Chapter+1+All+definitions

BUSINESS MODEL describes how a company produces, delivers, and sells a product or service to create wealth INFORMATION TECHNOLOGY consists of all the hardware and software that a firm needs to use in order to achieve its business objectives INPUT collects raw data from within the organization OUTPUT transfers the processed information to the people who will use it FEEDBACK to help them evaluate or collete the input stage ORGANIZATIONS An integral part of organizations. In order to understand how a specific business firm uses information systems, need to know about the structure, history & culture of company Technology- COMPUTER HARDWARE physical equipment used for input, processing, and output activities in an infor. systems Technology- COMPUTER SOFTWARE consists of the detailed, prepromgrammed instructions that control & coordinate the computer hardware components Technology- DATA MANAGEMENT TECH. consists of the software governing the organization of data on physical storage media Technology- NETWORKING & TELECOM,UNICATIONS TECHNOLOGY consisting of both physical devices & software, links the various pieces of hardware & transfers data from one physical location to another NETWORK links two or more computers to share data or resources, such as a printer Ex. Internet- gobal "network of networks" INTRANETS internal corporate networks based on internet technology EXTRANETS private intranets extended to authorized users outside the organization CRITICAL THINKING OPERATIONAL EXCELLENCE Efficiency vs. effectiveness. Continuously seek to improve the efficiency of their operations in order to achieve higher profitability CUSTOMER INTIMACY When a business really knows its customers and serves them, the way they want to be served, the customers generally respond by returning and purchasing more. SUPPLIER INTIMACY the more business engages its supplier, the better the suppliers can provide vital inputs, and this will lower costs IMPROVED DECISION MAKING ... COMPETITIVE ADVANTAGE doing better than competitors, charging less, responding to customers and suppliers in reall time SURVIVAL companies must retain audit working papers & records, including e-mails for five yrs. **By Moaead Yahya**
 * maintaining doubt & suspending judgment
 * being aware of different perspectives
 * testing alternatives & letting experience guide
 * being aware of organizational and personal limitations