MGTA02H3 Chapter Notes - Chapter 8: Time Series, Management Information System, Financial Accounting
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MGTA02H3 Full Course Notes
Need information to make decisions and important decisions. Some management theorist"s suggest that information should now be considered a factor of production. Data: a collection of raw facts & figures: ex. The factory produced 14,800 bicycles, last month we signed 9 new contracts. Sales receipt through time can be used to measure the effect of advertising, sales promotion & price changes. Information: data that has been structured or put into context so that it becomes useful to people. Knowledge: the accumulation of understanding and experience, to use information to form judgements and make decisions. Management information systems (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. Purpose of mis is to give managers the information they need to organise and control the business more effectively.