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2 or more interrelated components that interact to achieve a goal.
System
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What are most systems composed of?
Smaller subsystems that support the larger system.
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When a subsystem's goals are inconsistent with the goals of another subsystem or the system as a whole.
Goal conflict
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When a subsystem achieves its goals while contributing to the organization's overall goal.
Goal congruence
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The larger and more complicated the system is, the harder it is to obtain...
goal congruence.
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Facts that are collected, recorded, stored, and processed by a system.
Data
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Data that have been organized and processed to provide meaning and improve decision making.
Information
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What happens when the quantity and quality of information increases?
Better decisions are made.
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When the amount of information a human mind can absorb and process is exceeded.
Information overload.
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Information overload results in what 2 things? (DI)
- 1. A decline in decision-making quality
- 2. An increase in the cost of providing information. (?)
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Computers and other electronic devices that are used to store, retrieve, transmit, and manipulate data.
Information technology (IT)
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The value of information is the... (formula)
Benefit produced by the information - The cost of producing it.
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3 benefits of information. (RII)
- 1. Reduced uncertainty
- 2. Improved decisions
- 3. An improved ability to plan and schedule activities
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The 2 costs of producing information are...
the time and resources that were spent.
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7 Characteristics that make information useful and meaningful. (RRCTUVA)
- 1. Relevant
- 2. Reliable
- 3. Complete
- 4. Timely
- 5. Understandable
- 6. Verifiable
- 7. Accessible
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A set of related, coordinated, and structured activities and tasks, performed by a person, computer, or machine that help accomplish a specific organizational goal.
Business process
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An agreement between 2 entities to exchange goods or services or any event that can be measured in economic terms.
Transaction
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The process that begins with capturing transaction data and ends with informational output.
Transaction processing
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Give-get exchanges are grouped into what 5 major business processes/transaction cycles? (REPHF)
- 1. Revenue cycle
- 2. Expenditure cycle
- 3. Production/Conversion cycle
- 4. HR/Payroll cycle
- 5. Financing cycle
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The cycle that consists of goods and services being sold for cash or a promise to receive cash in the future.
Revenue cycle
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The cycle that involves incurring costs to get goods ready.
Expenditure cycle
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The cycle that consists of raw materials being transformed into finished goods.
Production/Conversion cycle
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The cycle that involves employees being hired, trained, compensated, evaluated, promoted, and terminated.
HR/Payroll cycle
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The cycle that consists of companies selling shares in the company to investors and borrow money, and where investors are paid dividends and interest is paid on loans.
Financing cycle
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A system that collects, records, stores, and processes data to produce information for decision makers.
AIS
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6 components of an AIS. (PPDSII)
- 1. The people who use the system
- 2. The procedures used
- 3. The data about the organization
- 4. The software used
- 5. The IT infrastructure
- 6. The internal controls and security measures
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The 6 components of an AIS enable it to fulfill what 3 business functions? (CTP)
- 1. Collect and store data about org. activities
- 2. Transform data into information
- 3. Provide adequate controls to safeguard assets and data
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6 ways an AIS can add value to an organization. (IISIII)
- 1. Improves quality and reduces cost of products/services
- 2. Improves efficiency
- 3. Shares knowledge
- 4. Improves efficiency and effectiveness of supply chain
- 5. Improves internal control structure
- 6. Improves decision making
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Making a wise decision requires...
an understanding of the organization's overall business strategy.
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3 factors that influence the design of an AIS. (OBI)
- 1. Organizational culture
- 2. Business strategy
- 3. IT
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The use of data warehouses and complex algorithms to forecast future events, based on historical trends and calculated probabilities.
Predictive analysis
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The linking together of all the primary and support activities in a business.
Value chain
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When is value added in the value chain?
As a product passes through the chain.
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5 primary activities in the value chain. (IOOMS)
- 1. Inbound logistics
- 2. Operations
- 3. Outbound logistics
- 4. Marketing and sales
- 5. Service
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These allow the primary activities in a value chain to be performed effectively and efficiently.
Support activities
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4 support activities in a value chain. (FHTP)
- 1. Firm infrastructure
- 2. HR
- 3. Technology
- 4. Purchasing
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The financing cycle deals with...
debt and equity.
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