Chapter 1-4 key word exam review

Chapter 1-4 key word exam review - Definitions Chapter 1 1...

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Definitions –Chapter 1 1. Wisdom – Accumulated knowledge, gained through a combination of academic study and personal experience, that goes beyond knowledge by representing broader, more generalized rules and schemas for understanding a specific domain and domains; wisdom allows you to understand how to apply concepts from one domain to new situations or problems. 2. New economy – An economy in which information technology plays a significant role and that enables producers of both tangible (computers, shoes, etc.) and intangible (services, ideas, etc.) goods to compete efficiently in global markets. 3. Information – Data that has been formatted and/or organized in some way as to be useful to people. 4. Outsourcing – The moving of routine jobs and/or tasks to people in another firm, at less cost. 5. Systems Integration – Connecting separate information systems and data to improve business processes and decision making. 6. Downsizing – The practice of slashing costs and streamlining operations by laying off employees. 7. Chief information officer – (CIO) executive-level individual who is responsible for leading the overall information systems component within an organization and integrating new technologies into the organization’s business strategy. 8. Information systems – System designed to support decision making based on stable point-in-time or historical data.
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