Tangible costs savings can be difficult to estimate in some cases.
Tangible costs are those that can be easily quantified and measured, such as direct expenses or physical assets. However, in some cases, tangible costs savings can be difficult to estimate because they depend on various factors, such as the expected life cycle of the asset, the depreciation rate, the maintenance costs, the opportunity costs, and the market conditions. For example, if a company invests in a new production machine, the tangible cost savings would be the difference between the cost of the old machine and the cost of the new machine, plus the additional benefits of the new machine, such as higher output, lower energy consumption, and improved quality. However, these benefits may not be easy to measure or predict, especially in the long term. Therefore, tangible costs savings can be difficult to estimate in some cases.Reference:Tangible Cost: Meaning and Difference From Intangible Costs - Investopedia,What Are Tangible Costs? (Plus Why They Matter and Examples) | Indeed.com,Intangible Cost vs. Tangible Cost - What's the Difference? | This vs. That,Project tangible and intangible benefits - Twproject: project management software
How many trends have drastically altered the way organizations use technology?
According to the CITM certification, there are six trends that have drastically altered the way organizations use technology. These are:
Cloud computing: The delivery of computing services over the internet, such as servers, storage, databases, networking, software, analytics, and intelligence. Cloud computing enables organizations to access scalable, flexible, and cost-effective IT resources on demand.
Big data and analytics: The collection, processing, and analysis of large and complex data sets to generate insights and value. Big data and analytics enable organizations to improve decision making, optimize operations, enhance customer experience, and create new products and services.
Social media and collaboration: The use of online platforms and tools to communicate, share, and interact with others. Social media and collaboration enable organizations to engage with customers, employees, partners, and stakeholders, as well as to foster innovation and knowledge sharing.
Mobile and wireless: The use of devices and networks that allow users to access information and services anytime and anywhere. Mobile and wireless enable organizations to extend their reach, improve productivity, and offer convenience and personalization.
Internet of things (IoT): The network of physical objects that are embedded with sensors, software, and other technologies to connect and exchange data with other devices and systems. IoT enables organizations to monitor and control their assets, processes, and environments, as well as to create new business models and opportunities.
Cybersecurity: The protection of information systems and data from unauthorized access, use, disclosure, modification, or destruction. Cybersecurity enables organizations to safeguard their assets, reputation, and trust, as well as to comply with laws and regulations.
CITM certification, page 9
McKinsey Technology Trends Outlook 2023
Here's how technology has changed the world since 2000
10 Ways Technology Has Reshaped the Modern Workplace
Which type of knowledge is represented by facts?
Explicit knowledge is the type of knowledge that can be easily articulated, expressed, and recorded in the form of text, number, symbol, code, formula, or musical note. It is the knowledge that is based on facts, data, and rules that can be shared and communicated.Examples of explicit knowledge are company policies, process documents, research reports, etc12345Reference:
1: Different Types of Knowledge: Implicit, Tacit, and Explicit | Bloomfire
2: Tacit Knowledge Vs. Explicit Knowledge - Association for Intelligent Information Management
3: Tacit Knowledge: Definition, Examples, and Importance - Helpjuice
4: Explicit Knowledge: Definition, Examples, and Methods - Document360
5: Difference Between Explicit Knowledge and Tacit Knowledge - Key Differences
In a multi-user design One group usually develops the systems for use by another group
In a multi-user design, one group usually develops the systems for use by another group. This is because different groups of users may have different needs, preferences, and expectations for the system. For example, a system that is designed for the accounting department may not be suitable for the marketing department, or a system that is designed for the managers may not be user-friendly for the employees. Therefore, a multi-user design involves identifying the target users, analyzing their requirements, designing the system accordingly, and testing the system with the users. A multi-user design also requires coordination and communication among the developers and the users, as well as among different user groups, to ensure that the system meets the needs and expectations of all stakeholders.Reference:Multi-User Operating System - GeeksforGeeks;Multiple Group Design: Definition & Examples - Study.com;Chapter 10: Information Systems Development
The requirements for managerial control decisions fall between Operational and Strategic planning.
Managerial control decisions are those that involve measuring and correcting the performance of activities of subordinates to ensure that the enterprise objectives and plans are being accomplished. Managerial control decisions fall between operational and strategic planning because they are concerned with both executing the strategy and tracking its progress. Operational control decisions are those that focus on the efficiency and effectiveness of specific processes, tasks, and functions. Strategic control decisions are those that evaluate the alignment of the strategy with the external and internal environment, and make adjustments if necessary.Reference:Managerial Control: Definition, Features, Scope, and Process,Types and Levels of Control -- Principles of Management,The Control Function of Management - MIT Sloan Management Review
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