In both for-profit and not-for-profit organizations, statistics are critical pieces of information that allow decision makers to steer the organization in directions that are in the organization’s best interest. Data is acquired from many sources, some within the organization, and some from outside the organization. The government tracks data on many different aspects of society (including industrial output). The following questions will guide your thinking about the uses of data and information.
Select any one of the following starter bullet point sections. Review the important themes within the sub questions of each bullet point. The sub questions are designed to get you thinking about some of the important issues. Your response should provide a succinct synthesis of the key themes in a way that articulates a clear point, position, or conclusion supported by research. Select a different bullet point section than what your classmates have already posted so that we can engage several discussions on relevant topics. If all of the bullet points have been addressed, then you may begin to re-use the bullet points with the expectation that varied responses continue.
Determine the difference between data, information, and knowledge. Define the point at which data become information and information becomes knowledge.
Explain why meaningful and correct data analysis—statistics—is important in using the volumes of available business data. Support your discussion with relevant examples, research, and rationale.
Evaluate which of the four types of data (nominal, ordinal, interval, and ratio) is the sales data you are working on.
Compare specific statistical techniques and charts you could use to depict differences, specifically addressing each of the categories constituting your report. Determine which techniques and charts you would use. Then explain why you believe that the techniques and charts you have chosen would be appropriate. Support your discussion with relevant examples, research, and rationale.
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