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10/3/20171INFORMATION SYSTEMSMIDTERM PREPARATION Information Technology (IT)is the use of any,computersstoragenetworking other physical devicesinfrastructure processes to create, process, store, secure and exchange all forms of electronic data.IT focus is on technology pieces that come together to make a system and for systems to be able communicateINFORMATION TECHNOLOGYINFORMATION TECHNOLOGY VSINFORMATION SYSTEMInformation Technology (IT) –the hardware, software and media used to store, organize, retrieve and communicate informationInformation System (IS) –an organized combination of hardware, software, infrastructure, data and people that is used to accomplish a specified organizational or personal objectiveINFORMATION SYSTEMDatawith some context that makes it usefulComponentsthat allow informationto be captured, stored, processed, and communicatedInformation Example: The stock price of Apple on Monday, January 23rd, was $120.02.System Example: I obtained the information on the left using Google Finance website that aggregates financial and other information related to companies and makes it available on the Web
10/3/20172Data: raw factsInformation: collection of data organized in such a way that they have value beyond the facts themselvesProcess: set of logically related tasks performed to achieve a defined outcome implemented as Information SystemTurning data into information is a processKnowledge: awareness and understanding of a set of information and the ways it can be made usefulto support a taskThe process of defining relationships among data to create useful information requires knowledgeINFORMATION SYSTEMINFORMATION LITERACYInformation Literacy – A person’s ability to efficiently and effectively determine what information is needed and how to get itIncludes using, accessing, evaluating, and managingthe informationThe more the information, the more skillrequired to manage itVALUE OF INFORMATIONValue of Information (VOI) – is, “How much answering a question allows a decision-maker to improve the decision outcome.” There is a cost –value tradeoffLike opportunity cost, it's easy to define but often hard to internalizeIts value is related to the person who uses it, when he uses it and for what he uses it. DATA INFORMATION KNOWLEDGE WISDOM (DIKW) HIERARCHYData- discrete, objective facts or observations, which are unorganized and unprocessed and therefore have no meaning or value because of lack of context and interpretation.Information-data that are endowed with meaning and purpose because it is organized or structured, processed in such a way that the information now has relevance for a specific purpose or context, and is therefore meaningful, valuable, useful and relevant.