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⩥ Data.
Answer: Unorganized data that lacks meaning.
⩥ Information.
Answer: Data that has been organized in a meaningful manner.
⩥ Information system.
Answer: An integrated network of components working together to
convert data into useful information; includes an input, a process, and an
output; comprised of people, processes, machines, and information
technology.
⩥ Knowledge.
Answer: The practical application of information.
⩥ Data, Information, and Knowledge example.
Answer: Data: The number of people below the poverty line in the
region is 50,000.
,Information: The number of people below the poverty line increases
between 2010 and 2018.
Knowledge: The number of people below the poverty line has increased
due to stagnating wages and cuts to social programs.
⩥ Decision support system.
Answer: This system uses models and statistical analysis to help
decision makers solve problems
⩥ Management information system (MIS).
Answer: Provides timely and accurate information that enables
managers to manage their departments more efficiently; analyzes
performance.
⩥ Transaction processing system.
Answer: information system used for processing patient admissions,
employee time cards, and purchase orders
⩥ Information management.
Answer: The management of organizational processes and systems;
helps the organization reduce costs and adds value to products; helps the
organization make better managerial decisions; stores and processes
data.
,⩥ Information technology.
Answer: The use of computer and telecommunications systems for
storing, retrieving, and sending information; comprised of hardware,
software, data, and networks.
⩥ information technology management.
Answer: the management of hardware, software, data, networks, and
people that facilitate access to information and allow the organization to
achieve business objectives.
⩥ Strategic information system.
Answer: provide tools used by an organization to accomplish specific
tasks to gain competitive advantage.
⩥ Social Networking and interpersonal skills..
Answer: Enhances interpersonal and relationship-forming skills.
⩥ Porters 5 competitive forces.
Answer: Intensity competitive rivalry
bargaining power of customers
bargaining power of suppliers
threat of new entrants
, threat of substitutes
⩥ Network economics (network-based strategy).
Answer: the cost of adding another business participant to a business
venture is small, the potential gain is great.
⩥ Business ecosystems.
Answer: Network of businesses involved in delivering a product through
mutual cooperation.
⩥ Product differentiation (business strategy).
Answer: offering a higher quality product to differentiate from others in
the market
⩥ growth (business strategy).
Answer: adding new products or new enhancements to existing products
⩥ Enterprise Resource Planning (ERP).
Answer: Involves utilizing computer technology to link various aspects
of a business; a very complex resource planning system that spans the
entire business; companies often have difficulty implementing the
system.
⩥ Customer Relationship Management (CRM).