Decision-Making
Process of choosing a course of action after evaluating available information and weighing the costs and benefits of alternative actions along with their consequences.
Decision-Making
Process of transforming information into usable form
Data Processing
Data used for strategic for strategic purposes
Management information
A financial plan that reflects anticipated revenue in numerical terms and shows how it will be used in the operation of business.
Budget
System of recording business transactions and analyzing, verifying, and reporting results.
Accounting
The value of the option that was given up
Opportunity Cost
Shows a process or hierarchy.
Chart
Use of computers for storing, sending, and retrieving information
Information Technology (IT)
A projection of sales in both units and dollars
Sales Budget
The language specific to a line of work or area of expertise.
Jargon
The choice that is given up when the business makes one choice over another.
Trade-off
Depicts information using lines, bars, or other symbols.
Graph
Searching through large amounts of digital data to find useful patterns or trends
Data Mining
A projection of the sales revenue that will be earned and the expenses that will be incurred during a future time period.
Operating Budget
The relative worth of something
Value
Method of weighing the costs against the benefits of an action, a purchase, or a financial decision
Cost-Benefit Analysis
Includes maps, drawings, & photographs.
Illustration
The procedures an organization follows to ensure info technology is used as intended, data is accurate, and information is in legal compliance
Information Technology (IT) Control
Sales forecasts can be q_______ or q________
quantitative or qualitative
Sales forecast based on facts and figures
Quantitative
States that the marginal benefit of using each additional unit of an item tends to decrease as the quantity used increases.
Law of Diminishing Marginal Utility
Visual that displays information in columns and rows and is often used to to compare data.
a Table
the hardware, software, and related equipment used to support IT
Technology infrastructure
3 things that operating budgets consist of:
Sales figures
Cost of goods sold
Operating expenses
Sales forecast based on judgement
Qualitative