclusion Accessible - Answer- available when needed Organizations - Answer- need information to make key/effective decisions and use business processes to get things done Business processes - Answer- set of structured activities that are performed by people or machines to achieve a specific goal