BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Items to be stored in a database
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any data set
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Data processed and optimized to help in decision making
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As a synonym for data
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Detailed explanation-1: -Information refers to data that have been processed and organised in a form, which is suitable for decision-making, The raw data processed in accordance with decision usefulness of a decision-maker becomes information.
Detailed explanation-2: -In a simple systems sense, decision making is the transformation process between the inputs of ideas and resources and the outputs of plans and performance. Information is a vital and basic resource to an organisation, and can only be obtained and used at a cost.
Detailed explanation-3: -What Is Data Driven Decision Making? Data driven decision making (DDDM) is the process of using data to make informed and verified decisions to drive business growth. By using the right KPIs and tools, companies can overcome biases and make the best managerial rulings that are aligned with their strategies.
Detailed explanation-4: -The main objective of information systems is helping decision makers by providing accurate and time based information helping them in making the right decisions in turbulent environment.