Business Management questions and answers

Essay by heldbackCollege, UndergraduateA+, April 2008

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1. What is information technology? How has technology influenced the economy?Information technology is the process and applications that create new methods to solve problems, perform tasks, and manage communication. Technology has influenced the economy by it has been a driving force in advancing the economic systems and the quality of our lives.

2. Define data, knowledge, and information. Why is information important in business?Data is numerical or verbal descriptions related to statistics or other items that have not been analyzed or summarized. Knowledge is the understanding of data gained through study or experience. Information is meaningful and useful interpretation of data and knowledge that can be used in making decisions. Information is important in business because there is a lesser risk with making decisions. The more informed decisions could be made when more information is available, this can simplify and improve decisions for the future circumstances.

3. What is the purpose of a management information system and how is it used?The purpose of a management information system is to obtain data from both internal and external sources to create information that is easily accessible and structured for user-friendly communication to managers.

It is used for organizing and transmitting data into information that can be used for decision making.

4. How has the evolution of the Internet affected the world?The evolution of the Internet has affected the world by it links many networks together and has made it much easier for people to communicate, learn, do business, and find entertainment.

5. What is an intranet? An extranet? How are they used?An intranet is a network of computers similar to the Internet that is available only to people inside a certain organization. An extranet is a network of computers that allows selected companies and organizations to access the same information and may...