mgta04 final exam prep.docx

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 3  Information managers- Managers responsible for activities needed to generate, analyze, and disseminate information for a company to make useful decisions  Information management- An internal operation which gathers a company’s information resources to support a business’ performance and outcome  Data- raw facts and figures  Information- Interpretation of the raw facts and figures  Information system- An organized system which transforms raw data into useful information that the company can use for decision making o Improve performance o Assist in scheduling day to day trip vehicle trips, evaluating prospective employees, and formulating a business’ strategy o In 1950’s-1960s- small technical problems, 1960s-1970’s- small management problems, 1970s-1980’s- high management problems, 1990’s-2000s- Organization wide planning and implementation o Quality control standards- comparing costs against budgeted amounts, keeping records of employees absences and turnovers o Planning future products and demographics, financial planning, managing material flow etc..  Electronic Information Technologies- IS applications based on telecommunications technologies  They improve business performance by following two functions o Providing coordination and communication with them firm o Speeding up transactions with other firms  The main telecommunication technologies are: o Fax machine- sending digital documents over telephone lines o Voice mail- receiving and delivering incoming telephone calls o Electronic mail-electronic transmission of reports and documents btwn computers o Electronic conferencing- 2 or more people communicating with each other from diff locations o Groupware- a system that allows two or more individuals to communicate electronically b/w desktop PCs  Data communication networks- A global network which allows users to send information quickly and economically  Internet- the network of networks which offers information about diff topics and provides communication flows among more 170,000 netorks  ISP (American online, prodigy)- A commercial firm which maintains a permanent connection with the internet and sells temp connections to suscribers  World Wide Web- a system of universally accepted standards which formats, displays, retrieves, and stores info on the web  Web servers- large computers which are customized for managing, maintaining and supporting websites   Browser- software that people can use to access info on the web i.e chrome  Directories- features that people find the content they want on the web  Search eng- Software for searching for webpages that do not pre-classify them into a directory  Intranets- private ntwork that only employees have access too  Firewall- hardware and software systems which ensureinternal networks are not accessible to outsiders  Extranet – a network that provides limited access to outsiders about internal info Organizational design  Leaner organization  More flexible operations o Mass customization- large volumes but there is still customer customization  Increased collaboration  Networking & virtual- virtual company formed by many allied firms  Improved Management processes  Enterprise resource planning- An information system which integrates all activities of a company’s business units  Knowledge workers- workers that use knowledge and information as raw materials in their work place. Often they are professionally trained i.e. engineer  4 user groups o First line managers- Operational info system o Knowledge workers- knowledge system o Middle managers- management info system o Top level managers- Strategic info system  Transaction Processing system- application of business processes for day-today business transactions  Systems Operations Personnel- People who run a company’s computer equipment  Computer aided design- A system that uses graphics and computer analysis to design & create new products in 3D  Computer aided manufacturing- computer systems used to design and control all the equipment and tools used for producing used  Management Information systems (MIS) systems that support an organizations managers by providing daily reports, schedules, plans, and budgets  Decision Support system- computer systems used to provide alternatives to managers when making decision on complex problems  Executive Support system- a quick reference, easy-access application of information systems specially designed for upper level managers  Artificial intellengence- imitate human behavior  Robotics- computer controlled machines which perform productive tasks  Expert system- designed to imitate human experts knowledge  Computer network- a number of computers in diff locations that can fxn independently but are still interconnected  Hardware- physical components of a computer system  Input device- hardware that gets data into a form the computer can accept  CPU- primary storage unit where the conversion of data into info takes place  Main memory- the part of CPU which stores the main programs a computer needs to operate  Program- sequence of instructions to a computer  Output device- provides results to a computer Chapter 4- Accounting  Accounting- A comprehensive information system which is used for collecting, analyzing and communicating financial information  Book keeping- recording business transactions  Accounting Information system- An organized procedure used for identifying, measuring, recording, and retaining financial info which can be used for accounting statements and management reports.  Numerous users of accounting information  Business managers- planning, setting goals  Employees and union- to get paid and planning employee benefits  Investors and creditors- estimate returns to stockholders, determining future growth prospects, and evaluating credit risk  Taxing authorities- tax inflows  Gov’t regulatory agencies  The head of the AIS is the controller- manages all of the firm’s accounting activities  Two main fields: financial & managerial accounting  Financial accounting- deals with external unions and it provides reports so external users can assess the financial position of the firm (company as a whole)  Managerial accounting- internal procedures which help managers in planning and decision making (focuses on individual units)  CA- an individual has met certain education and experience requirements and has passed the licencing exam and acts as an outside accountant for other firms  CGA- an indiv who has a degree and passed a national exam . works in private firm of CGA firm  CMA- an indiv who has a univ degree, national exam, and completed a strategic leadership course. Works in industry and focuses on internal management accounting  An audit- Is when an accountant is examining financial records to make sure it is accurate and have been prepared using proper procedures  Forensic accountants- accountants who track down hidden funds  GAAP- standard rules and regulations that accountants must follow when preparing financial reports  Pivate accountants- manage day-to-day accounting  A=L+OE  O/E: share capital & r/e  Double-entry accounting system- every transaction affects two accounts so the accounting equation still balances  Marketable securties-stocks and bonds  Good will: the amount paid for an existing business beyond the value of the assets  Paid in capital-additional money invested by the owner  Income statement (proft/loss statement)  Profit/loss=bottom line  Gross profit %= gross profit/net sales  Statement of cash flows- a firm’s generation and use of cash during a given period o Cash flow from operation: Buying and selling g/s o Cash flow from investing: Buying/selling stocks o Cash flow from financing: borrowing or issuing stocks  Internal financial statement is the budget- a detailed financial statement of estimated receipts
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