Hardware and Software

Hardware Basics

-> Computer - an electronic device operating under the control of instructions stored in its own memory that can accept, manipulate, and store data

-> Hardware components
* Central processing unit (CPU)
* Primary storage
* Secondary storage
* Input device
* Output device
* Communication device

Business Process

-> Business process - a standardized set of activities that accomplish a specific task, such as processing a customer’s order

-> Business process characteristics:
     * The processes have internal and external users
     * A process is cross-departmental
     * The processes occur across organizations
     * The processes are based on how work is done in the organization
     * Every process should be documented and fully understood by everyone participating
        in the process
    * Processes should be modeled to promote complete understanding

Business Basics

Types of Business

-> Profit - occurs when businesses sell products or services for more than they cost to produce

-> Loss - occurs when businesses sell products or services for less then they cost to produce

-> Businesses typically organize in one of the following types:
* Sole proprietorship
* Partnership
* Corporation