BMGT 326 - Key Terms Exam 1

BMGT 326 - Key Terms Exam 1 - BMGT 326 Chapter 1 System a...

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BMGT 326 Chapter 1: System – a set of interdependent elements that together accomplish specific objectives. Subsystem – a part of a system: these parts are interrelated or integrated as a single system. Information system (IS) – a man-made system that generally consists of an integrated set of computer- based components and manual components established to collect, store, and manage data and to provide output information to users. Internal control – a process- effected by an entity’s board of directors, management, and other personnel – designed to provide reasonable assurance regarding the achievement of objectives in effectives and efficiency of operations, reliability of reporting, and compliance with applicable laws and regulations Management information systems (MIS) – a man-made system that generally consists of an integrated set of computer-based components and manual components established to collect, store and manage data and to provide output information to users. Accounting information system (AIS) – a specialized subsystem of the IS that collects, processes, and reports information related to the financial aspect of business events. Operations process – a man-made system consisting of the people, equipment, organization, policies, and procedures whose objective is to accomplish the works of the organization. Management process – a man-made system consisting of the people, authority, organization, policies, and procedures whose objective is to plan and control the operations of the organization. Information – data presented in a form that is useful in decision-making activity. Data – factors or figures in raw form. Data represent the measurements or observations of objects and events. Understandability – the information quality that enables users to perceive the information’s significance. Relevance – a quality when information is capable of making a difference in a decision-making situation by reducing uncertainty or increasing knowledge for that particular decision. Effectiveness – deals with information being relevant and pertinent to the business process as well as being delivered in a timely, correct, consistent, and usable manner. A measure of success in meeting one or more goals for the operation process. Efficiency – concerns the provision of information through the optimal (most productive and economical) use of resources. A measure of the productivity of the resources applied to achieve a set of goals. Confidentiality – concerns the protection of sensitive information from unauthorized disclosure. Compliance – deals with complying with the laws, regulations, and contractual arrangements to which the business process is subject, that is, externally imposed business criteria, as well as internal policies.
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