complete Study Guide .
Data -
✅raw facts that describe the characteristics of an event or object
Examples: Order date; amount sold; customer number; quantity ordered
Information -
✅Data converted into a meaningful and useful context
Examples: Best selling product; best customer; worst-selling product; worst customer
Business Intelligence -
✅Information collected from multiple sources such as suppliers, customers, competitors, partners,
and industries that analyzes patterns, trends, and relationships for strategic decision making
Examples: Lowest sales per week compared with the economic interest rates; Best selling product by
month compared to sports season and city team wins and losses
Knowledge -
✅Skills, experience, and expertise coupled with information and intelligence that creates a
person's intellectual resources
Examples: Choosing not to fire a sales representative who is underperforming knowing that person is
experiencing family problems; Listing products that are about to expire first on the menu or creating
them as a daily special to move the product
Fact -
✅A fact is a type of date.
Its qualities include:a thing that is indisputably the case
a piece of information used as evidence or as part of a report or news article.
a statement that is consistent with objective reality or can be proven with evidence
,the usual test for a statement of fact is verifiability
True/Useful Fact -
✅A fact that is true
EX the sky is blue
False/Misleading Fact -
✅False/Useless Example: The sky is above Misleading
Example: The sky is green (when a storm is brewing)
Triangulation -
✅taking a "read" from different sources
Corroboration -
✅checking one source's story against another source's story
Information Literacy -
✅Know when you need more data, information and knowledge; Be able to locate, evaluate and
effectively use that data, information, and knowledge
System -
✅a set of connected processes and characteristics forming a complex whole,
or a set of principles or procedures according to which something is done.Doesn't always produce
one particular end
Ex: produce pizza and employment and rent for landlord and market for food suppliers and......
Not always possible to measure the outcome of a system
Ex: can't easily measure how well the food suppliers needs outweigh the employees needs
Process -
,✅a series of actions or steps taken in order to achieve a particular end
You can measure the performance of a process
Ex: how much time to produce a pizza?
Ex: how many people does it take to produce a pizza?
Ex: when can we expect that pizza???
8 parts of a process or system -
✅1 Purpose, Function, Goals
2 Inputs
3 Processes (that transform inputs)
4 Outputs
5 Control (evaluate the process)
6 Feedback
7 Adjustment
8 How Does the Control Use Feedback?
supersystem
supersystem -
✅a larger system that contains other systems
system -
✅a set of interacting components working together to form a complex, integrated whole in order
to achieve some goal by taking inputs and processing them to produce outputs.
subsystem
Interdependence -
✅parts that depend on each other
Synergy -
✅Cooperative effort of complementary parts is greater than sum of those individual parts
, Entropy/Obsolescence -
✅All systems fall apart over time if they don't adapt
Suboptimization -
✅designed - intentionally - to work less than optimally, but to perfectly serve a higher order
system
Functional Parts of Enterprise -
✅Sales: performs the function of selling goods or services
Accounting: records, measures, and reports monetary transactions
Finance: tracks strategic financial issues including money, banking, credit, investments, and assets
Human Resources: Maintains policies, plans, and procedures for the effective management of
employees
Marketing: supports sales by planning, pricing, and promoting goods or services
Operations Management: manages the process of converting or transforming or resources into
goods or services
Stakeholders in an Enterprise -
✅Are Stakeholders:
Partners/Suppliers
Government
Customers
Employees
Community Shareholders/Investors
Are NOT Stakeholders:
Competitors