What are the four information technology components ?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Question: What are the four information technology components ?
![Kylie's parents have retired, and she has been put in charge of the family business - a successful
restaurant which showcases the family's regional food. Dishes are based on her mother's delicious
recipes and they are fully booked almost every night of the week. Kylie and her team regularly get
asked why they do not expand so that more people can enjoy their superb food. The family are very
proud of their success and expanding the business offers them many opportunities. Kylie knows that
expanding a business is very tricky, even a successful business like her family's.
There are many challenges that Kylie has discovered as she has taken over the day-to-day running of
the business. Many of the business processes are manual – it took Kylie many months to persuade
her parents to even get an EFTPOS machine for the credit and debit card payments of their
customers. Her father took care of the accounts in a paper cash book and ledger at home which
frustrated their tax accountant and inventory management was based on her mother's estimation -
if anything ran out one of the waiter's would be sent to the supermarket down the road. If business
slowed her parents would photocopy some flyers in the library across the road with specials and get
the waiters to do letterbox drops in the local area or put them under car's windscreen wipers.
Kylie feels like she is trying to run the business with a blindfold on. She knows that there are great
opportunities, but she will need to make some changes to how the business is run. Her parents ran
the business on hard won knowledge but it will take Kylie time to build that knowledge - every
transaction is data which she knows she can be used to run the business better if she can organise
data into information with meaning and value. She especially knows that inventory management is
only one of her challenges where she could save money and make sure that she does not lose sales.
She knows that information systems can help however, it isn't her area of expertise.
Her friend, Methat, is doing a bachelor's degree in information systems and has offered to help her
make sense of what computer-based information systems a business needs, to replace the manual
systems and procedures her parents did on paper or via estimation. Methat reassures Kylie that it is
a good idea to understand the key concepts of computer-based information systems and that she
will make better decisions to support the family business. Methat suggests that they review and
write up a report including:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc123744-7811-4d99-a026-0a74875d6095%2F107bdbeb-5521-4e8b-9286-eb55dfa8a19a%2Fpt9ljx6_processed.jpeg&w=3840&q=75)
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