Why do organisations need data and information?

• To create knowledge about the business or the market

• To fill up databases

• To make the business look more complex

• To follow a trend

What is data in the context of business?

• Processed information with context

• Opinions and ideas about market trends

• Raw facts & statistics, typically made up of text, numbers or symbols

• Strategies for long-term business growth

What is information ?

• Data that has been organized into databases

• Raw facts and figures without any processing

• Data that has been processed to give it meaning or context

• Knowledge extracted from experts

Which of the following is an example of data?

• A business strategy

• A customer review

• £1.30

• A market analysis report

What does the data value £1.30 represent in the context of the learning material?

• The cost of one apple

• The cost of one kilo of oranges

• The cost per kilo of apples

• The price of a basket of fruit

According to the learning material, what is knowledge?

• Data without context

• Information that is not useful

• Information combined with experience to draw conclusions

• A collection of random facts

Based on the information provided, which fruit is more expensive?

• Apples

• Oranges

• Bananas

• The document does not specify

What is the purpose of analysing market trends ?

• To ensure the business has enough stock to meet demand

• To reduce the prices of products during certain months

• To predict when the business should close for the year

• To decide which new products to develop next

What does a trend in the context of market analysis refer to?

• A pattern of sales or consumer purchasing that is repeatable and predictable

• A temporary spike in sales or consumer purchasing

• A decrease in sales during certain months

• The most popular product in a market

What is System Performance Analysis?

• A method to reduce the cost of production

• A strategy to increase marketing efforts

• A measurement of how well a system is operating compared to its theoretical maximum

• A plan to decrease the number of employees