Chapter 5, Problem 1CCT

Explanation of Solution

Data and information:

Data means the raw facts and statistics of the business whereas information is one which gives accurate and timely content about the particular business process.

For example, business should first collect, organize, store, analyze and manage the raw data in order to take first step in starting the business. Business of all sizes should think carefully about how to store data which can be preceded either by electronically, paper-based etc.

Knowledge:

All the business which is organized should have access to an intensive knowledge. It should have in depth knowledge about the plan, source, manufacture and delivery of the product. It helps to understand the customer’s needs and satisfaction. Business knowledge includes customer knowledge, employee and supplier relationship knowledge, market knowledge...