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Difference Between Data, Information, and Knowledge

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In any business, the quality of decisions is often related to the quality of information. For instance, effective product marketing entails combining the right offering (keeping in mind that products are bundles of attributes and different bundles, or combinations of attributes, will appeal to different prospective buyers) with the right target buyer group. Knowing what constitutes the right offering and the right prospective buyer group usually involves data analysis. In general, using data to shape or guide business decisions entails a progression along the continuum of data → information → knowledge.
What is the difference between data, information, and knowledge? In your opinion, when does data become information and information become knowledge? Support your answer with relevant examples. Why is meaningful and correct data analysis—statistics—important in using the volumes of available business data?

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This response highlights the differences between data, information, and knowledge from a business perspective. The response also clarifies the importance of correctly analyzing raw data for relevant applications in the organization.

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Research using statistical tests

Select an article that describes research using one or more statistical tests (z, t, ANOVA, chi square, regression) as part of the data analysis. Describe the study using the following information:

1) State the research problem and purpose. Why was the study needed and what did the author want to accomplish?

2) Identify the stated or implied research question and sub-questions.

3) Describe the implied or stated assumptions and limitations. How did each affect the study?

4) Define the population and sampling methods, variables, and data collection method(s).

5) Identify the data analysis methods. Which statistical tests were used?

6) State the findings. Did they answer the research questions? Were the findings statistically significant? Is the information useful in improving management (or other) practice?

7) Discuss whether the findings justified the conclusions and or recommendations.

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