Intro to Business

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1. In your own words, describe how information reduces risk when you make a personal or work-related decision.

In your life, you are making decisions all the time. Some of these decisions you take on your own and others you made after consulting internal and external forces. When you make a decision, you need to find some backgrounds information about the issue in question because if you made a decision without information is a gamble.

2. What are information rules? How do they simplify the process of making decisions?

The information rules are the great simplifiers for all decision makers. It is the marketing research to show that discount influences. Information rules help the manager to make decisions correctly based on the information which simplify the way to get more customer for our company. Because If we have information about the competition, we may improve prices or services to obtain more revenue than other companies.

3. What is the difference between data and information? Give me one example of accounting data and one example of accounting information?

Data is the numerical or verbal descriptions that usually result from some sort of measurement. Information is data presented in a from that is useful for a specific purpose. Data= collecting information

Information=is the data use to answer questions.
For example: researches who conduct market research survey might ask member of the public to complete questionnaires about a product from a new company. Those completed questionnaires are data. They are processed and analyze in order to prepare a report on the survey. That resulting report is information.

4. List the five functions of an MIS.

Collecting data
Stores data
Updates data
Processes data into information
Presents information to users

5. What are the components of a typical business report?

A typical business report includes an introduction, the body of the report, the conclusions, and recommendations....
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