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Terms in this set (140)system a set of two or more interrelated components that interact to achieve a goal most systems are composed of smaller subsystems that support the larger system What is each subsystem designed to achieve? one or more organizational goals changes in subsystems CANNOT be made without... considering the effect on other subsystems and on the system as a whole goal conflict occurs when a subsystem's goals are inconsistent with the goals of another subsystem OR with the system as a whole goal congruence occurs when a subsystem achieves its goals while contributing to the organization's overall goal When is it more difficult to achieve goal congruence? when the organization is larger and the system is more complicated data facts that are collected, recorded, stored, and processed by an information system information data that have been organized and processed to provide meaning and improve the decision-making process When do users make better decisions? when the quantity and quality of information increases There are _________ to the amounts of information the human mind can ____________ and _______________. limits; absorb; process information overload occurs when the limits to the amounts of information that the human mind can absorb and process are passed, resulting in a decline in decision-making quality and an increase in the cost of providing that information information technology (IT) the computers and other electronic devices used to store, retrieve, transmit, and manipulate data information system designers use information technology to help decision makers... more effectively filter and condense information value of information the benefit provided by information (less) the cost of producing it What are the benefits of information? reduced uncertainty, improved decisions, and improved ability to plan and schedule activities What are the costs of information? the time and resources spent to produce and distribute the information it is difficult to determine the value of information before... it has been produced and utilized the expected value of information should be calculated as effectively as possible so that... the costs of producing the information do not exceed its benefits What are the seven characteristics that make information useful and meaningful? relevant, reliable, complete, timely, understandable, verifiable, accessible relevant reduces uncertainty, improves decision making, or confirms or corrects prior expectations reliable free from error or bias; accurately represents organization events or activities complete does not omit important aspects of the events or activities it measures timely provided in time for decision makers to make decisions understandable presented in a useful and intelligible format verifiable two independent, knowledgeable people produce the same information accessible available to users when they need it and in a format they can use business process a set of related, coordinated, and structured activities and tasks, performed by a person, a computer, or a machine, that help accomplish a specific organizational goal all organizations need information in order to make ___________ ____________ , and all organizations have _________________ ________________ in which they are continuously engaged effective decisions; business processes to make effective decisions, organizations must decide... what decisions they need to make, what information they need to make said decisions, and how to gather and process the data needed to produce the information the data gathering and processing is often tied to the... basic business processes in an organization business processes: acquire capital key decisions: how much; find investors or borrow funds; if borrowing, obtain best terms business processes: acquire capital (cont.) information needs: cash flow projections; pro forma financial statements; loan amortization schedule business processes: acquire building and equipment key decisions: size of building, amount of equipment, rent or buy, location, how to depreciate business processes: acquire building and capital (cont.) information needs: capacity needs, building and equipment prices, market study, tax tables and depreciation regulations business processes: hire and train employees key decisions: experience requirements, how to assess integrity and competence of applicants, how to train employees business processes: hire and train employees (cont.) information needs: job descriptions, applicant job history and skills business processes: acquire inventory key decisions: what models to carry, how much to purchase, how to manage inventory (store, control, etc.), which vendors business processes: acquire inventory (cont.) information needs: market analyses, inventory status reports, vendor performance business processes: advertising and marketing key decisions: which media, content business processes: advertising and marketing (cont.) information needs: cost analyses, market coverage business processes: sell merchandise key decisions: markup percentage, offer in-house credit, which credit cards to accept business processes: sell merchandise (cont.) information needs: pro forma income statement, credit card costs, customer credit status business processes: collect payments from customers key decisions: if offering credit, what terms; how to handle cash receipts business processes: collect payments from customers (cont.) information needs: customer account status, accounts receivable aging report, accounts receivable records business processes: pay employees key decisions: amount to pay, deductions and withholdings, process payroll in-house or use outside service business processes: pay employees (cont.) information needs: sales (for commissions), time worked (hourly employees), W-4 forms, cost of external payroll service business processes: pay taxes key decisions: payroll tax requirements, sales tax requirements business processes: pay taxes (cont.) information needs: government regulations, total wage expense, total sales business processes: pay vendors key decisions: whom to