Examine how information can reduce risk when making a decision.
The more information a manager has, the less risk there is that a decision will be incorrect. Information produces knowledge and empowers managers and employees to make better decisions. Because of the volume of information they receive each day and their need to make decisions on a daily basis, business people use information rules to shorten the time spent analyzing choices.
Information rules emerge when business research confirms the same results each time it studies the same or a similar set of circumstances. Although many people use the terms data and information interchangeably, there is a difference.
Data are numerical or verbal descriptions that usually result from some sort of measurement. Information is data presented in a form that is useful for a specific purpose.
A database is a single collection of data and information stored in one place that can be used by people throughout an organization to make decisions. Although databases are important, the way the data and information are used is even more important. As a result, management information experts now use the term knowledge management (KM) to describe a firm's procedures for generating, using, and sharing the data and information.
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