Please answer each post separately.
1.People frequently use phrases like data, information, and knowledge interchangeably, but the fact is that they all signify quite different things. In a company where discussions are the foundation of most operations, storing such details is frequently a major problem.
Data is interpreted differently in different industries. In its most basic form, data is a collection of various symbols and letters whose meaning is revealed only when they are connected with context. Data is generated by collecting and measuring observations and is information that has been converted into a form that is suitable for transit or processing.. Machines typically send, receive, and process data. Data and information are frequently confused since information is created from data. Moreover, data is frequently understood as facts in the context of colloquial meaning and is therefore classified as information. According to Datarob, data encompasses “plain facts, observations, statistics, characters, symbols, images, numbers, and more that are collected and can be used for analysis� (Vaughan, 2019),
Information is as data is integrated into a context, it acquires a higher degree of complexity and becomes information. The data gives knowledge about facts or people. Example of information: Since it is uncertain to whom the information pertains, the information regarding a date of birth has very little value. Additional information, such as the name, interconnected bits of information, and context reflect knowledge (Mohamed Saber, 2021). While data is a distinct idea, information does not exist without it. In truth, data is the basis of information. Organizations utilize a range of knowledge management systems, software, and tools to transform data into information. This comprises databases, spreadsheets, contact information, critical dates, papers, instructions, plans, and so on. And because this material has been organized in a recognized and edible manner, it has now become information (Seismic, 2022).
Knowledge refers to the information that has been gathered on a certain subject or person. This information allows you to make educated judgments and solve challenges. Hence, information shapes people’s thinking and actions. Machines can also make judgments based on new knowledge created by information (Seismic, 2022). It is vital to apply knowledge in order to earn it. The ultimate objective is for knowledge management tools and procedures to convert data to information, and then knowledge to action. A change in technique, a decision, or even a learning experience for an employee or team can all be considered actions.
Data analytics is a broad phrase that incorporates a wide range of data analysis techniques. Data analytics techniques may be used to any sort of information to get insight that can be utilized to improve things. Data analytics approaches can uncover trends and indicators that would otherwise be lost in a sea of data. This data may then be utilized to streamline procedures and boost a company’s or system’s overall efficiency (Frankenfield, 2023). Manufacturing firms, for example, frequently record the runtime, downtime, and work queue for various machines and then analyze the data to better schedule workloads so that the machines perform closer to peak capacity.
References:
Vaughan, J. (2019, July 31). What is data? – definition from whatis.com. Data Management.
Mohamed Saber, M. (2021). The differences between data, information, and knowledge, and why you never find it when it’s needed! LinkedIn.
Seismic. (2022, October 21). Data, information, and knowledge: What’s the difference? Seismic.
Frankenfield, J. (2023, January 17). Data analytics: What it is, how it’s used, and 4 basic techniques. Investopedia.
2.Hello Class,
In this case scenario, I would use the median method, as the data in the scenario is right skewed. We notice this as the mean shows it to be substantially greater than the median that results in extreme high values that pulls the mean up artificially. To get a better understanding of the grocery store, the mean will be a better measure. When it pertains to financial data in this nature, it is nearly always right skewed, with a meaningful point of 0 (Anderson, Sweeney, & Williams,2018). What this mean is that the grocery store chain will not have any negative sales ( pertaining to its revenue and not its profits). Additionally, stores that do not have revenue over a certain dollar amount, are likely to close,which causes the lower bound to be greater than 0, even though there are no upper bounds on sales. A business or store that is doing extremely good will most likely expand to handle a higher capacity. This makes the median a better measure for the usual performance of the grocery store chain.
To get the value for the average purchase of sales, you can calculate by dividing the total and the number of sales, by the amount or number of transactions in a given period or time frame. The median value is data that has been arranged from lowest to highest number or value, in ascending order. With an odd value of observations,the median is the middle value. Therefore, the median is the average value for the middle two observations.
Reference
Anderson, D., Sweeney, D., Williams, T. (2018). (6th ed.) Modern Business Statistics with Microsoft Office Excel. Cengage.
ISBN: 9781337115186.