Question

In this forum, discuss the difference between data and information and why data are a valuable business asset requiring careful management. Explain what is a database and list the various types of databases. Why are databases valuable assets for decision making? Comment on how modern databases evolved from file systems.

Submission Format:

Your responses to two other students' posts also must be thoughtful, 5 or more sentences long, and lead to and promote more discussion.

Relevant and reputable citations/sources were used in the responses and listed accordingly .It is always recommended to write your response in a word processing program first and check for spelling and grammar errors.

Answer 1

DIFFERENCE BETWEEN DATA AND INFORMATION

Data basically means facts and figures. It is an unorganized fact that is required to be processed to make it meaningful.

It (Data) comprises facts, perceptions numbers, observations, etc. It's is a raw form.

Information means news or knowledge. Information is a set of data that is processed in a meaningful way according to the given requirement. Information is processed, structured, or presented in a given context to make it meaningful and useful.

Data are a valuable business asset requiring careful management

Data is one of the most important assets an association has because it defines each association’s uniqueness. many businesses undervalue data and information or aren’t able to leverage it – and thus analysts, vendors, and others keep repeating the message – there is a societal and technology context. Big data – as a phenomenon – and the rapidly growing volume and variety of data in general, as well as the challenges and opportunities they bring along, are huge. They are huge in terms of volume but also in terms of challenges and possibilities. And here especially unstructured data sticks out.

Almost everything is a database. Simply a database is a collection of pieces of information. A phone back is a database. A grocery list is a database. A bank account is part of a database, etc.

There are several types of databases, too many to list. But the most common is a relational database where the structure follows the rules of Normalization.

Being able to analyze data, especially trends in data is a big aid in decision making. For example, if sales for one product is high and another low in one store and the reverse in another store, it aids a company in routing product deliveries to the best location. Or if certain products are sold to a specific demographic a company can market the product more efficiently to that demographic.