Submitted by: Submitted by raviailani
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Category: Business and Industry
Date Submitted: 04/11/2013 05:28 PM
Financial and Management Information
Lecture 1:
* Data & information:
* Data: raw facts which are capable of being processed to form information -> i.e. Data is an input
* Information: data which has been processed in such a way as to be meaningful to the audience and in context, hence information is the output
* Creating information from data requires processes or a system whether they are supported with technology or not
* Information only becomes truly useful when it can be translated into intelligence and knowledge
* Once processed, analysed and summarized via an information system reports can be produced as information for the purpose of management decision making or problem solving (OUTPUT)ç
* Characteristics of quality information:
* Complete, communicable, concise, current
* Accurate, auditable -> is it a reliable source of information?
* Relevant
* Reliable
* Objective, obtainable economically
* Timely
Lecture 2:
* Users of information systems:
* Strategic
* Managerial
* Knowledge
* Operational
* People at all levels of organisations: Strategic, Tactical (Managerial) and Operational, who have decisions to make, generally referred to as managers, though this definition is too narrow today (management type activities):
* Decision Making
* Problem Solving
* Planning and Control
* Co-ordination and Communication
* Creating Stability and Predictability yet embracing…
* Creativity, Innovation and New Technologies
* Types of information systems:
* Operational:
* Transaction processing systems (simple, conducted) -> payroll
* Knowledge:
* Knowledge worker systems/office systems
* Managerial:
* Management information systems/ decision support systems (information is already in the operation level)
* Strategic:
* Executive support systems
* People doing decisions based on the nature of the business
* 80%...