Chapter 1- Overview Flashcards Preview

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Flashcards in Chapter 1- Overview Deck (18)
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0
Q

What is information?

A

When data becomes meaningful

Ex: like putting data into a sales invoice

1
Q

What is Data

A

Facts stores in the system

Ex: number date name etc

2
Q

What makes information useful 1-4

A

Relevant
Reliable
Complete
Timely

3
Q

What makes information useful 5-7

A

Understandable
Verifiable
Accessible

4
Q

What is an internal stakeholder

A

Stakeholders are employees in the organization ex: employees and managers

5
Q

What is an external stakeholder

A

Trading partners like banks and governmenent or customers and vendors

6
Q

What are the basic business processes?

A
Revenue
Expenditure
Production
Payroll
Financing
7
Q

Explain revenue

A

Give good or service = GET CASH ha

8
Q

Explain expenditure

A

Get goods/service =GIVE CASH

9
Q

Explain production

A

Give labor/materials = FINISHED GOODS

10
Q

Explain payroll

A

Give cash

Get labor

11
Q

Explain financing

A

Give cash

Get cash

12
Q

How does AIS add value

A

Having effective decisions /quality

Having efficient decisions/ reducing costs of decision making

13
Q

What is value chain?

A

Shows how the different activities within an organization provide value to the customer

14
Q

What are Primary activities

A

Provide direct value to the customer

15
Q

What is a support activity?

A

Enable primary activities to be efficient and effective

16
Q

Examples of support activities?

A

Firm infrastructure
Human resources
Technology
Purchasing

17
Q

What are the primary activities?

A
Inbound logistics
Operations
Outbound logistics
Marketing and sales
Service