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Define Data and Information and Say Something About Their Importance

question 8

Essay

Define data and information and say something about their importance to managers.With an example, differentiate data and information.


Definitions:

PHStat

A software program that enhances Microsoft Excel with the capability to perform statistical analysis.

Variance

A measure of the dispersion of a set of data points around their mean, indicating how spread out the data points are.

Index Fund

A type of mutual fund or exchange-traded fund designed to replicate the performance of a specific market index.

PHStat

An Excel add-in that allows users to perform statistical analysis.

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