E) list and describe six reasons why information systems are so important for business today.

operational Excellence

New Product, Services & Business models

Customer & Supplier Intimacy

Operational excellence  

Improved decision making  

Competitive advantage  

Survival

Explanation:

1) Operational Excellence – Information systems are essential tools available to managers in order to achieve optimum levels of efficiency and productivity in business operations thereby higher profitability.

2) New product services and business models – They play a vital role in the creation of new products and services. New business models help to create,describe how a company produce, create and sell the products for profitability.

3) Customer and Supplier intimacy – Information system provide the foundation of customer satisfaction. they make sure a business serves its customers well, thereby improving customer satisfaction that will enable customer to purchase more and generate revenue

4) Improved decision making – they generate real time data from the marketplace when making decision

5) Competitive advantage – Information System help in doing things better than competitors, charging less for superior products, and responding to customers and suppliers in real time all add up to higher sales, and higher profits

6) Day to Day survival – Information System help to provide ease in business

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; be sure that the information on file is correct;