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systems used in business organizations –

Data
Data are facts that used by programs to produce useful information. Like programs, data are generally stored in machine readable form on disk or tape until the computer needs them.

Procedures
Procedures are the policies that govern the operation of a computer system “procedures are to people what software is to hardware” is a common analogy that is used to illustrate the role of procedures in a computer based information system.

People
Every computer based information system needs people if it is to be useful. Often the most overlooked element of the computer based information system; peoples are probably the components that most influence the successor failure of information systems.

Transaction processing system
A transaction processing system (TPS) supports the processing a firm’s business transactions. The TPS of a university helps perform such tasks as enrolling students in courses, billing students for tuition, and issuing paychecks to faculty. This transaction processing system associated with large pension fund may assist stockbrokers in executing by and sell orders, then help with accounting for the transaction (Ackoff, 1967).

Transaction processing systems keep an organization running smoothly by automating the processing of the voluminous amounts of paper work that must be handled daily. These systems includes the accurate recording of transactions, as well as control procedures used in using such documents as paychecks, invoices, customer statements, payments reminders, tuition bills and students schedules (Mahar, 2002).

The TPS of an organization may be far-reaching, extending completely through and out of the organization, looking together the entire financial system.