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Related Flashcards
Related Topics
Cards In This Set
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Fact
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The confirmation or validation of an event or object
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Data
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Raw facts that describe the characteristics of an event.examples:order date, amount sold, customer number, quantity ordered
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Information
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Data converted into a meaningful and useful context best-selling product, best customer . . .
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Variable
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A data characteristic that stands for a value that changes/varies over time
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Business intelligence
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Refers to applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts. examples: lowest sales per week compared with the economic interest rates
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Knowledge
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Skills, experience and expertise coupled with information and intelligence that creates a person’s intellectual resources. example: choosing not to fire a sales rep who is underperforming knowing that he is experiencing a family problem
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Knowledge workers
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individuals valued for their ability to interpret and analyze information
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Departments
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Accounting, finance, HR, marketing, operations management, sales Work together to make business decisions
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Systems
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A collection of parts that link to achieve a common purpose
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Goods
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material items or products that customers will buy to satisfy a want or need
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Service
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A business task
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Production
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The creation of goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge
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Productivity
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the rate at which goods and services are produced based upon total output given total inputs
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Systems thinking
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A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
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Feedback
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information that returns to its original transmitter (input, transform, or output) and modifies the transmitter’s actions
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