5 Questions
What are the primary traits that determine the value of information?
Information type, information timeliness, information quality, and information governance
What is the difference between transactional and analytical information?
Transactional information supports daily operational tasks, while analytical information is useful for making important decisions.
How can analytical information be used to prevent diseases?
By analyzing patient data to identify disease outbreaks
What is the benefit of successful information management?
Potential new markets, new ways of reaching customers, and new methods of doing business
How did Walmart use analytical information to its advantage during storm season?
By identifying a correlation between storms and Pop-Tarts
Study Notes
- Collecting, compiling, and analyzing information can provide insight into an organization's performance.
- Information can come in different levels, formats, and granularities.
- The four primary traits that determine the value of information are information type, information timeliness, information quality, and information governance.
- Transactional information supports daily operational tasks and is captured and stored for repetitive decisions.
- Analytical information supports managerial analysis tasks and is useful for making important decisions.
- Analytical information can help spot business trends, prevent diseases, and fight crime.
- Credit card companies use analytical information to identify fraudulent activity.
- Walmart uses its massive amount of analytical information to identify unusual trends, such as a correlation between storms and Pop-Tarts.
- Armed with valuable information, Walmart was able to stock up on Pop-Tarts during storm season.
- Successful information management can lead to potential new markets, new ways of reaching customers, and new methods of doing business.
Test your knowledge on the importance and value of information in organizations with this insightful quiz! From transactional information to analytical information, learn about the different types and how they can be used to make important decisions. Discover how companies like Walmart and credit card companies use analytical information to identify trends and prevent fraud. With this quiz, you'll gain a deeper understanding of the impact of successful information management on businesses and potential new opportunities.
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