Determine If the Following Is Data, Information or Knowledge

question 14

Short Answer

Determine if the following is data, information or knowledge.
$$\begin{array} { | l | l | } \hline \text { Data } & \begin{array} { l } \text { This is the third visit by a customer this } \\\text { month. }\end{array} \\\hline \text { Infornation } & \begin{array} { l } \text { A customer spends on average } \\\text { \$100/visit but today has only spent \$20. }\end{array} \\\hline \text { Krowledge } & \begin{array} { l } \text { A customer will stay longer in the store } \\\text { and spend more if given a free sarnple } \\\text { of something. }\end{array} \\\hline\end{array}$$

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Definitions:

Risk Loving

A financial term describing an individual or entity's preference for taking risks, where the potential for higher gains outweighs the possibility of losses.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Expected Utility Maximizer

An economic theory that assumes individuals choose among risky alternatives in such a way as to maximize their expected utility.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.