What Is Data

question 102

Multiple Choice

What is data?

• A) Raw facts that describe the characteristics of an event or object.
• B) Facts converted into a meaningful and useful context.
• C) Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making.
• D) Skills, experience, and expertise, coupled with information and intelligence, that create a person's intellectual resources.

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.

Differential Profit

The difference in profit from one business alternative compared to another, used to make decisions between various options.

Alternative Use

The potential for a resource or asset to be used in a different manner or for another purpose to generate value.

Differential Cost

The disparity in expenses resulting from choosing between two options or changes in the amount of output.