Briefly Examine the Development of Management Information Systems Over the Past

question 63

Essay

Briefly examine the development of management information systems over the past century and a half. Begin with the organizational hierarchy system created by railroad management in the 1850s, including both its advantages and its ultimate disadvantages, and proceed to the simple systems of the 1960s through the much more advanced systems of the late twentieth and early twenty-first centuries.

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Definitions:

Lower-of-Cost-Or-Market

An accounting principle that dictates inventory should be recorded at either its historical cost or its current market price, whichever is lower.

Net Income

The amount of money that remains from revenues after all expenses, taxes, and costs have been subtracted; a crucial indicator of a company's profitability.

Ending Inventory

The value of goods available for sale at the end of an accounting period.

Owner's Equity

The residual interest in the assets of a business after all liabilities have been deducted, often referred to as shareholder's equity or net worth.