In 1950 it was predicted that eight or ten electronic computers would be sufficient to handle all the scientific and business needs of the United States. Likewise, the chief executive officer of IBM advised the company not to invest time or money in developing computers because he foresaw a limited commercial market. But these predictions were proved totally inaccurate as the computer industry developed into a multibilliondollar business. Today the computer plays a vital role in the lives of many Americans and is seen as one of the greatest technological developments of all times. Since computers can handle large amount of data rapidly and efficiently, categorize, process, and report information for a variety of business operations, they, in fact, have a virtually unlimited capacity for producing business data. However, computers can't think, their role in business is limited to those areas in which they can process information more efficiently and effectively than human being. At the administrative level, managers decide how computers and humans can be used most effectively to perform. a particular business task. Computers have become an integral part of day-to-day business transactions as well as analytic tools for long range planning, research, and development. Even a small business can utilize computers by either purchasing a small unit known as a minicomputer, leasing one, or by timesharing. In a timesharing system, each user is regularly scheduled for time to use the computer system. A wide variety of businesses and individuals participate in timesharing computer system. By performing data processing tasks such as accounting and billing, computers are playing an increasingly important role in businesses. Currently, business are developing overall management information systems in which computers function as essential tools in solving problem and decisionmaking at all administrative levels. Since 1950s, the computer industry has ______.