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Week 1 Lecture - Class As we start this class one of the...

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Class, As we start this class, one of the first topics I want to cover with you is the difference between data and information. We are operating in an information based economy where data and information are currency. Notice that I have separated the two. Data is the raw facts and figures collected in transactions. It is very easy to design a system to collect and store large amounts of data on customers and transactions. Information is produced when data is analyzed to provide insight into what it all means to be used for making decisions. For example, there is a locally owned ice cream parlor near my home. The owner diligently collects data every day regarding his number of customers, sales amounts, and the weather. At this point the data is in the forms of raw facts and numbers that can be nice to know but how useful is it? It becomes actionable information when analyzed to develop trends that can be used to determine the impact of various weather conditions on the number of ice customers and the amount each customer spends. As
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