Computer Science

1.1.3  The Value of Information   The value of information is calculated with respect to its usage in decision making and return on benefits due to the decision taken. Therefore, the cost of information has to be deducted from the benefits in order to calculate the value of information.  For example, someone wants to invest in stock market but he/she is not familiar with the business procedure, he can then recruit an assistant to evaluate stock market conditions to determine an investment plan. This assistant will have to gather stock market information and generate reports according to his clients requirements. However, if the return on investment is not significant with respect to cost incurred to produce the investment plan, it is worthless to recruit an assistant for this activity. In other words, the value of investment plan is very low.   1.2 Information System    What is a system? A system is a collection of components which work together ...

1:  Introduction to Information Systems Overview:  I nformation Systems exist in our environment with or without our knowledge. Sometimes, we do not recognize a particular thing as an information system and they appear as a good or service in the neighborhood. For example, a bus timetable or train timetable which you must know if you are planning to use the public transport service to travel regularly or occasionally. These timetables provide information which is very useful to a particular local community and they are some form of output of a particular system maintained in a bus or railway company. It is important to mention that computers are not essential to produce these outputs (i.e. bus/train timetables) or maintain such a system (i.e. a transport system) in an organization. However, if computers are used in a system, they will definitely add value to the system.   Question: How computers could add a big value to a system maintained by a transpor...