Database Fundamentals and Information Systems Explained
Fundamental Concepts of Data and Databases
Key Definitions
- Data: Facts about people, objects, events, or other entities. Data can be:
- Quantitative or Qualitative
- Internal or External
- Historical or Predictive
- Information: Consists of data that has been organized and processed to provide meaning.
- Database: A collection of related data that can satisfy the information needs of an organization, facilitating data integration and sharing.
Traditional Data Processing Approach
The traditional approach to data processing
Read MoreCore Accounting Concepts: Assets, Liabilities, and Equity
Understanding Business Accounting and Financial Statements
The Role of Accounting in Business
Accounting is a scientific discipline that studies and presents a company’s financial position, based on established norms and principles for recording economic information. The primary objective of accounting is to provide crucial financial and economic information to various stakeholders:
- Owners or Shareholders: To monitor the evolution of their investment.
- Managers: To support informed decision-making.
- Public
Understanding Risk in the Insurance Industry
Risk is the fundamental concept underpinning the entire insurance industry. Without risk, there would be no need for insurance. Risk is defined as the chance of loss or damage, an uncertain event that may occur and result in economic imbalance for the individual or entity that suffers it.
Characteristics of Insurable Risk
For a risk to be considered insurable, it must typically meet the following characteristics:
- Be possible events (they may or may not happen).
- Be lawful acts (within legal boundaries)
Key Approaches to Organizational Transformation
Driving Organizational Change: Modern Approaches
The need for change and increased competitiveness led to the arrival of many different approaches to solve organizational crises:
Just-in-Time (JIT)
A set of principles and techniques inspired by Japanese industrial organization, focusing on simplifying procedures, reducing costs, and improving product quality. JIT was the first significant impact that shook the industrial thought established by Adam Smith, rationalized by Frederick Taylor, and implemented
Read MoreProject Life Cycle Stages & Investment Analysis
Sequence of the Project Life Cycle
The project life cycle begins with the visualization and in-depth analysis of a problem, culminating in the identification and implementation of the best solution.
Pre-Investment Stage
This stage encompasses the formulation and evaluation processes for studies supporting a project. Its purpose is to solve a specific problem or address an identified need.
Phases of Pre-Investment:
- Idea: Identifying the core problem to be solved and brainstorming potential solutions.
- Profile:
Knowledge Management: Systems, Roles, and Business Value
The Role of Knowledge Management in Business
Knowledge management is a set of processes designed to create, store, transfer, and apply knowledge within an organization. A significant portion of a firm’s value hinges on its ability to effectively create and manage knowledge. Knowledge management promotes organizational learning by enhancing the organization’s capacity to learn from its environment and integrate knowledge into its business processes.
Major Types of Knowledge Management Systems
There
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