List and Describe the Five Qualities of an Agile MIS

question 38

Essay

List and describe the five qualities of an agile MIS architecture.

Understand strategies to maximize chances of winning in situations of statistical disadvantage.

Grasp the concept of regression toward the mean for extraordinary events.

Identify illusory correlations and understand their implications for perception of relationships.

Understand the roles and responsibilities of nurses in various contexts.

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Definitions:

Implicit Cost

The monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market; equal to what the resource could have earned in the best-paying alternative employment; includes a normal profit.

Law of Diminishing Returns

The economic principle stating that as one input variable is increased, there is a point at which the marginal gain in output begins to decrease, holding all other inputs constant.

Diseconomies of Scale

Diseconomies of scale occur when a firm's costs per unit increase as the scale of its output increases, often due to inefficiencies that arise from managing a larger organization.

Average Fixed Costs

Costs that do not change with the level of output and are spread over the units of output, thus decreasing per unit as production increases.