data

Definitions (2)
1. Information in raw or unorganized form (such as alphabets, numbers, or symbols) that refer to, or represent, conditions, ideas, or objects. Data is limitless and present everywhere in the universe. See also information and knowledge. 2. Computers: Symbols or signals that are input, stored, and processed by a computer, for output as usable information. Read more: http://www.businessdictionary.com/definition/data.html#ixzz1pTfYQao0

1) Technically, raw facts and figures, such as orders and payments, which are processed into information, such as balance due and quantity on hand. However, in common usage, the terms "data" and "information" are used synonymously. In addition, the term data is really the plural of "datum," which is one item of data. But datum is rarely used, and data is used as both singular and plural in practice. The amount of data versus information kept in the computer is a tradeoff. Data can be processed into different forms of information, but it takes time to sort and sum transactions. Up-to-date information can provide instant answers. A common misconception is that software is also data. Software is executed, or run, by the computer. Data are "processed." Thus, software causes the computer to process data. (2) Any form of information whether on paper or in electronic form. Data may refer to any electronic file no matter what the format: database data, text, images, audio and video. Everything read and written by the computer can be considered data except for instructions in a program that are executed (software). (3) May refer only to data stored in a database in contrast with text in a word processing document.

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information
Definition

Data that (1) has been verified to be accurate and timely, (2) is specific and organized for a purpose, (3) is presented within a context that gives it meaning and relevance, and (4) that can lead to an increase in understanding and decrease in uncertainty. The value of information lies solely in its ability to affect a behavior, decision, or outcome. A piece of information is considered valueless if, after receiving it, things remain unchanged. For a technical definition of information see information theory. "Information can tell us everything. It has all the answers. But they are answers to questions we have not asked, and which doubtless don't even arise." - Jean Baudrillard Read more: http://www.answers.com/topic/information#ixzz1pTklDTE0

Read more: http://www.businessdictionary.com/definition/information.html#ixzz1pTgIGNW5 Informations means : Knowledge derived from study, experience, or instruction. Knowledge of specific events or situations that has been gathered or received by communication; intelligence or news. See synonyms at knowledge. A collection of facts or data: statistical information. The act of informing or the condition of being informed; communication of knowledge: Safety instructions are provided for the information of our passengers. Computer Science. Processed, stored, or transmitted data. A numerical measure of the uncertainty of an experimental outcome. Law. A formal accusation of a crime made by a public officer rather than by grand jury indictment Read more: http://www.answers.com/topic/information#ixzz1pTkzkjW5

Meaning of data, information and knowledge

The terms data, information and knowledge are frequently used for overlapping concepts. The main difference is in the level of abstraction being considered. Data is the lowest level of abstraction, information is the next level, and finally, knowledge is the highest level among all three.[citation needed] Data on its own carries no meaning. For data to become information, it must be interpreted and take on a meaning. For example, the height of Mt. Everest is generally considered as "data", a book on Mt. Everest geological characteristics may be considered as "information", and a report containing practical information on the best way to reach Mt. Everest's peak may be considered as "knowledge". Information as a concept bears a diversity of meanings, from everyday usage to technical settings. Generally speaking, the concept of information is closely related to notions of constraint, communication, control, data, form, instruction, knowledge, meaning, mental stimulus, pattern, perception, and representation. Beynon-Davies uses the concept of a sign to distinguish between data and information; data are symbols while information occurs when symbols are used to refer to something.[17] It is people and computers who collect data and impose patterns on it. These patterns are seen as information which can be used to enhance knowledge. These patterns can be interpreted as truth, and are authorized as aesthetic and ethical criteria. Events that leave behind perceivable physical or virtual remains can be traced back through data. Marks are no longer considered data once the link between the mark and observation is broken.[18] Mechanical computing devices are classified according to the means by which they represent data. An analog computer represents a datum as a voltage, distance, position, or other physical quantity. A digital computer represents a datum as a sequence of symbols drawn from a fixed alphabet. The most common digital computers use a binary alphabet, that is, an alphabet of two characters, typically denoted "0" and "1". More familiar representations, such as numbers or letters, are then constructed from the binary alphabet. Some special forms of data are distinguished. A computer program is a collection of data, which can be interpreted as instructions. Most computer languages make a distinction between programs and the other data on which programs operate, but in some languages, notably Lisp and similar languages, programs are essentially indistinguishable from other data. It is also useful to distinguish metadata, that is, a description of other data. A similar yet earlier term for metadata is "ancillary data." The prototypical example of metadata is the library catalog, which is a description of the contents of books.

