Which term refers to the method used by management to gather and analyze data for decision-making?

The term that refers to the method used by management to gather and analyze data for decision-making is a management information system. A management information system (MIS) encompasses various tools and procedures that help in collecting, storing, and processing data relevant to an organization's operations. By providing timely and accurate information, an MIS enables managers to make informed decisions that enhance efficiency and effectiveness within the organization. This systematic approach to data management supports various decision-making processes, from strategic planning to daily operations.

In contrast, strategic analysis focuses on evaluating an organization's position within its competitive landscape and identifying opportunities and threats. Financial forecasting relates specifically to predicting future financial outcomes based on historical data and trends, while performance appraisal is concerned with evaluating employee performance rather than aggregating and analyzing data for broader decision-making purposes.