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SNJB's Late Sau. Kantabai Bhavarlaji Jain College of EngineeringDepartment of Computer EngineeringAcademic Year : 2019-20 (Sem 1) Course : Information System and Engineering EconomicsFast Learner Assignment-2 SolutionQ.1 Discuss "Social and Ethical issues that need to be addressed by the Information System of a Process industry"5MANS-Understanding Ethical and Social Issues Related to SystemsEthics are the principles of right and wrong individuals, acting as free moral agents, use to make choices to guide their behavior. Information systems raise new ethical questions for both individuals and societies because they create opportunities for intense social change.Ethical, social, and political issues are closely linked. Introduction of new technology has a ripple effect in the current equilibrium, creating new ethical, social, and political issues that must be dealt with on individual, social, and political levels. Both social and political institutions require time before developing new behaviors, rules, and laws.Figure 1FIGURE 1 THE RELATIONSHIP BETWEEN ETHICAL, SOCIAL, AND POLITICAL ISSUES IN AN INFORMATION SOCIETYThe introduction of new information technology has a ripple effect, raising new ethical, social, and political issues that must be dealt with on the individual, social, and political levels. These issues have five moral dimensions: information rights and obligations, property rights and obligations, system quality, quality of life, and accountability and control.There are five main moral dimensions that tie together ethical, social, and political issues in an information society. These moral dimensions are:rmation rights and obligations2.Property rights and obligations3.Accountability and control4.System quality5.Quality of lifeFour key technology trends have heightened the ethical stresses on existing social arrangements and laws.1. Computing power has doubled every 18 months allowing growing numbers of organizations to use information systems in their core business processes. This growing dependence on critical systems increases vulnerability to system errors and poor data quality.2. Advances in data storage techniques have enabled for the multiplying databases on individuals maintained by private and public organizations - making the violation of individual privacy both cheap and effective.3. Advances in data analysis techniques enable companies and government agencies use profiling to determine detailed information about individual's habits and tastes and create dossiers of detailed information. Nonobvious relationship awareness (NORA) is a new data analysis technology that can take data about people from many sources and correlate relationships to find hidden connections to identify potential criminals and terrorists.Q.2 Explain the terms,, simple interest or compound interest with correct equations. Suppose you deposit Rs. 1,000 in a banks savings account that pays interest at a rate of 8%’per year. Assume that you don’t withdraw the interest earned at the end of each period (year), but instead let it accumulate for 3 years. Depict all the returns calculations based on (i) simple interest and (ii) compound interest? 5MANS-Interest is defined as the cost of borrowing money as in the case of interest charged on a loan balance. Conversely, interest can also be?the?rate paid for money on?deposit as in the case of a certificate of deposit. Interest can be calculated in two ways,?simple interest?or?compound interest.Simple interest?is calculated on the?principal, or original, amount of a pound interest?is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.”There can be a big difference in the amount of interest payable on a loan if interest is calculated on a compound rather than simple basis.?On the positive side, the magic of compounding can work to your advantage when it comes to your investments and can be a potent factor in wealth creation.If you borrow Rs. 1000 from your friend @ 8% per annum for 3 years, then you have to return Rs.1240 to your friend at the end of 3rd year Rs 1000 for Principal and Rs. 240 as interest, for keeping the amount with yourself.If you borrow Rs. 1000 from your friend @ 8% per annum for 3 years, then you have to return Rs.1247.62 to your friend at the end of 3rd year Rs 1000 for Principal and Rs. 247.62 as interest, for keeping the amount with yourself.******************************************* THE END ************************************** ................
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