Exam (elaborations)
Entrepreneurship Development-Short notes
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Entrepreneurship Development-Short notes
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9/13/24, 9:45 Business informationAM system
Business information system (Module I)
Data
Data are raw facts or observation typically about a physical
phenomenon. Any raw facts used for processing is called data.
Information
The processed data are called information. Information will
have logical connection and it is meaningful.
Difference between data and information
Data Information
Raw facts and figures Processed data
unprocessed
Data is sometimes unrelated Information will have some
to one another. logical connection.
It may or may not be It is always meaningful
meaningful
It cannot directly used for Always used in decision
decision making. making process.
Unorganized structure. Organized structure.
No value. Have value.
Characteristics of information
1. Accuracy
2. Completeness
3. Timeliness
4. Relevance
5. Reliability
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Types of information
1.Strategic information
This information used by the top level management. It is used
for long term purpose. This information is useful to the broad
objectives and policies of organizations.
2.Tactical information
This information is used by middle level management for
effective utilization of resources of the firm.
3.Operational information
This information is used by lower level management. This type
of information used for short term purpose.
Knowledge
Knowledge plays a vital role in day to day operation of running
an organisation. Knowledge can referred to as acquiring and
remembering a set of facts or the use of information to solve
problems.
Features of knowledge:
1. Knowledge is infinite.
2. Dynamic
3. Continuous and ever expanding.
4. Becomes obsolete.
5. Provisional, subject to criticism.
6. Contradiction, change or modification.
Types of knowledge
1. Explicit knowledge.
It is the most basic form of knowledge that can be easily
passed on to others. When data is processed, organized,
structured and interpreted, the result is explicit knowledge.
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AM system
Role of ICT in business
□ Global reach
□ Productivity
□ Commercial advantage
□ Monitoring
□ E-commerce
□ Teleconference
□ Communication
□ Inventory management
□ Image scanning
□ Customer relationship management
Management Information System (MIS)
According to Gerome Kanter, “A system that aids management
in making, carrying out and controlling decisions.”
Characteristics/ features of MIS
1. Management oriented
2. Management directed
3. Integrated concept
4. Common data base
5. Avoid redundancy in database
6. Heavy planning
7. Subsystem concept
8. Common data flow
9. Flexibility and ease of use
Basic concepts of MIS
□ User-machine system
□ Integrated system
□ Need for database
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