MGTA02H3 Lecture Notes - Lecture 8: Data Analysis, Information System, Financial Statement
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MGTA02H3 Full Course Notes
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Businesses need information to make decisions, and to take appropriate actions. World"s worst coffee shop: with appropriate information it could know when to make coffee, know how much to make, not disappoint & frustrate customers. Data - raw facts and figures: lack analysis and context, example: my midterm mark was 78% , sales receipts (can be used to measure the effect of advertising, sales promotions and price changing) Information data that has been structured or put into context so that it becomes useful to people: data becomes information only after a human being says i know how many cups of coffee we sold today. I need to know how that compares to the number we sold yesterday. : example: my midterm mark was 78%, class average was 70%, median was 71% . Knowledge accumulation of understanding and experience, to use information to form judgements and make decisions: example: the coffee urns are getting empty.
