MGTA01H3 Chapter Notes - Chapter 8: Time Series, Management Information System, Information System
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MGTA01H3 Full Course Notes
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Document Summary
Data a collection of raw facts and figures. Information data that has been structured or put into context so that it becomes useful to people. E. g. (cid:862)i k(cid:374)ow how (cid:373)a(cid:374)(cid:455) (cid:272)ups of (cid:272)offee we sold toda(cid:455). I (cid:374)eed to k(cid:374)ow how that (cid:272)o(cid:373)pares to the (cid:374)u(cid:373)(cid:271)er we sold (cid:455)esterda(cid:455). (cid:863) Knowledge- the accumulation of understanding and experience, to use information to form judgments and make decisions. Management information system (mis) - any system for collecting data that can be organised in such a way that it produces information of use to the managers of a business. The purpose of a man- agement information system is to give managers the information they need to organise and control the business more effectively. Information system: any system that allows people to record and store data, to organise the data into useable form, and then transmit information to the people who need it.
