Chapter 1: The Importance of MIS

Introduction to MIS is the most important Class in the Business School because of Moore's law.
Moore's Law- Gordon Moore, Co founder of Intel Corporation, stated that because of technology improvements in electronic chip design and manufacturing " The number of transistors per square inch on an integrate hip doubles every 18 months."
Because of Moore's Law, the cost of data communications and data storage is essentially zero.
Future business professionals need to be able to assess,evaluate,and apply emerging information technology to business.
Nonroutine cognitive skills:

• Abstract reasoning-ability to make and manipulate models.
• Systems thinking-the mental process of making one or more models of the components of a system and connecting the inputs and outputs among those components into a sensible whole,one that explains the phenomenon observed.
• Collaboration- the situation in which two or more people work together toward a common goal,result,or product.
  
• Ability to experiment-careful and reasoned analysis of an opportunity,envisioning potential products or solutions or applications of technology and then developing those ideas that seem to have the most promise.

MIS (Management Information Systems)- the development and use of information systems that help businesses achieve their goals and objectives.

Five components of an Information System- Computer hardware, software, data, procedures, and people.

Information- is knowledge derived from data, whereas data is defined as recorded facts or figures.
Another definition of information is processed data.Information is data processed by summing,ordering,averaging,grouping,comparing,or other similar operations.
What makes some information better than other information?
Accurate- good information.
Timely-produced in time for it's intended use.
Relevant-information that is appropriate to both the context and subject.
Sufficent- purpose for which it is generated but just barely so.
Worth it Cost- an appropriate relationship must exist between the cost of information and its value.
Information Technology- refers to the products, methods,inventions, and standards that are used for the purpose of producing information.
Information System- is an assembly of hardware,software,data,procedures, and people that produces information