MIS 140 Lecture Notes - Lecture 2: Business Process, Virtual Reality, Sensitivity Analysis

• School: DePaul University
• Department: Management Information Systems
• Course: MIS 140
• Professor: Kanter Howard

Document Summary

If not, then the decisions were incorrect and the process begins again. Decision making and problem solving occur at each level in an organization. Strategic decision making: managers develop overall strategies, goals, and objectives. Unstructured decisions: occurs in situations in which no procedures or rules exist to guide decision makers towards the correct choice. Project- a 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. Market share: the portion of the market that affirm captures (external) Return on investment (roi): indicates the earning power of a project. Benchmark: baseline values the system it 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.