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Questions and Answers
What is the primary characteristic that ensures information is trustworthy?
Which characteristic of valuable information emphasizes that it should provide all necessary facts?
What does the term 'garbage in garbage out' (GIGO) refer to in the context of information systems?
Which characteristic indicates that information should be produced at a reasonable cost?
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Why is it important for information to be accessible?
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What is meant by information overload in decision making?
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Which characteristic of information ensures its accuracy?
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In an information system, which component involves converting raw data into useful outputs?
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What distinguishes computer-based information systems from manual information systems?
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What is a primary function of Management Information Systems (MIS)?
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Study Notes
Data, Information, and Knowledge
- Data is raw facts.
- Information is a collection of facts organised to have value beyond the facts themselves.
- Knowledge is awareness and understanding of information, providing insights.
Types of Data
- Alphanumeric data includes numbers, letters, and other characters.
- Image data encompasses graphic images and pictures.
- Audio data consists of sound, noise, or tones.
- Video data includes moving images or pictures.
Characteristics of Valuable Information
- Accessible: Information should be readily available to authorised users in the correct format and time.
- Accurate: Accurate information is error-free. Inaccurate data can lead to "garbage in, garbage out" (GIGO).
- Complete: Complete information contains all essential facts.
- Economical: Information should be cost-effective to produce, balancing value with production costs.
- Flexible: Flexible information can be used for various purposes.
- Relevant: Relevant information is important to the decision-maker.
- Reliable: Reliable information can be trusted, depending on the data-collection method and source.
- Secure: Information should be protected from unauthorised access.
- Simple: Information should be easy to understand, avoiding complexity and information overload.
- Timely: Timely information is delivered when needed.
- Verifiable: Information can be checked for accuracy by multiple sources.
What is an Information System?
- An Information System (IS) is a set of interconnected components that collect, store, manipulate, and disseminate data and information, providing feedback to achieve an objective.
Components of an Information System
- Input: Gathering and capturing raw data.
- Processing: Converting data into useful outputs.
- Output: Production of useful information, typically in the form of documents and reports.
- Feedback: Information from the system used to adjust input or processing activities.
Manual and Computer-Based Information Systems
- Manual Information Systems rely on human processes, e.g. investment analysts manually creating charts.
- Computer-Based Information Systems use technology, e.g., Management Information Systems analyzing stock indexes and suggesting trades.
Management Information Systems (MIS)
- Management Information Systems (MIS) comprise hardware, software, databases, telecommunications, people, and procedures.
- They collect, manipulate, store, and process data into information.
Components of MIS
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Hardware: Computer equipment for input, processing, and output.
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Software: Computer programs that control computer operations.
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Database: An organized collection of facts and information, usually consisting of multiple related data files.
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Telecommunications, Networks, and the Internet: Enable electronic signal transmission for communication.
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Networks: Connect computers and equipment for data sharing and communication.
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Description
Test your understanding of the concepts of data, information, and knowledge. This quiz covers various types of data and the characteristics that make information valuable. Assess your knowledge and gain insights into these foundational topics.
