MIS Exam 1 Chapters 1- 4 Study Questions AND ANSWERS 100% CORRECT!
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MIS 1 Chapters 1- 4 Study
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MIS 1 Chapters 1- 4 Study
What is MIS? - ANSWER - A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving.
-Includes the software, hardware, and networks required to run the business. The ...
,MIS Exam 1 Chapters 1- 4 Study
Questions AND ANSWERS 100%
CORRECT!
What is MIS? - ANSWER - A business function, like accounting and human resources,
which moves information about people, products, and processes across the company to
facilitate decision making and problem solving.
-Includes the software, hardware, and networks required to run the business. The CIO
and her IT department purchase, configure and manage the MIS used throughout the
organization. There are different types of MIS in the company depending on the types of
decisions that need to be supposed by those MIS. Includes TPS, OLTP, OLAP, DSS,
EDS.
What is the driver of IT in business? - ANSWER How businesses use data, information,
business intelligence, and knowledge to make more informed decisions, identify new
opportunities, and analyze customer patterns to predict new behaviors. IT gives
businesses access to advantages they might have had immediate access to without
technology.
Why doesn't technology drive business, rather than the other way around? - ANSWER
Technology is a resource for businesses. A business is created with an idea and the
technology is used to operate the business. Its a tool; its also a cost center for the
business. Businesses dont buy new technology when it first comes out without making
first making sure that there is a business case for adopting the new technology.
What is the long tail? - ANSWER Referring to the tail of a typical sales curve. the head
shows the more popular items that are sold and as the tail things out, those represent
the more "niche" products that are not sold often.
How has Ecommerce allowed companies selling long tail products to make enough
money to survive? - ANSWER Ecommerce has allowed niche products have a viable
and profitable business model when selling online. With tradition sales models, a store
is limited to the products they can see by shelf space. E-Businesses have eliminated
this issue of shelf space and can offer unlimited products.
data - ANSWER raw facts that describe the characteristics of an event or object
, information - ANSWER data converted into a meaningful and useful context
business intelligence - ANSWER using information for creating a business strategy
knowledge - ANSWER skills, experience, and expertise coupled with information and
intelligence that creates a person's intellectual resources.
example of data - ANSWER order date, amount sold, customer number, 310 boxes,
example of information - ANSWER best selling product, best customer
example of business intelligence - ANSWER lowest sales per week compared with the
economic interest rates.
example of knowledge - ANSWER choosing not to fire an underperforming employee
because you know they are experiencing family issues
what are the functional areas of a company? - ANSWER - Accounting, Finance, HR,
Marketing, Operations Management, Sales, and IT.
Business make profits by selling goods or services. What is a good? - ANSWER a
material items or products that customers will buy to satisfy a want or need.
Business make profits by selling goods or services. what is a service? - ANSWER tasks
performed that customers will buy to satisfy a want or need.
what are the three levels in the organizational pyramid? - ANSWER Operational
Managerial
Strategic
Operational Level - ANSWER consists of department managers, supervisors, and
workers needing detailed real-time data. The monitoring of sales, inventory and
customer support issues are examples of the controls monitored.
Managerial Level - ANSWER competition, revenue increases and profit decisions are
made at this level, control is important at this level and both internal and external data is
utilized for decision making which sits within a one to three year timeframe.
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