Chapter 1 Notes

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Financial Accounting
Tim Richardson

Chapter 1 NotesManagement Information Systemsmanagement information systems MIS deals with the planning for and development management and use of information technology tools to help people perform all tasks related to information processing and managementpeople use information technology to work with informationInformation as a Key Resourcedata are raw facts that describe a particular phenomenoninformation is data that have a particular meaning within a specific contextbusiness intelligence BI is collective informationabout customers competitors business partners competitive environment and own internal operationthat gives you the ability to make effective important and often strategic business decisionsknowledge is broad term that can describe many things 1 it can provide contextual explanation for business intelligence 2 it can point toward actions to take to affect business intelligence 3 it can include intellectual assets such as patents and trademarks and 4 it includes organizational knowhow for things such as best practicessome information attributes that help define its quality are timeliness location form and validitygarbagein garbageout GIGif the information coming into the decisionmaking process is in bad form ie garbagein then the decision maker will more than likely make a poor decision ie garbageoutinformation must be organized managed and disseminated effectively for the information to exhibit qualitywithin an organization information flows in four basic directionsupward downward horizontal and outwardinward1Upward Upward information flows describe the current state of the organization based on its daily transactions Along the way the information takes on a finer level of granularity At lower organization levels information exhibits fine granularity because people need to work with information in greater detail At the upper organizational levels information becomes coarser because it is summarized or aggregated in some way2Downward Strategies goals and directives that originate at a higher level are passed to lower levels in downward information flows The upper level of an organization develops strategies the middle levels of an organization convert them into tactics and the lower levels of an organization deal with the operational details3Horizontal Information flows horizontally between functional business units and work teams The goal here is to eliminate the old dilemma of the right hand not knowing what the left hand is doing In general everyone in a company needs to know everything relevant in a business sense personal and sensitive data not included4Outwardinward Information is communicated from and to customers suppliers distributors and other partners for the purpose of doing business These flows of information are really what electronic commerce is all aboutinformation granularitythe extent of detail within the informationanother organizational perspective on information concerns what information describesinternal or external objective or subjective and various combinations of these optionsointernal information describes specific operational aspects of an organizationoexternal information describes the environment surrounding the organizationoobjective information quantifiably describes something that is knownosubjective information attempts to describe something that is unknownPeople as a Key Resource in MISthe single most information resource in any organization is its peoplea technologyliterate knowledge worker knows how and when to apply technologythe how aspect includes knowing which technology to purchase how to exploit the many benefits of application software and what technology infrastructure is required to get businesses connected to each other just to name a fewa technologyliterate knowledge worker also knows when to apply to technologyan informationliterate worker can define what information is needed knows how and where to obtain information understands the information once it is received ie can transform the information into business intelligence and can act appropriately based on the information to help the organization achieve the greatest advantageethics are the principles and standards that guide our behaviour toward other peoplebeing ethically and socially responsible in the information age involves not only the actions you initiate yourself but also what you do to protect yourself and your organization against cyber crimesInformation Technology as a Key Resource in MISthe third key resource for management information systems MIS is information technology IT any computerbased tool that people use to work with information and support the information and informationprocessing needs of an organizationone simpleyet effectiveway to categorize technology is as either hardware or softwarehardware is the physical devices that make up a computersoftware is the set of instructions that your hardware executes to carry out a specific task for you
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