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ch2studyguide - LearningOutcomes ,youshouldbeableto...

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CHAPTER  2 - INFORMATION SYSTEMS AND KNOWLEDGE MANAGEMENT Learning Outcomes:      After studying this chapter, you should be able to: 1. Know why concepts like data, information, and intelligence represent value. 2.  Understand the four characteristics that describe data.  3.  Know what a decision support system is and does. 4.  Describe marketing research = s role in predictive analytics. The Value of Information     Data vs. Information Data  – facts or recorded measures of certain phenomena (things or events) o Facts about something Information  – data formatted (structured) to support the decision making or  define the relationship between two facts  o Data in a usable format Market intelligence  – the subset of data and information that actually has  some explanatory power enabling effective decisions to be made o Explanatory power of information Knowledge – blend of experience, insight, and data/information o Remembered by an individual or a collection of people  Knowledge management – process of creating an inclusive, comprehensive,  easily accessible organizational memory o Referred to as an organizations intellectual capital 
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Information Characteristics Data relevance  – the characteristics of data reflecting how pertinent these  particular facts are to the situation at hand  o Is the data applicable to the decision-making situation? Information completeness  – having the right amount of information o Must have sufficient information about all aspects of their decisions o Is the available information sufficient for the decision-making situation?
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