Value Of Information Systems (Lecture 2)

Question 1

Data

Answer 1

Raw symbols or unconnected facts. Data is nothing without information. Data has no value unless connected to create information.

Question 2

Example: We sold $20M product A in 2022

Answer 2

Data, just a fact

Question 3

Information

Answer 3

Created from data, essentially a fact + fact = information

Question 4

Knowledge

Answer 4

Information that is applied to a decision or action. Information + Information = Knowledge

Question 5

Example: 50% MS (market share) goal is not met due to bad customer reviews

Answer 5

Knowledge (connecting information)

Question 6

Wisdom

Answer 6

Use of knowledge for the greater good. information + action = Wisdom

Question 7

Example: spend more on innovation and marketing to reach our goal of 50% MS

Answer 7

Wisdom

Question 8

DIKW Hierarchy Order (bottom to top)

Answer 8

Data, Information, Knowledge, Wisdom

Question 9

Information Technology

Answer 9

Hardware, software and media used to store, organize, retrieve and communication information

Question 10

Information System

Answer 10

Organized combination of hardware, software, infrastructure, data, and people used to accomplish a specified organizational or personal objective

Question 11

Connectednesses

Answer 11

Information requires connecting data elements to give them context and meaning (e.g. using a line of random numbers to create a phone number)

Question 12

Usefulness

Answer 12

Information that is interpreted and applied is useful, leading to knowledge (e.g. using a phone number and applying it to an office to contact)

Question 13

Business Process

Answer 13

A set of coordinated activities that lead to a specific goal or outcome