pay, when to pay, how much to pay business processes: pay vendors (cont.) information needs: vendor invoices, accounts payable records, payment terms transaction an agreement between two entities to exchange goods or services, such as selling inventory in exchange for cash; OR any other event that can be measured in economic terms by an organization examples of transactions selling goods to customers, buying inventory from suppliers, paying employees transaction processing process of capturing transaction data, processing it, storing it for later use, and producing information output, such as a managerial report or a financial statement the process that begins with capturing transaction data and ends with informational output, such as financial statements, is called... transaction processing give-get exchange transactions that happen a great many times, such as giving up cash to get inventory from a supplier and giving employees a paycheck in exchange for their labor business processes or transaction cycles the major give-get exchanges that occur frequently in most companies revenue cycle activities associated with selling goods and services in exchange for cash or a future promise to receive cash expenditure cycle activities associated with purchasing inventory for resale or raw materials in exchange for cash or a future promise to pay cash production or conversion cycle activities associated with using labor, raw materials, and equipment to produce finished goods human resources/payroll cycle activities associated with hiring, training, compensating, evaluating, promoting, and terminating employees financing cycle activities associated with raising money by selling shares in the company to investors and borrowing money as well as paying dividends and interest general ledger and reporting system information-processing operations involved in updating the general ledger and preparing reports for both management and external parties What are the five major transaction cycles (or business processes)? revenue cycle, expenditure cycle, production or conversion cycle, human resources/payroll cycle, financing cycle The various transaction cycles __________________ to one another and interface with the _______________________________ . relate; general ledger and reporting system In many accounting software packages, the various transaction cycles are implemented as __________________ ________________ . Not every organizations needs to implement _____________ ______________ . separate modules; every module It has often been said that accounting is the __________________ of _______________ . language; business If accounting is the language of business, then an accounting information system (AIS) is the intelligence -- ____________________________________ -- of that language. the information-providing vehicle accounting information system (AIS) a system that collects, records, stores, and processes data to produce information for decision-makers. it includes people, procedures and instructions, data, software, information technology infrastructure, and internal controls and security measures. accounting is a data identification, collection, and storage process as well as an... information development, measurement, and communication process by definition, accounting is an information system, since an AIS... collects, records, stores, and processes accounting and other data to produce information for decision makers An AIS can be a ____________ system, a ______________ system using the latest in IT, or _______________ _____ _________________ . manual; complex; something in between Regardless of the approach taken, AIS _______________ is the _____________ . process; same Regardless of the approach taken, the AIS MUST... collect, enter, process, store, and report data and information The paper and pencil or the computer software and hardware are merely the ________________ used to ________________ the ____________________. tools; produce; information The AIS can and should be the organization's ______________ ____________ ______________ , and it provides users with the ________________ they need to _______________ _____________ _________ . primary information system; information; perform their jobs What are the six components of an AIS? 1) the PEOPLE who use the system 2) the PROCEDURES and INSTRUCTIONS used to collect, process, and store data 3) the DATA about the organization and its business activities 4) the SOFTWARE used to process the data 5) the INFORMATION TECHNOLOGY INFRASTRUCTURE, including the computers, peripheral devices, and network communications devices used in the AIS 6) the INTERNAL CONTROLS and SECURITY MEASURES that safeguard AIS data What is the first component of an AIS? the people who use the system What is the second component of an AIS? the procedures and instructions used to collect, process, and store data What is the third component of an AIS? the data about the organization and its business activities What is the fourth component of an AIS? the software used to process the data What is the fifth component of an AIS? the information technology infrastructure, including the computers, peripheral devices, and network communications devices used in the AIS What is the sixth component of an AIS? the internal controls and security measures that safeguard AIS data The six components of an AIS enable the AIS to fulfill... three important business functions What is the first important business function that the 6 components of an AIS enable the AIS to fulfill? 1) Collect and store data about organizational activities , resources, and personnel. Organizations have a number of business processes, such as making a sale or purchasing raw materials, which are repeated frequently. What is the second important business function that the 6 components of an AIS enable the AIS to fulfill? 2) Transform data into information so management can plan, execute, control, and evaluate activities, resources, and personnel. What is the third important business function that the 6 components of an AIS enable the AIS to fulfill? 