You Are Consulting for the Information Technology Division of a State

question 51

Essay

You are consulting for the information technology division of a state university to guide and facilitate the design of a new system for handling college applications,which has previously been handled entirely with a paper-based process.They would like to set up a system by which prospective students can apply online.Describe in detail their first steps and any studies they should perform before designing the new information system.

---

Definitions:

Inventory Unit Costs

The expense associated to procure or manufacture each unit of inventory, vital for calculating cost of goods sold and profitability.

Inventory Turnover

A ratio showing how often a company's inventory is sold and replaced over a certain period of time.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are the first to be expensed.

Net Adjustment

Net adjustment in finance refers to the total change or modification made to a figure or record to correct it or bring it to its current value, often seen in contexts like accounting and investments.