1. What is Data?
Data is the basic element in any computer processing. Data is a raw (unprocessed) fact or collection of facts and figures or an observation. It may be number, an alphabet, or a sequence of characters.
For example 25, A, Sanjana etc.
2. What is Information?
Information is a processed data and has an implicit meaning. Information is a structured data. It is useful for decision making.
3. Explain types of Information.
i. Strategic information
ii. Tactical information
iii. Operational information
iv. Statutory information
i. Strategic Information:
- It is needed for long-term business goals and objectives.
- This directs the prospects of the business.
- Organizations aim for expanding their business, increasing the sales and profits, enhancing their customer base, building their band, and grabbing the market capital.
- The marketing team observes the trends of the business and collects the sampling data and arrivesvat strategic information.
ii. Tactical Information:
- • This type of information is needed for short term business goals and objectives.
- • This information helps managers to make valid decisions to run the business efficiently and effectively.
- • In a small business organization, information on fast moving goods may be used to make tactical decisions. Tactical information is obtained from the day-to-day transactions.
iii. Operational information:
- It is required for daily business operations. Such as list of items which is out of stock. This information can be used to trigger the purchase department to purchase those items and fill in theinventory. Eg : The information like list of customers who have not paid even after the due date would be used to send the remainders.
- Operational information is obtained from the data processing group in the organization.
iv. Statutory information:
- This information is provided by the Government as the regulation to be followed by the organizations.
- Organizations must communicate to the government authorities about the results of their revenue, profit and stock holder benefits such as dividend and bonus.
- The data processing system would provide the required information.