Chapter 4: Business related information Flashcards
What is Data?
-Data can be viewed as “raw information”.
-Data refers to the collection of production figures, sales numbers and other detail that does not yet have meaning when decisions need to be taken.
What needs to be done with Data?
Data must be transformed / processed into information which is useful for making decisions in the business.
Information
Information is data that has been processed.
What is Primary Research?
Primary research is original research, which has been conducted by the business (or individual) via surveys, interviews and questionaries.
What is Secondary Research?
Is data that is already available, because it has previously been collected by another researcher. Eg. Market research companies.
Ethics in research?
Reserarch must always be conducted in an ethical manner.
