Distinguish Between Data, Information, and Knowledge

question 36

Essay

Distinguish between data, information, and knowledge.

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Definitions:

Total Carrying Costs

The total expenses associated with holding inventory, including storage, insurance, taxes, and opportunity costs.

Optimal Amount

The most efficient, beneficial, or effective quantity of a resource, investment, or input to achieve a specific objective.

5 C's of Credit

The 5 C's of Credit refer to the five key factors that lenders consider when evaluating a borrower's creditworthiness: character, capacity, capital, collateral, and conditions.

Collateral

Assets pledged by a borrower to secure a loan or other credit, and subject to seizure in the event of default.