ACC200 Ch7 Set 1 REVERSED Flashcards Preview

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Flashcards in ACC200 Ch7 Set 1 REVERSED Deck (20):
1

Fig7.1 pg259

Transforming Data to Information to Business Technology?

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storing data

Relational databases are well suited for?

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data analysis to create business intelligence

Intelligence tools are better suited for?

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1) store accounting data

2) analyse accounting data to use in decision making

3) safeguard the accounting data

Three main functions of the accounting system?

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uses mathematical algorithms to find patterns, trends, & relationships among data, such as customer purchasing patterns

Data mining

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uses mathematcal algorithms to predict future trends, such as future customer purchases

Predictive modeling

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Fig7.2

Accounting system functions: store, analyse & safeguard data

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1) routine operational decision (structured decisions)

2) tactical decisions (semi-structured decisions)

3) strategic decisions (unstructured decisions)

Three types of business decisions

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are recurring & typically relate to ongoing business operations

Routine operational decisions?

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typically short term, impacting one year or less

Tactical decisions

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usually long term in nature & structure with a high degree of ambiguity

Strategic decisions

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provides a framework to structure & organise the decision making process

Integrative decision model (IDM)

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Fig7.3 pg262

Integrative decision model (IDM) template

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1) define the opportunity or issue

2) identify options to address the opportunity or issue

3) analyse quantitative (financial) factors

4) analyse qualitative (nonfinancial) factors

5) make recommendation and/or decision

6) implement decision

7) evaluate performance

IDM consists of seven steps as a framework for the decision-making & evaluating process

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Fig7.4 pg262

Integrative Decision Model (IDM)

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used when data is stored in spreadsheets & other tools that shadow the formal accounting system

Shadow data

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include analytics, data mining, & predictive modeling; typically under the control of the enterprise's IT professionals

Business intelligence (BI) technologies

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1) data storage

2) data extraction

3) data analysis

4) data visualisation

Four components in an intelligence enterprise system are

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Fig7.8 pg266

Intelligence System Components

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data is stored using operational databases, data warehouses, & other data storage

Data storage