Concept explainers
Explanation of Solution
Data:
- It is the representation of objects and events which are stored and recorded in the computer.
- It exists in variety of forms such as number, value, variable, and so on.
- For example,
database in doctor’s office contains data such as patient name, address, disease, and contact number. - Data about the facts is called as structured data.
- In addition to structured data, database includes documents, e-mails, maps, images, sound and video segment called as unstructured data.
Example:
At Costco, the staff employees look for the data like how much is the item, how many items do they have in stock, when are their days off and many such things.
Information:
- These are the processed data that increase the information of the individual using it.
- Data are useless in their present form so it is preprocessed and represent it as the information to the user.
- It is converted into the meaningful form during the processing phase of the information processing cycle.
Example:
Executives at Costco need information like, are prices too high or too low, what is employee turnover per store and many such things.
Business intelligence:
Information collected from various sources to make a strategic decision in a company is called as business intelligence.
- The source of information for BI is gathered from customers, suppliers, partners, competitors, and industries.
Example:
The executives need to analyze whether the store is having enough turnover or it needs to get closed and sometimes to decide the place where a new store need to be established. All such information that helps to take a strategic decision is called business intelligence.
Knowledge:
The skills, expertise and experience of a person coupled with information and intelligence, which develops the person’s cerebral resources, is called as knowledge.
When data is moved towards knowledge, more and more variables can be included for analysis, resulting in more precise problem solving and decision making.
Example:
It is necessary for any organization to have knowledge about the current market status an even the internal matters of the organization which is also implied on Costco. It maintains its good level in the market by having updated information about the world market scenario and internal matters of Costco.
Want to see more full solutions like this?
Chapter 1 Solutions
EBK BUSINESS DRIVEN TECHNOLOGY
- Explain the term "balanced scorecard" in as few words as possible. What is the relationship between it and the operations of a company?arrow_forwardGive some instances of the many types of personality qualities and describe how you would advise employees on which attributes to mimic. Which components of a person's personality contribute most to the business's success?arrow_forwardExplaining what a "balanced scorecard" is supposed to mean should be done in as few words as possible. What does this have to do with the way a company really operates?arrow_forward
- . You'll need to come up with three instances of companies who entered a new market with an innovative product and were successful in the long term. Identify three instances of companies that did not start out as the market leader, but instead joined the industry later and ultimately overtook the pioneer. Which pioneers were successful and which ones were not?arrow_forwardIn as few words as you possibly can, describe what the phrase "balanced scorecard" means. What exactly is the connection between something like this and the day-to-day running of a business?arrow_forwardExplain your most crucial traits based on your successful business presentation.arrow_forward
- For instance, if you are starting a media firm and want to hire graphic designers and media producers, you will have to go through the process of employee recruitment. Make a list of the equipment that will be provided to the personnel in each department, and provide a justification for why they need it. In what ways do they ensure the safety of their data while it is being backed up?arrow_forwardCheck out a documentary on the working conditions at Google, Apple, or Walmart. (Many business documentaries are available on Netflix, and there may be more in your school library or online.) What's the company's approach to human resources? The way customers and vendors are handled. Do people get different treatment based on where they live or their social status? What advantages do they have? Which benefits do you value the most, and why? Summarise the material in one or two pages, with appropriate citations.arrow_forwardName the six most popular forms of company structure. I was wondering whether your research may serve as the foundation for a comparative study. Which strategy will serve your project the best? Can you tell us more about your concept (a website where people can buy and sell pre-owned items)?arrow_forward
- Customer and Plan are linked in two ways. Compare and contrast the two.arrow_forwardIf you were given the opportunity to develop a dashboard from scratch for your particular business, what kinds of data would you choose to put on it?arrow_forwardDescribe how business analytics courses affected our group projects and responsibilities to prepare you for your internship employment. What workplace learning experiences helped us understand your coursework? Name subjects and knowledge areas that would have helped us during your internship if they were in the business analytics program?arrow_forward
- Management Of Information SecurityComputer ScienceISBN:9781337405713Author:WHITMAN, Michael.Publisher:Cengage Learning,