MGTA02H3 Chapter Notes - Chapter 8: Time Series, Data Analysis, Financial Accounting
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MGTA02H3 Full Course Notes
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Chapter 8 - measure and control: collecting financial information. Businesses need info to make decisions and to take appropriate actions. Information on its own is not a factor of production. Data: a collection of raw facts and figures. Alberta region generated . 7 million in sales in oct. These sales receipts can be used to measure the effect of advertising, sales promotion, and price changes. Information: data that has been structured or put into context so that it becomes useful to people. Data becomes info only after someone says i know how many cups of coffee we sold today, but i need to know how that compares to the # we sold yesterday . Knowledge: the accumulation of understanding and experience, to use information to form judgements and make decisions. For ex when employee says to herself the coffee urns are getting empty.
