Which of the following is NOT a component of an information system?

The correct choice of "only physical hardware" highlights that not all components of an information system can be reduced to just physical hardware. An information system is a comprehensive structure that encompasses several key components: people, processes, data, and technology (which includes hardware and software).

While physical hardware is indeed a crucial aspect of information systems, it is far from the only component. People, such as users and IT professionals, play a significant role in the usability and management of the system. Processes refer to the procedures and operations that govern how data is collected, processed, and utilized within the system. Data itself is central to the functioning of any information system, as it is what the system processes to provide meaningful insights and outputs.

In summary, recognizing that an information system is comprised of a variety of interrelated components rather than being solely dependent on physical hardware is essential for understanding the broader context of information systems.