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Introduction Decision-making is a crucial part of good business. The question then is how is a good decision made? One part of the answer is good information, and experience in interpreting information. Consultation ie seeking the views and expertise of other people also helps, as does the ability to admit one was wrong and change ones mind. There are also aids to decision-making, various techniques which help to make information clearer and better analysed, and to add numerical and objective precision to decision-making (where appropriate) to reduce the amount of subjectivity. Managers can be trained to make better decisions. They also need a supportive environment where they wont be unfairly criticised for making wrong decisions (as we all do sometimes) and will receive proper support from their colleague and superiors. A climate of criticism and fear stifles risk-taking and creativity; managers will respond by playing it safe to minimise the risk of criticism which diminishes the business effectiveness in responding to market changes. It may also mean managers spend too much time trying to pass the blame around rather than getting on with running the business. Decision-making increasingly happens at all levels of a business. The Board of Directors may make the grand strategic decisions about investment and direction of future growth, and managers may make the more tactical decisions about how their own department may contribute most effectively to the overall business objectives. But quite ordinary employees are increasingly expected to make decisions about the conduct of their own tasks, responses to customers and improvements to business practice. This needs careful recruitment and selection, good training, and enlightened management. Types of Business Decisions 1. Programmed Decisions These are standard decisions which always follow the same routine. As such, they can be written down into a series of fixed steps which anyone can follow. They could even be written as computer program 2. Non-Programmed Decisions. These are non-standard and non-routine. Each decision is not quite the same as any previous decision. 3. Strategic Decisions. These affect the long-term direction of the business eg whether to take over Company A or Company B 4. Tactical Decisions. These are medium-term decisions about how to implement strategy eg what kind of marketing to have, or how many extra staff to recruit 5. Operational Decisions. These are short-term decisions (also called administrative decisions) about how to implement the tactics eg which firm to use to make deliveries. Figure 1: Levels of Decision-Making

Figure 2: The Decision-Making Process

The model in Figure 2 above is a normative model, because it illustrates how a good decision ought to be made. Business Studies also uses positive models which simply aim to illustrate how decisions are, in fact, made in businesses without commenting on whether they are good or bad. Linear programming models help to explore maximising or minimising constraints eg one can program a computer with information that establishes parameters for minimising costs subject to certain situations and information about those situations. Spread-sheets are widely used for what if simulations. A very large spread-sheet can be used to hold all the known information about, say, pricing and the effects of pricing on profits. The different pricing assumptions can be fed into the spread-sheet modelling different pricing strategies. This is a lot quicker and an awful lot cheaper than actually changing prices to see what happens. On the other hand, a spread-sheet is only as good as the information put into it and no spread-sheet can fully reflect the real world. But it is very

useful management information to know what might happen to profits what if a skimming strategy, or a penetration strategy were used for pricing. The computer does not take decisions; managers do. But it helps managers to have quick and reliable quantitative information about the business as it is and the business as it might be in different sets of circumstances. There is, however, a lot of research into expert systems which aim to replicate the way real people (doctors, lawyers, managers, and the like) take decisions. The aim is that computers can, one day, take decisions, or at least programmed decisions (see above). For example, an expedition could carry an expert medical system on a lap-top to deal with any medical emergencies even though the nearest doctor is thousands of miles away. Already it is possible, in the US, to put a credit card into a hole-in-the-wall machine and get basic legal advice about basic and standard legal problems. Constraints on Decision-Making Internal Constraints These are constraints that come from within the business itself. - Availability of finance. Certain decisions will be rejected because they cost too much - Existing Business Policy. It is not always practical to re-write business policy to accommodate one decision - Peoples abilities and feelings. A decision cannot be taken if it assumes higher skills than employees actually have, or if the decision is so unpopular no-one will work properly on it. External Constraints These come from the business environment outside the business. - National & EU legislation - Competitors behaviour, and their likely response to decisions your business makes - Lack of technology - Economic climate Quality of Decision-Making Some managers and businesses make better decisions than others. Good decision-making comes from:1. Training of managers in decision-making skills. See Developing Managers 2. Good information in the first place. 3. Management skills in analysing information and handling its shortcomings.

4. Experience and natural ability in decision-making. 5. Risk and attitudes to risk. 6. Human factors. People are people. Emotional responses come before rational responses, and it is very difficult to get people to make rational decisions about things they feel very strongly about. Rivalries and vested interests also come into it. People simply take different views on the same facts, and people also simply make mistakes. Business Thinkers -John Pierpoint Morgan & Good Management Self-Assessment Interdependence Businesses are highly interdependent on each other, their suppliers and their customers. Decisions are not taken in isolation. The effects of any decision will depend critically on the reactions of other groups in the market. These have to be, as far as possible, taken into account before decisions are made.