One Way to Fix Informational Silos Is to Eliminate Data

question 26

True/False

One way to fix informational silos is to eliminate data that are duplicated and storing a single copy of the data in a shared database and revise business processes to use that database.

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Definitions:

Price Takers

Entities in a market that accept prevailing prices for goods or services, lacking the market power to influence prices on their own.

Market

An abstract concept encompassing the forces of demand and supply and the interaction of buyers and sellers with the potential for exchange to occur.

Business

The organized activities and operations of individuals or entities to produce and sell goods and services for profit.

Price-Taker Firms

Companies that accept the market price as given and have no influence to change the price of the goods or services they sell.