ISA 235 Chapter 2 Latest Update Graded A+

ISA 235 Chapter 2 Latest Update Graded A+ operational level Employees develop, control, and maintain core business activities required to run the day-to-day operations. structured decision Involves situations where established processes offer potential solutions. managerial level Employees are continuously evaluating company operations to hone the firm's abilities to identify, adapt to, and leveragechange. semistructured decision Occurs in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision. strategic level Managers develop overall business strategies, goals, and objectives as part of the company's strategic plan. unstructured decision Occurs in situations in which no procedures or rules exist to guide decision makers toward the correct choice. project Temporary activity a company undertakes to create a unique product, service, or result. metrics Measurements that evaluate results to determine whether a project is meeting its goals. critical success factors (CSFs) Crucial steps companies perform to achieve their goals and objectives and implement their strategies. key performance indicators (KPIs) Quantifiable metrics a company uses to evaluate progress towards critical success factors. market share The proportion of the market that a firm captures. return on investment (ROI) Indicates the earning power of a project. best practices The most successful solutions or problem-solving methods that have been developed by a specific organization or industry. efficiency MIS metrics Measure the performance of MIS itself such as throughput, transaction speed, and system availability. effectiveness MIS metrics Measure the impact MIS has on business processes and activities including customer satisfaction and customer conversion rates. benchmark Baseline values the system seeks to attain. benchmarking A process of continuously measuring system results, comparing those results to optimal system performance (benchmark values), and identifying steps and procedures to improve system performance. model A simplified representation or abstraction of reality. transactional information Encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support the performing of daily operational or structured decisions.