MGTA02H3 Chapter Notes - Chapter 8: Management Information System, Information System, Income Statement
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MGTA02H3 Full Course Notes
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Why businesses need information: businesses need information to make decisions, and to take appropriate actions, having the systems in place to do this requires management planning and forethought, information on its own is not a factor of production. Knowledge: data, data: a collection of raw facts and figures i. Through time, sales receipts can be used to measure the effect of advertising, sales promotions and price changes. Information: data that has been structured or put into context so that it becomes useful to people. Data becomes information only after someone says "i know how many cups of coffee we sold today. I need to know how that compares to the number we sold yesterday. number we sold yesterday: knowledge, knowledge: the accumulation of understanding and experience, to use information to form judgements and make decisions. The coffee urns are getting empty, i should make a fresh pot b.