3) Provide adequate controls to safeguard the organization's assets and data. Interacting with an AIS is one of the... most important activities that accountants perform Other important AIS-related activities include designing _______________ _______________ and ______________ ______________ improvements. information systems; business process A well-designed AIS can add value to an organization by: 1) Improving the quality and reducing the costs of products or services 2) Improving efficiency 3) Sharing knowledge 4) Improving the efficiency and effectiveness of its supply chain 5) Improving the internal control structure 6) Improving decision making What is an example of an AIS improving the quality and reducing the costs of products or services? An AIS can monitor machinery so operators are notified immediately when performance falls outside acceptable quality limits. This helps maintain product quality, reduces waste, and lowers costs. What is an example of an AIS improving efficiency? Timely information makes a just-in-time manufacturing approach possible, as it requires constant, accurate, up-to-date information about raw materials inventories and their locations Sharing knowledge and expertise can _____________ __________________ and provide a _________________ _______________ . improve operations; competitive advantage An AIS with the proper internal control structure can help protect systems from... fraud, errors, system failures, and disasters Decision-making is a complex, multi-step activity: identify the problem, collect and interpret information, evaluate ways to solve the problem, select a solution methodology, and implement the solution First step in decision making process identify the problem Second step in decision making process collect and interpret information Third step in decision making process evaluate ways to solve the problem Fourth step in decision making process select a solution methodology Fifth step in decision making process implement the solution How can an AIS help improve decision making? (1 of 5) It can identify situations requiring management action. How can an AIS help improve decision making? (2 of 5) It can reduce uncertainty and thereby provide a basis for choosing among alternative actions. How can an AIS help improve decision making? (3 of 5) It can store information about the results of previous decisions, which provides valuable feedback that can be used to improve future decisions. How can an AIS help improve decision making? (4 of 5) It can provide accurate information in a timely manner. How can an AIS help improve decision making? (5 of 5) It can analyze sales data to discover items that are purchased together, and it can use such information to improve the layout of merchandise or to encourage additional sales of related items. Since most organizations have limited resources, it is important to identify the AIS improvements likely to... yield the greatest return Making a wise decision requires an understanding of the organization's _________________ ____________________ ___________________ . overall business strategy What three factors influence the design of an AIS? developments in IT, business strategy, and organizational culture The design of the AIS can also influence the ___________________ ______________ by controlling the _______________ of __________________ within the organization. organization's culture; flow; information IT developments can affect.... business strategy predictive analysis the use of data warehouses and complex algorithms to forecast future events, based on historical trends and calculated probabilities Predictive analysis provides an ________________ ____________ of what one may expect to see in the near future, allowing companies to make __________________ ________________ ________________ , and improve their _______________ . educated guess; better business decisions; processes An organization's AIS plays an important role in helping it adopt and maintain a ________________ _______________ . strategic position It is important that the information system collect and integrate both ______________ and _________________ data about the organization's activities. financial; nonfinancial value chain linking together of all the primary and support activities in a business. value is added as a product passes through the chain. primary activities value chain activities that produce, market, and deliver products and services to customers and provide post-delivery service and support. support activities value chain activities such as firm infrastructure, technology, purchasing, and human resources that enable primary activities to be performed efficiently and effectively. supply chain an extended system that includes an organization's value chain as well as its suppliers, distributors, and customers What are the five primary activities that directly provide value to customers? 1) Inbound logistics 2) Operations 3) Outbound logistics 4) Marketing and sales 5) Service inbound logistics consists of receiving, storing, and distributing the materials an organization uses to create the services and products it sells. inbound logistics example an automobile manufacturer receives, handles, and stores, steel, glass, and rubber operations operations activities transform inputs into final products or services operations example assembly line activities convert raw materials into a finished car and retailers remove goods from packing boxes and place the individual items on shelves for customers to purchase outbound logistics outbound logistics activities distribute finished products or services to customers outbound logistics example shipping automobiles to car dealers marketing and sales marketing and sales activities help customers buy the organization's products or services. marketing and sales example advertising service service activities provide post-sale support to customers service example repair and maintenance services Support activities allow the five primary activities to be performed _______________ and ________________ . efficiently; effectively What are the four categories of support activities? 1) Firm infrastructure 2) Human resources 3) Technology 4) Purchasing firm infrastructure the accounting, finance, legal, and general administration activities that allow an organization to function firm infrastructure example the AIS is part of the firm infrastructure human resources human resources activities include recruiting, hiring, training, and compensating employees technology technology activities improve a product or service technology example research and development, investments in IT, and product design purchasing purchasing activities procure raw materials, supplies, machinery, and the buildings used to carry out the primary activities
