Final answer:
An Information System (IS) supports decision making and control in a business by integrating various components for data collection, processing, and distribution.
Step-by-step explanation:
The component that includes elements like collections, processing, storage, and distribution of information to support decision making and control in a business is an Information System (IS). Information Systems integrate hardware, software, data, and human resources to process data and information for use in supporting the decision-making processes of workers and managing operations in a business. They encompass tools ranging from database user interface and query software like Microsoft Access, to office suite software such as Microsoft Office, and spreadsheet software like Microsoft Excel. Such systems not only facilitate data analysis but also contribute to the efficient functioning of business by supporting daily operations and strategic planning.
Information systems (IS) includes components that collect, process, store, and distribute information to support decision making and control in a business. IS incorporates both management information systems (MIS) and decision support systems (DSS). MIS provides information to managers at various levels in the organization, while DSS assists in decision-making processes.