Midterm (1).pdf - INFORMATION TECHNOLOGY Information Technology(IT is the use of any INFORMATION SYSTEMS MIDTERM PREPARATION computers storage

Midterm (1).pdf - INFORMATION TECHNOLOGY Information...

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10/3/2017 1 INFORMATION SYSTEMS MIDTERM PREPARATION Information Technology (IT) is the use of any, computers storage networking other physical devices infrastructure 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 communicate INFORMATION TECHNOLOGY INFORMATION TECHNOLOGY VS INFORMATION SYSTEM Information Technology (IT) the hardware, software and media used to store, organize, retrieve and communicate information Information System (IS) an organized combination of hardware, software, infrastructure, data and people that is used to accomplish a specified organizational or personal objective INFORMATION SYSTEM Data with some context that makes it useful Components that allow information to be captured, stored, processed, and communicated Information Example : The stock price of Apple on Monday, January 23 rd , 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
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10/3/2017 2 Data : raw facts Information : collection of data organized in such a way that they have value beyond the facts themselves Process : set of logically related tasks performed to achieve a defined outcome implemented as Information System Turning data into information is a process Knowledge : awareness and understanding of a set of information and the ways it can be made useful to support a task The process of defining relationships among data to create useful information requires knowledge INFORMATION SYSTEM INFORMATION LITERACY Information Literacy – A person’s ability to efficiently and effectively determine what information is needed and how to get it Includes using, accessing , evaluating , and managing the information The more the information, the more skill required to manage it VALUE OF INFORMATION Value of Information (VOI) – is, “How much answering a question allows a decision-maker to improve the decision outcome.” There is a cost value tradeoff Like opportunity cost, it's easy to define but often hard to internalize Its value is related to the person who uses it, when he uses it and for what he uses it. DATA INFORMATION KNOWLEDGE WISDOM ( DIKW ) HIERARCHY Data - 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.
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