Using _____ to redesign supply chain systems yields tremendous _________________ and _______________ _________________ . IT; benefits; cost savings An organization's value chain is a part of a larger system called a ________________ _____________ . supply chain By paying attention to its ______________ _______________ , a company can improve its performance by helping the others in the supply chain to improve their performance. supply chain Sets with similar termsChapter 137 terms 22199098 Chapter 1: Characteristics of Useful Information8 terms kgd8 ISM 360 quiz cha 1-489 terms tori_kennedy6 acct info ch 134 terms michael_hoy Other sets by this creatorقال6 terms cassidymanwell what to say when & how to respond21 terms cassidymanwell daily schedule11 terms cassidymanwell cooking verbs20 terms cassidymanwell Verified questions
ADVANCED MATH Chandler Enterprises produces two competing products: A and B, The company wants to sell these products to two groups of customers: group 1 and group 2. The value each customer places on a unit of A and B is as shown in Table 56. Each customer will buy either product A or product B, but not both. A customer is willing to buy product A if she believes that Value of product A – price of product A ≥ Value of product B – price of product B and Value of product A – price of product A ≥ 0 A customer is willing to buy product B if she believes that Value of product B – price of product B ≥ value of product A – price of product A and Value of product B – price of product B ≥ 0 Group 1 has 1,000 members, and group 2 has 1,500 members. Chandler wants to set prices for each product that ensure that group 1 members purchase product A and group 2 members purchase product B Formulate an LP that will help Chandler maximize revenues. Table 56: $$ \begin{matrix} \text{ } & \text{Group 1 Customer} & \text{Group 2 Customer}\\ \text{Value of A to} & \text{\$10} & \text{\$12}\\ \text{Value of B to} & \text{\$8} & \text{\$15}\\ \end{matrix} $$ Verified answer
ADVANCED MATH Translate the following statements into symbolic form using uppercase letters to represent affirmative English statements. Example: Suppose you are given the statement “If Facebook makes us narcissistic, then either Twitter or LinkedIn relieves our loneliness.” This would be translated $F \supset(T \vee L)$. It is not the case that both Lindsey Vonn or Kevin Durant plays professional tennis and Tom Brady or Matt Ryan plays professional basketball. Verified answer
ADVANCED MATH The approximate cost of operating a certain car at a constant speed is given by the formula ${ C } = 0.006 ( s - 50 ) ^ { 2 } + 20 , \text { for } 10 \leq s \leq 130$ where s is the speed, in kilometres per hour, and C is the cost, in cents per kilometre. Use a graphing calculator to compare the operating costs, at different speeds, to those of a second vehicle with formula $C = 0.008 ( s - 55 ) ^ { 2 } + 15$ Verified answer
ADVANCED MATH For a telephone survey, a marketing research group needs to contact at least 150 wives, 120 husbands, 100 single adult males, and 110 single adult females. It costs $2 to make a daytime call and (because of higher labor costs)$5 to make an evening call. Table 52 lists the results Because of limited staff, at most half of all phone calls can be evening calls. Formulate an LP to minimize the cost of completing the survey. Table 52: $$ \begin{matrix} \text{Person Responding} & \text{Percent of Daytime Calls} & \text{Percent of Evening Calls} & \text{ }\\ \text{Wife} & \text{30} & \text{30}\\ \text{Husband} & \text{10} & \text{30}\\\text{Single male} & \text{10} & \text{15}\\ \text{Single female} & \text{10} & \text{20}\\\text{None} & \text{40} & \text{5}\\ \end{matrix} $$ Verified answer Recommended textbook solutionsElementary Number Theory7th EditionDavid Burton 776 solutions Numerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Book of Proof2nd EditionRichard Hammack 340 solutions Elementary Number Theory5th EditionKenneth H. Rosen 1,646 solutions Other Quizlet setsTO-OT Turbine Oil System52 terms r1ashadPLUS 8.6.4 Practice Questions15 terms Jennifer_Cardino Endocrine- Drugs10 terms Kate_Nichols42 Chapter 8 Court Systems (exam 4)65 terms paigeeeealex Which of the following types of quality refers to a product's ability to perform the functions for which It was intended?Quality Glossary Definition: Reliability. Reliability is defined as the probability that a product, system, or service will perform its intended function adequately for a specified period of time, or will operate in a defined environment without failure.
Which of the following perspectives of quality judges a product on the basis of how well the product performs?The user perspective of quality judges a product based on how well the product performs its intended function.
Which of the following terms best represents a firm's ability to achieve market superiority?Competitiveness or competitive advantage denotes a firm's ability to achieve market superiority over its competitors.
Which of the following perspectives of quality is most likely to be meaningful to people?Which of the following perspectives of quality is most likely to be meaningful to people who work in marketing because they are responsible for determining the needs and expectations of the customers? internalizing quality at the personal level and encouraging employees to practice quality in all activities of life.
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One of the ways that the legal services function helps to achieve quality is by Quizlet
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