Define and Compare Transaction-Processing, Operations Information Systems, and Decision Support

question 30

Essay

Define and compare transaction-processing, operations information systems, and decision support systems. How do these types of MIS relate to each other? Provide an example of when each type of MIS would be most applicable.

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Definitions:

Overall Performance

A comprehensive measure of how well an entity, such as a company or economy, is achieving its objectives and fulfilling its operational requirements.

Production Costs

The total expenses incurred in the manufacture of products, including raw materials, labor, and overhead expenses.

Efficient Outcome

An economic situation in which all resources are allocated in the most beneficial way, leaving no room for further improvement without making someone worse off.

Economic Policies

Measures taken by a government to influence its economy, including monetary, fiscal, and supply-side policies.