WITH DETAILED EXPLANATIONS 2026
◉ 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.