5.9 Management Information Systems

• Data analytics is the process of transferring raw data into information.
• Data is raw, information is useful.
• Descriptive data analytics describe and answer questions about what occurred over a period of time.
• Diagnostic data analytics focuses on and answers questions about why something has happened.
• Predictive data analytics projects in order to anser questions on what is likely to happen in the forseeable future.
• Prescribe data analytics recommends an appropriate course of action by answering questions about what should be done.
• A database is a computerised system that makes it easy to store, search and select data and information.
• Cybersecurity refers to the protection of computer systems and networks.
• Cybercrime refers to any illegal activity carried out using computers or the internet by deliberately and maliciously targeting computers, computer networks or networked devices.
• Cyber crime works by exploiting vulnerabilities in hardware, software or people.
• Critical infrastructure refers to the essential and interrelated physical structures and facilities needed for the effective function of a business.
• Artificial neural networks (ANN) are a form of machine-learning that uses language algorithms that can independently adapt as they receive new input.
• Data centers are a physical facility or space of networked computers and component resources that support businesses in housing their critical applications and data.
• Cloud computing is a virtual resource or online space that enables businesses to store, organize and retrieve data in safe and efficient ways.
• Virtual reality is an artificial three-dimensional environment created by software.
• Data centres do not rely on internet or wifi settings.
• Cloud computing is a virtual resource that requires stable internet or wifi connections.
• The internet of things (IoT) refers to a broad system of physical objects embedded with electronics, software and sensors that connect to the internet.
• Artificial Intelligence (AI) is an aspect of computer science that focuses on the ability of smart machines to perform tasks that typically require human intelligence.
• Big data is the process of collecting and analysing large amounts of data sets in order to identify trends and patterns that can be used in strategic planning and business decision making.
• Customer loyalty programs (CLP) refer to any customer-retention strategy to encourage repeat purchases.
• Digital Taylorism is when firms use staff monitoring systems to track what employees are doing.
• Data mining is the process of extracting raw data from large amounts of different data sets and summarising this into useful (usable) information in a coherent structure.
• Management information systems (MIS) refers to the study of advanced computer technologies and their impacts on organisations, people and the relationships among them.