WGU C711 WGU Unit 7 Latest Update Already Passed
How can information reduce risk when making a ✔✔To improve the business-making process and reduce risk, the information used by individuals and business firms must be relevant or useful to meet a specific need. Using relevant information results in better decisions as: Relevant Information --> Better intelligent and knowledge --> Better decisions.Better decisions are important because they can provide a competitive edge over competitors and improve a firm's profits.When the amount of available information is high there is less risk and when the amount of information is low, there is more risk.
Information Rule ✔✔Rule that emerges when research confirms the same results each time that it studies the same of similar set of circumstances. Business people try to accumulate information rules to shorten the time they spend analyzing choices.
Data ✔✔Are numerical or verbal descriptions that usually result from some sort of measurement.
Information ✔✔Is data presented in a form that is useful for a specific purpose. Information is processed data. 1 / 2
Database ✔✔A single collection of data and information stored in one place that can be used by people throughout an organization to make decisions. The database is important, but the way the data and information are used is even more important and valuable to the firm.
Knowledge Management (KM) ✔✔Describe's a firm's procedures for generating, using, and sharing the data and information. Typically, data, information, databases and KM all become important parts of a firm's management information system.
Management Information System ✔✔A system that provides managers and employees with the information they need to perform their jobs as effectively as possible. Purpose of an MIS is to distribute timely and useful information from both internal and external sources to the managers and employees who need it.
Accounting ✔✔The process of systematically collecting, analyzing, and reporting financial information. The information provided by a firm's accountants and its accounting system is so important as managers must be able to trust the numbers. To improve the accuracy of a firm's accounting information and its financial statements, businesses rely on audits conducted by accountants employed by public accounting firms.
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