BUSI 2400- Midterm Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)

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Measurement leads to data, context allows data to become information and the consequences of action or inaction, based on that information, become knowledge. Our economy is moving away from tangible things such as manufacturing, mining and farming and towards a service-based economy. Information is generated by interaction, information is interaction, as without comparison, without context, without interaction, there is nothing. Useful has to do with either causing change or persisting the status quo. Decision and action either change or persistence (the absence of change when change could occur). The uncertainty of an event is measured by its probability of occurrence and is inversely proportional to that. The more uncertain an event, the more information is required to resolve uncertainty of that event. In business, we use info to inform decision-making. For that, we need data to make sense of. Information leads to decisions that produce knowledge and inform the future.

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