5.01 notes

______________________: Handling information, especially facts. Converting facts and figures into useful information. Analyzing collected facts and figures and putting them into formats useful to a business.

• Data Processing

• Data Transformation

• Data Warehousing

• Data Mining

_________________: Facts and figures.

• Data

• Information

• Statistics

• Records

____________________: The physical components of a computer system (e.g., the central processing unit, hard drive, modem). Software: Programs that instruct computers to perform specific operations.

• Hardware

• Software

• Motherboard

• Input Devices

________________________: Set of a coordinated network of components, which act together towards producing, distributing and/or processing information.

• Software

• Hardware

• Firmware

• Middleware

_______________________________: integration of computer with telecommunication equipment for retrieving, manipulating, and storage of data.

• Information Technology

• Computer Engineering

• Software Engineering

• Telecommunications

: an internal network similar to the Internet that is accessible only by authorized personnel; used to access information and communicate with others within an organization.

• Intranet

• Internet

• Extranet

• VPN

Why do businesses use information systems?

• Improve efficiency

• Streamline operations

• Manage data

• Informed decisions

There are two types of information systems: Transaction Processing Systems (TPS) and Decision Support Systems (DSS).

• Transaction Processing Systems (TPS) and Decision Support Systems (DSS)

• Management Information Systems (MIS) and Executive Support Systems (ESS)

• Knowledge Management Systems (KMS) and Office Automation Systems (OAS)

The Sarbanes-Oxley Act - Keeps companies from fraudulent behavior. Explain its significance.

• It ensures accurate financial reporting by enforcing strict regulatory measures to protect investors and maintain market integrity.

• It promotes corporate social responsibility by encouraging companies to invest in community welfare.

• It facilitates mergers and acquisitions by reducing financial regulations.

• It allows companies to relax internal controls to boost profits.

Information Management: it encompasses challenges such as data overload and issues in accuracy, and benefits like improved decision-making and efficiency. Which of the following best summarizes its challenges and benefits?

• Challenges include data overload and inaccuracies, while benefits include enhanced decision-making and efficiency.

• Challenges include minimal data issues and benefits include little to no improvement in decision-making.

• Challenges include simple data handling with no real challenges and benefits are minimal.

• Challenges do not exist and benefits are insignificant.